ENTP 301 Entrepreneurial Strategy
Assistant Professor Nico Lacetera
Email:
nico.lacetera@case.edu
Office Phone:
216-368-2197
Office PLB 280
Office
hours
Thursdays,
2-4:30pm at Arabica Cafe
Course
schedule and room
MW,
10:3.0-11.45am, PLB 201
A.
Course Overview
This class introduces students to the
major determinants of entrepreneurial
behavior, strategic choices, success and failure. The course integrates a
lecture style and an in-class discussion method, and is composed of nine parts, as follows:
1.
Spotting and exploiting entrepreneurial opportunities.
2.
Who becomes an entrepreneur? Individual characteristics and entrepreneurial traits.
3.
Organizational challenges:
incentives, alliances, corporate finance.
4.
Succeeding in competitive
environments: value chains, entry, positioning, and incumbents’ responses.
5.
Industry
dynamics: entry and exit, product life cycles, technology adoption,
innovation.
6.
Institutions: the influence
of political, legal, and financial
environments on entrepreneurship.
7.
The measurement
of entrepreneurial behavior and success.
8.
The characteristics and dynamics of family firms, and founder’s succession.
9.
Entrepreneurship in new and in established companies.
Students will be asked to read business cases and to be ready to
discuss them in class. A few classes
will be more “conceptual”, i.e. dedicated to the discussion of academic articles and book chapters.
The will also be a guest lecture by Glen Mercer, a former McKinsey consultant, on the
evolution of the automobile industry.
A series of optional readings are also listed for each section (with the
exception of section 5). Do not be
scared by the high number of these additional readings. You are not expected to read all of them.
Instead, each student is expected to pick (at least) one of these readings for three
sections of the course, and to send me a two-page
comment on the optional reading he/she has chosen.
B.
Audience and aims of the course
The class is of relevance to students interested in starting new
businesses, as well as to students thinking about working in consulting or
finance, and students interested in pursuing research and graduate studies.
In addition to students majoring in Management, students majoring in Economics and Accounting will find this class of interest. Obviously, students
from other majors and disciplines are more than welcome to join the class.
What learned in this class is not
supposed to be sufficient to
successfully start a new firm, nor to claim full knowledge of the field of
entrepreneurship. Rather, the course is designed as a necessary step toward those goals. Students will be called to
critically assess the major trade offs managers and entrepreneurs face, and to
evaluate the role and importance of various factors that affect their decisions
and outcomes.
As a complement to this class, ENTP 311 “New Venture Creation” offers
a more practice-oriented flavor to the topic of entrepreneurship. ENTP 310 “Entrepreneurial Finance”
focuses on the challenges entrepreneurs face in raising money to start their
new ventures. You should therefore see ENTP 301, 310 and 311 as complementary classes, or as part of a
“sequence”.
Prerequisites
Familiarity with basic concepts and
notions in microeconomics at the
level of ECON 102 or higher, of statistics
at the level of STAT 207, and of accounting
at the level of ACCT 101, is recommended.
C.
Requirements and Grading
Class Attendance and Participation
I expect you to come to class (and to tell me in advance if you have to
miss one), and to actively participate in the discussion. A large part of
each class will be spent discussing the required cases and readings. Please
come prepared by reading the assigned material in advance. For each reading,
this syllabus includes a few discussion questions that should guide your class
preparation.
Memos
Each student will choose one additional
reading from three of the nine sessions of the course, and will post on Blackboard a two-page comment for each of them. The two
page comments have to be sent within specific deadlines, reported in the class
schedule below.
While I do not require any specific
format and content for the memos, I expect you to address at least some of the
following questions:
1. What is the topic the paper
addresses, or the question it is asking?
2. What methods do the authors adopt to
answer the question (empirical research, case studies, literature survey…)?
3. What are the main conclusions of the
authors?
4. Do you think that the issues raised
in the paper are relevant for strategy and entrepreneurship? Why? What did you
learn that you did not know already?
5. How are the points of the paper
related to business cases and real world facts we looked at in class or that
you have knowledge of?
6. Do you think the methods chosen by
the authors are appropriate? Are the authors rigorous in applying those
methods?
None
of these guiding questions really require a complete knowledge and
understanding of the readings. In fact, some of the papers may apply
methods and technicalities you are not necessarily supposed to know. Don’t panic: the key aim of the
assignments is to train you in capturing the main point of the papers rather
than focusing on methods and technicalities per se. In other words, feel free to skim over the more
technical parts of a paper, and focus instead on the main points and findings.
In addition to the three memos on the optional
readings, each student will prepare a 1-page
summary of the talk given by the guest speaker Glenn Mercer on the
evolution of the automobile industry.
Midterm exam
A midterm exam will be given, where you
will be asked to answer a few questions on a business case that will be
distributed one week before the exam. While the exam is individual, you should
feel free to discuss about the case with your fellow students in the days
before the exam.
The final project
The final paper is a team project and I expect the teams to
be composed of three students. You
are asked to pick one of the topics we studied in the course (or part of it),
and do a critical review of the
literature in the field. The review should touch on the points highlighted by
the memo questions: relevance of the
issues, description of the main studies, relevance of the studies for
entrepreneurial and managerial practices, and relation to cases and real-world
evidence. You are also expected use a specific example you have knowledge
of, and/or some of the cases we saw in class, in order to illustrate the major
claims of your paper, or one or more of the cases we discussed.
The additional readings I propose for
each session are a good start for your review, but feel free to look for
further interesting work. I will be happy to provide you with additional
references and I will help you identify the main sources where to look for
relevant literature.
I expect the teams to be formed by the fourth week of September. I would like
to meet all the teams at least once during the term – possibly earlier on, in
order to discuss the topic you chose and to help you out looking for
literature, framing the issue and so on.
When the teams are formed earlier,
there is a natural bias toward choosing topics we already saw in class. I would
like some of you to be “braver” and explore some of the issues we did not see
yet, before we do in class, for your final paper.
Each team will prepare a 15 minutes
PowerPoint presentation to be reported in one of the three last meetings of the
course.
Composition
of the final grade:
In-class participation: 25%
Memos + summary: 25%
Midterm exam: 25%
Final project: 25%
D.
Course material
Most of the readings are freely available online
through major databases the university subscribes to. I added links to these
readings in the syllabus below. Some readings, and especially the cases, are
not freely available. They will be available online in a course pack, through Xanedu.
Finally, I will put some readings on Blackboard.
E.
Academic Integrity
University policy on plagiarism and
academic integrity will be rigorously enforced. The University does not
tolerate cheating or plagiarism in any form. Cheating or plagiarism will result
in a failing grade. Ignorance is not considered an excuse. If you are not sure
whether or not something you plan to submit would be considered either cheating
or plagiarism, please do not hesitate to ask me, or your other faculty.
F.
Students with Disabilities
I will
be happy to meet with students with disabilities and who may need individual
arrangements. The Coordinator of Disability Services can be contacted at
216-368-5230.
Topics and
readings
There will be six “general” sections and 3 special
sections. The class will meet twice a week. Cases are indicated with a [C].
1.
Introduction (2 classes)
a. Description of the course,
requirements, grading, readings.
b. Definitions. What is an
entrepreneur? Looking beyond the “production function”
c. Why do we care about
entrepreneurship?
i.
Many
want to start their own business
ii.
Does
entrepreneurship (always) pay?
iii.
Entrepreneurship
as an engine of economic development and growth
d. Spotting and exploiting
entrepreneurial opportunities
Class 1: Course introduction Aug.
27
Required Readings
Economist, 2006: “Searching for the invisible man”,
March 9th.
Bhide, 1996: “The questions every entrepreneur must
answer”, Harvard Business Review (12 pages) [Course Pack]
Stern, S., 2005: “Economic Experiments – The role
of Entrepreneurship in Economic Prosperity”, Kauffman Foundation,
pages 16-21.
Questions for discussion
Class 2: Spotting
(creating?) and exploiting opportunities Aug.
29
Required Readings
[C]
“R&R”, HBS case [Course Pack]
Questions for discussion
Optional readings
for section 1 (pick one for your 2-page memo)
Memo for section
1 due by August 31 at midnight
·
Baumol,
W., 1990: “Entrepreneurship: productive, unproductive, and destructive”,
Journal of Political Economy, 98, 5, 893-921. [Jstor]
·
Schumpeter,
J., 2005: “Development”, Journal of Economic Literature, 43, 1, 108-120. [EBSCO]
·
Evans,
D. and Leighton, L., 1989: “Some empirical aspects of entrepreneurship”,
American Economic Review, 79, 3, 519-535. [Jstor]
·
Geroski, P. 1995: “What do we know about entry?”,
International Journal of Industrial Organization, 13, 4, 421-440. [EJC]
·
Hamilton
2000: JPE: “Does entrepreneurship pay? An Empirical Analysis of the Returns to
Self Employment”, Journal of Political Economy, 108, 3, 604-631. [Jstor]
·
Parker,
S.C., 2005: “The economics of
entrepreneurship”, Foundations and Trends in Entrepreneurship, 1, 1,
1-54.
·
Kortum-Lerner,
2000: “Assessing the contribution of venture capital on innovation”, RAND
Journal of Economics, 31, 4, 674-692. [Jstor]
·
Francesca Pissarides, Miroslav Singer, Jan Svejnar,
2000: Objectives and Constraints of
Entrepreneurs: Evidence from Small and Medium Size Enterprises in Russia and Bulgaria
·
Blanchflower, D. Oswald, A., and Stutzer, A., 2001: Latent Entrepreneurship Across
Nations
2. Who becomes an entrepreneur? A look at individual
characteristics (3 classes)
a. “Nature”: innate characteristics
and their importance
b. “Nurture”: education, skills,
power, experience, learning, social networks…
c. Who succeeds as an entrepreneur?
Class 3: Is
entrepreneurship in our DNA? Sept.
5
Required Readings
[C] Specter, M., 2007: “Branson’s Luck”, The New Yorker, May 14, 114-125. [Blackboard]
Shane et al., 2006:
“Is the tendency to engage in self-employment
genetic?” [Blackboard]
Questions for discussion
Class 4: Optimism,
rationality, overconfidence Sept
10
Required Readings
Wikipedia: Dot-com Bubble
Virginia Postrel, 2001: “A vital economy is one that
suffers lucky fools gladly”, The New York Times
Camerer, C. and Lovallo, D., 1999: “Overconfidence and Excess Entry: An
Experimental Approach”, American Economic Review, 89, 1, 306-318.
[Jstor]
Questions for discussion
Class 5: Generic
and specific entrepreneurial skills Sept
12
Required Readings
[C] “Heidi Roizen”, HBS case [Course Pack]
Lazear, E., 2005: “Entrepreneurship”, Journal of
Labor Economics, 23, 4, 649-680. [EBSCO] (Read only
pages 649 to 651 and Conclusion at page 676)
Questions for discussion
Optional readings
for section 2 (pick one for your 2-page memo)
Memo for section 2 due by September 14 at midnight
·
Veronika Kisfalvi, 2002: “The
entrepreneur's character, life issues, and strategy making”, Journal of
Business Venturing [EJC]
·
Evans,
D. and Leighton, L., 1989: “Some empirical aspects of entrepreneurship”,
American Economic Review, 79, 3, 519-535. [Jstor]
·
Klepper,
S., 2002: “Capabilities and Industry Evolution in the automobile industry”,
Industrial and Corporate Change, 11, 4, 645-666. [EJC]
·
Wong
Y., 1986: “Entrepreneurship, Marriage, and Earnings”, Review of Economics and
Statistics, 68, 4, 693-699. [Jstor]
·
Uzzi,
B., 1996: “Sources and Consequences of Embeddedness for the Economic
Performance of Organizations: the Network effect”, American Sociological
Review, 61, 4, 674-698. [Jstor]
·
Rauch,
J., 2001: “Business and Social Networks in International trade”, Journal of
Economic Literature, 39, 4, 1177-1203. [Jstor]
·
Bertrand,
M. and Schoar, A., 2003: “Managing with Style”, Quarterly Journal of Economics,
118, 4, 1169-1208. [EBSCO]
·
Zucker,
L., Darby, M. and-Brewer, 1998: “Intellectual Human Capital and the birth of
the US Biotechnology Industry”, American Economic Review, 88, 1, 290-306. [Jstor]
·
Jones,
B. and Olken, B., 2005: “Do Leaders Matter? National Leadership and Growth Since World War II” Quarterly Journal of Economics, 120, 3,
835-864. [EBSCO]
·
Hamilton
2000: JPE: “Does entrepreneurship pay? An Empirical Analysis of the Returns to
Self Employment”, Journal of Political Economy, 108, 3, 604-631. [Jstor]
·
Blanchflower,
D. and Oswald, A., 1998: “What makes an entrepreneur?”,
Journal of Labor Economics, 16, 1, 26-60. [Jstor]
·
Silva,
O., 2006: “The Jack-of-All-Trades Entrepreneur: Innate Talent
or Acquired Skill?”
3. Organizing for success (3 classes)
a. Incentives to workers
b. Alliances, joint ventures
c. Entrepreneurial finance as an
organizational problem
Class 6: The
boundaries of companies Sept.
17
Required Readings
[C] “Abgenix and the Xenomouse”, HBS Case [Course
Pack]
Questions for discussion
1. What are the upsides and
downsides of these three alternatives for Abgenix? [Look both at financial and
organizational issues!]
•
Licensing
the technology to Pharmacol
•
Teaming
up and co-develop the technology with Biopart
•
Go
it alone with clinical trials
2. What option would you choose,
and why?
Class 7:
Incentives in companies Sept.
19
Required Reading
[C] Ghemawat, P. 1995: “Competitive advantage and
internal organization: Nucor revisited”, Journal of Economics and Management
Strategy [Blackboard]
[C] Kerr, Steven. 1975: “On the Folly of Rewarding
A, While Hoping for B”, Academy of Management Journal 18:769-83 [Jstor]
Questions for discussion
Class 8:
Entrepreneurial Finance Sept.
24
We will spend the first 20 minutes of class to form
the teams for the final project
Required readings
[C] “Walnut Venture Associates”, A, HBS Case.
[Course Pack]
Gompers, P. and Lerner, J., 2001: “The venture
capital Revolution”, Journal of Economic Perspectives, 15, 2, 145-168. [Jstor] (Read only
pages 145 to 152)
Questions for discussion
Optional readings for section 3 (pick one for your
2-page memo)
Memo for section 3 due by September 28 at midnight
·
Baker,
1992: “Beatrice: A Study in the Creation and destruction of Value”, Journal of
Finance, 47, 3, 1081-1119. [Jstor]
·
Henderson,
R. and Cockburn, I., 1996: “Scale, Scope and Spillovers”, RAND Journal of
Economics, 27, 1, 32-59. [Jstor]
·
Bloom,
N. and Van Reenen, 2006: “Measuring Management Practices”,
working paper
·
March,
J., 1991: “Exploration and exploitation in Organizational Learning”,
Organization Science, 2, 1, 71-87. [Jstor]
·
Nelson,
R., 1991: “Why do Firms Differ and why does this Matter?”,
Strategic Management Journal, 12, 61-74. [Jstor]
·
Peteraf,
M., 1993: “The Cornerstones of Competitive Advantage”, Strategic Management
Journal, 14, 3, 179-191. [Jstor]
·
Liebeskind-Oliver-Zucker-Brewer,
1996: “Social Networks, learning and Flexibility: Sourcing scientific Knowledge
in New Biotechnology firms”, Organization Science, 7, 4, 428-443. [Jstor]
·
Gittelman, M. and Kogut, B., 2003: “Does Good
Science Lead to Valuable Knowledge? Biotechnology Firms and the Evolutionary
Logic of Citation Patterns”, Management Science, 49, 4, 366-382. [ProQuest]
·
Pisano,
G., 1991: “The Governance of Innovation”, Research Policy [Blackboard]
·
Kortum-Lerner,
2000: “Assessing the contribution of venture capital on innovation”, RAND
Journal of Economics [Jstor]
·
Hochberg,
Y., Ljunqvist, A. and Lu., Y., 2006: Venture capital networks and investment performance,
Journal of Finance, forthcoming.
·
Gersick,
C., 1994: “Pacing strategic change: the case of a new venture”, Academy of
Management Journal, 37, 1, 9-45. [Jstor]
·
Hsu,
D, and Kenney, 2005: “Organizing venture capital”, Industrial and Corporate
Change, 14, 4, 579-616. [EJC]
·
Hellman,
T. and Puri, M., 2000: “The interaction between product
and financing strategy: the role of venture capital”, Review of
Financial Studies, 13, 4, 959-984.
4. Industry and competitive analysis (3 classes)
a. Competitive forces and value
chains
b. Competition: Strategic behavior,
first mover advantages, positioning
c. Responses by existing firms:
fight or accommodate?
Class 9: Five
forces and value chains Sept.
26
Required Readings
[C] “Keurig”, HBS Case. [Course Pack]
Questions of discussion
How do the characteristics of
the value chains (distributors, roasters, packaging companies, customers…)
affect these decisions?
Class 10: Entry
and positioning Oct.
1
Required Readings
[C] “Ikea
Invades America”, HBS case. [Course Pack]
Yoffie, D. and Kwak, M., 2002: “Judo Strategy: 10 Techniques for Beating a Stronger
Opponent”, Business Strategy Review, 13, 1, 20-30.
Questions of discussion
The case for the midterm exam (October 8) will be
distributed in class
Class 11: The
response to entrepreneurial entry by existing firms Oct. 3
Required Readings
[C] “Sealed Air Corp.”, HBS Case. [Course Pack]
Questions of discussion
Optional Readings for section 4 (pick one for your
2-page memo)
Memo for section 4 due by October 5 at midnight
·
[C]
Usselman, 1992: “From Novelty to Utility: George Washington in the era of
Edison”, Business History Review, 66, 2, 251-304. [Jstor]
·
Camerer,
1991: “Does Strategy Research Need Game Theory?”,
Strategic Management Journal, 12, 137-152. [Jstor]
·
Porter,
1980: Competitive Strategy, Ch. 1-2, Pages 3-46 [Blackboard]
·
Gans,
J. and Stern, S. 2003,: “The product market and the
market for ideas”, Research Policy, 32, 2, 333-350. [EJC]
·
Adner,
R., 2006: “Match your Innovation Strategy to your Innovation Ecosystem”,
Harvard Business Review [Course pack]
·
Giarratana,
M., 2003: “The Birth of a New Industry:
Entry by Start-ups and the Drivers of Firm Growth. The Case of Encryption
Software”
·
Marvin
B. Lieberman; David B. Montgomery, 1988: “First-Mover Advantages”, Strategic
Management Journal, Vol. 9, pp. 41-58. [Jstor]
Midterm exam Oct.
8
NO CLASS ON WEDNESDAY, OCT. 10
5.
Industry
evolution (1 class)
a. Industry life cycles and the dynamics of young
and mature industries: what consequences for entrepreneurial activities?
b. Technology life cycles, dominant design,
adoption
Class 12 Oct.
15
Required Readings
Geroski, P. 1995: “What
do we know about entry?”, International Journal of Industrial Organization, 13, 4,
421-440. [EJC]
Corey-Capon, 1985: “Product Life Cycle”, Harvard
Business Review [course pack]
McFarland, A.,: “Entrepreneurial Failure: get
used to it”
Questions for discussion
1. Which of Geroski’s reported findings are more
surprising to you? What are their implications for new venture creation?
2. Please think of five products and locate them in
the product life cycle framework
3. Would you ever start a new business in a mature
industry/product? Why or why not?
4. Why do entrepreneurs need to get used to
failure, according to McFarland?
Class 13 Oct.
17
Each team gives a five-minute summary of its early
progress on the final paper
Class 14 Oct.
24
Guest speaker:
Glenn Mercer, McKinsey
“The evolution of the automobile industry”
(6-8pm, room TBA)
–Note the change of time for this class
Summaries of Glenn Mercer’s talk due by November 2 at midnight
6.
Institutions
and entrepreneurship (4 classes)
a. Differences in entrepreneurial
behavior and performance over time and across countries and regions
b. Financial, educational,
political institutions
i.
Focus
on developing countries: obstacles, microfinance, “institutional entrepreneurs”
c. Geography and entrepreneurship
d. Intellectual property rights
e. Cultural and historical roots
Class 15 Oct.
29
Required readings
[C] Cullum, P., Padmore, L. and Purdy, M., 2002: “Entrepreneurship Around the Globe: Adapting to different national
environments”, Accenture Outlook, pages 1-2.
[C] Reichenbach, H. and Herrero Rada, S., 2006: “Entrepreneurship, Business
Failure and Starting Afresh: the work of the European Commission”,
European Commission
[C] Geeta, B., Kaufmann, D. and
Stone, A., 2003: “The firms speak: what the world
business environment survey tells us about constraints on private sector
development”, World Bank.
Economist, 2006: “The flicker of
a brighter future” [Blackboard]
Link
to the World business environment
survey (world Bank)
Questions for discussion
Class 16 Oct.
31
Required readings
[C]
Feldman, M., 2003: ‘Fortune Favours the Prepared Region: The Case of
Entrepreneurship in the Capitol
Region”, European Planning Studies. [Blackboard]
Yang et al, 2006:
“Institutional entrepreneurs”, American Economic Review, 96, 2, 358-362. [EBSCO]
Questions for discussion
Class 17 Nov.
5
Nelson,
1995: “Why Should Managers be Thinking about Technology Policy”, Strategic Management
Journal, 16, 8, 581-588. [Jstor]
[C]“National Innovation Systems of China and the Asian newly
industrialized economies: a comparative analysis”, HBS case. [Course Pack]
Questions for discussion
Class 18 Nov.
7
[C] World Bank, 2004: “Financial Systems”,
World Bank Development Report, Ch. 4, pages 75-96.
Questions for
discussion
Optional readings
for section 6 (pick one for your 2-page memo)
Memo for section 6 due by November 9 at midnight
·
Johnson, S.,
McMillan, J. and Woodruff, C., 1999: et al: “Property rights, finance and
entrepreneurship”, working paper.
·
Acemoglu,
D., Johnson, S. and Robinson, J., 2004: Institutions as the Fundamental Cause of long run growth,
NBER working paper.
·
Petersen-Rajan, 1995:
“The effect of credit market competition on Lending relationships”, Quarterly
Journal of Economics, 110, 2, 407-443.
[Jstor]
·
Black, B., and Gilson,
R., 1998: “Venture capital and the structure of capital markets: banks versus
stock markets, Journal of Financial Economics, 47, 3, 243-277. [EJC]
·
Shleifer-Vishny,
1997: “A Survey of corporate governance”, Journal of Finance, 52, 2, 737-783. [Jstor]
·
Kortum-Lerner,
2000: “Assessing the contribution of venture capital on innovation”, RAND
Journal of Economics [Jstor]
·
Van
Ojen, L. and Levitzky, J., 2002: “Financing of private enterprise
development in Africa”, UNIDO.
·
Fallick, B., Fleischman,
C. and Rebitzer, J., 2005: “Job Hopping in Silicon Valley”, Review of
Economics and Statistics
·
Agrawal-Cockburn,
2003: “The anchor tenant hypothesis: exploring the role of large, local,
R&D-intensive firms in regional innovation”, International Journal of
Industrial Organization, 21, 9, 1227-1253. [EJC]
·
Guiso, L., Sapienza, P. and Zingales, L., 2006: “Does Culture Affect Economic
Outcomes?”, Journal of Economic Perspectives, 20, 2, 23-48.
[EBSCO]
·
Johnson, S.,
Kauffman, D. and Shleifer, A., 1997: “Politics and entrepreneurship in
transition economies”, working paper.
·
[C] Cobbs, 1989:
“Entrepreneurship as Diplomacy: Nelson Rockefeller and the Development of the
Brazilian Capital Market”, Business History Review, 63, 1, 88-121. [Jstor]
·
McMillan, J. and
Woodruff, C., 2002: “The central role of entrepreneurs in transition
economies”, Journal of economic Perspectives, 13, 3, 153-170. [Jstor]
·
Henrekson-Rosenberg,
2001: “Designing
Efficient Institutions for Science-Based Entrepreneurship: Lesson from the US
and Sweden”, Journal of Technology
Transfer, 26, 3, 206-231. [EJC]
·
Jong,
S. 2006: “How organizational forms in Science shape spinoff firms”, Industrial
and Corporate Change, 15, 2, 251-283. [EJC]
·
Gallini,
N. 2002: “The Economics of Patents: Lessons from Recent U.S. Patent Reform”,
Journal of Economic Perspectives, 16, 2, 131-154. [Jstor]
·
Lerner,
J., 2002: 150 years of patent protection, American economic Review, 92, 2,
221-225. [Jstor]
·
Zucker-Darby-Brewer,
1998: “Intellectual Human Capital and the birth of the US Biotechnology
Industry”, American Economic Review, 88, 1, 290-306. [Jstor]
·
Hollingsworth, R. 2000:
“Doing Institutional Analysis: implications for the study of innovation”, Review of International
Political Economy, 7, 4, 595-644. [EBSCO]
·
Amable,
B., 2000: “Institutional complementarities and diversity of social systems of
production and innovation”, Review of International Political Economy, 7,4, 645-687. [EBSCO]
·
Greif,
A., 2005: Institutions and the Path to
the Modern Economy: Lessons from Medieval Trade (chapter 1), (chapter 2)
·
Jin, Hehui; Qian, Yingyi. “Public versus private ownership
of firms: evidence from rural China.” Quarterly Journal of
Economics, v. 113, 1998, p. 773-808.
·
Easterly, William; Levine, Ross. “Africa's growth tragedy:
policies and ethnic divisions.” Quarterly Journal of Economics,
v. 112, 1997, p. 1203-1250.
·
Glaeser, Edward; Shleifer, Andrei. “The rise of the regulatory
state.” Journal of Economic Literature, v. 41,
2003, p. 401-425.
·
Gerard Roland: The Russian economy in the year
2005 November 2005.
a.
Who are China's Entrepreneurs ? , with S. Djankov, Y. Qian and E.
Zhuravskaya, American Economic Review, Papers and Proceedings
forthcoming 2006.
b.
Entrepreneurship in China and
Russia Compared with S. Djankov, Y. Qian and E. Zhuravskaya, Journal
of the European Economic Association forthcoming 2006.
c.
The Political Economy of Transition, Journal of Economic Perspectives, 2002.
·
Johnson, S., McMillan, J. and Woodruff, C.,
1999: et al: “Property rights, finance and
entrepreneurship”, working paper.
·
Dallago,
B., 2005: “Institutions and
Entrepreneurship: A Comparative Evaluation of South-Eastern Europe”.
·
McMillan, J. and Woodruff, C., 2002: “The
central role of entrepreneurs in transition economies”, Journal of economic
Perspectives, 13, 3, 153-170. [Jstor]
·
Jong,
S. 2006: “How organizational forms in Science shape spinoff firms”, Industrial
and Corporate Change, 15, 2, 251-283. [EJC]
·
Gittelman,
M.: National institutions, public–private knowledge flows, and innovation
performance: A comparative study of the biotechnology industry in the US and
France, Research Policy. [EJC]
7. Special topic: Measurement issues (2 classes)
a. How to measure entrepreneurship?
b. How to measure entrepreneurial
success?
c. How to measure the impact of
entrepreneurial activity on the economy?
d. Causality, heterogeneity
e. What role for “luck”? How to
measure it?
Class 19: Metrics;
testing hypotheses Nov.
12
Required Readings
Hamilton, B. 2000: “Does entrepreneurship pay? An
Empirical Analysis of the Returns to Self Employment”, Journal of Political Economy, 108, 3, 604-631. [Jstor]
Questions of discussion
Class 20: The
problem of causality Nov.
14
Required Readings
Hamilton-Nickerson, 2003: Correcting for Endogeneity in
Strategic Management Research, Strategic Organization
1, 1, 53-80 (up to page 11).
Questions of discussion
1. What is
endogeneity and the related causality problems?
2. Why do these problems matter in
order to assess the determinants of entrepreneurial success?
Optional readings for section 7 (pick one for your
2-page memo)
Memo for section 7 due by November 16 at midnight
·
Angrist,
J. and Krueger, A., 1991: “Instrumental Variables and the Search for
Identification: from supply and demand to natural experiments”, Journal of
Economic Perspectives, 15, 4, 69-95. [Jstor]
·
Schiantarelli,
F., 1996: “Financial Constraints and Investment: Methodological Issues and
International Evidence”, Oxford Review of Economic Policy, 12, 2, 70-89. [EJC]
·
Villalonga,
B. and Amit, 2004: “How do Family Ownership, Control
and Management affect Firm Value?”, working
paper.
·
Bertrand,
M. and Schoar, A., 2003: “Managing with Style”, Quarterly Journal of Economics,
118, 4, 1169-1208. [EBSCO]
·
Jones,
B. and Olken, B., 2005: “Do Leaders Matter? National Leadership and Growth
since World War II” Quarterly Journal of Economics, 120, 3, 835-864. [EBSCO]
8. Special topic: family firms and founder succession
(1 class)
Class 21 Nov.
19
Required Readings
[C] “Hancock Land Company and Hancock Lumber
Company”, HBS case. [Course Pack]
[C] “Precista Tools Ag, A and B”, HBS Case. [Course
Pack]
[C] Bridge, R., 2006: “Son overtake stationary dad”,
The Sunday Times, July 9th.
Millar, B., 2006: “Pick a promising protégé”,
The Sunday Times, May 14th.
Questions for discussion
Optional readings for section 8 (pick one for
your 2-page memo)
Memo for section 8 due by November 21 at midnight
·
Wasserman,
N., 2003: “Founder-CEO Succession and the Paradox of Entrepreneurial Success”,
Organization Science, 14, 2, 149-172. [ProQuest]
·
Villalonga,
B. and Amit, 2004: “How do Family Ownership, Control
and Management affect Firm Value?”, working
paper.
·
Bloom-Van
Reenen, 2006: “Measuring and Explaining
Management Practices across firms and Countries”, working paper.
·
Bennedsen
et al 2005: “Inside the Family firm: The role
of families in succession decision and performance”, Quarterly
Journal of Economics, forthcoming.
·
Bertrand,
M. and Schoar, A., 2006: “The impact of family on family firms”, Journal of
economic Perspectives, 20, 2, 73-96. [EBSCO]
9.
Special topic:
what is the role of new ventures? Entrepreneurship and Intrapreneurship (1
class)
Class 22 Nov.
21
Required Readings
[C] “3M Optical Systems: Managing Corporate
Entrepreneurship”. [Course Pack]
Questions for discussion
Optional Readings for section 9 (pick one for your
2-page memo)
Memo for section 9 due by November 28 at midnight
Class 23 Nov.
26
Wrap up
(no readings assigned)
Class 24 Nov.
28
Team presentations
Class 25 Dec.
3
Team presentations
Class 26 Dec.
5
Team presentations