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Browsing Research Articles by Funding "Bocconi University"
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Publication A scientific approach to entrepreneurial decision-making: Large-scale replication and extension(John Wiley and Sons Ltd, 2024) Camuffo, Arnaldo; Gambardella, Alfonso; Messinese, Danilo; Novelli, Elena; Paolucci, Emilio; Spina, Chiara; University of London; Ministero dell’Istruzione; Bocconi University; Department for Business, Energy and Industrial Strategy; https://ror.org/02jjdwm75Research Summary: This article runs a large-scale replication of Camuffo and colleagues in 2020,involving 759 firms in four randomized control trials. The larger sample generates novel and more precise insights about the teachability and implications of a scientific approach in entrepreneurship. We observe a positive impact on idea termination and results that are consistent with a nonlinear effect on radical pivots,with treated firms running few over no or repeated pivots. We provide a theoretical interpretation of the empirical results: the scientific approach enhances entrepreneurs' efficiency in searching for viable ideas and raises their methodic doubt because,like scientists,they realize that there may be alternative scenarios from the ones that they theorize. Managerial Summary: The findings of this article,based on four randomized control trials involving 759 firms,offer new insights into how entrepreneurial practices can benefit from a scientific approach to decision-making. Key outcomes include an increase in the termination of ideas and a nuanced influence on the tendency to make strategy changes. Specifically,firms that adopted a scientific approach made a few strategic shifts,as opposed to either not changing or constantly changing their strategy. We suggest that this is due to the scientific approach helping entrepreneurs be more efficient when searching for valuable ideas,as well as being more careful in selecting those ideas. © 2024 The Authors. Strategic Management Journal published by John Wiley & Sons Ltd.Publication ‘Citizens’ Attitudes Under Covid19’ a cross-country panel survey of public opinion in 11 advanced democracies(Nature Research, 2022) Brouard, Sylvain; Foucault, Martial; Michel, Elie; Becher, Michael; Vasilopoulos, Pavlos; Bono, Pierre Henri; Sormani, Nicolas; Becher, Michael; World Bank Group; Harvard Business School; McGill University; National Bureau of Economic Research; University of Edinburgh; Agence Nationale de la Recherche; European University Institute; Centre National de la Recherche Scientifique; Bocconi University; Agence Française de Développement; https://ror.org/02jjdwm75This article introduces data collected in the Citizens’ Attitudes Under Covid-19 Project (CAUCP),which surveyed public opinion throughout the Covid-19 pandemic in 11 democracies between March and December 2020. In this paper,we present a unique cross-country panel survey of citizens’ attitudes and behaviors during a worldwide unprecedented health,governance,and economic crisis. This dataset investigates the behavioral and attitudinal consequences of multifaceted Covid19 crisis across time and contexts. In this paper,we describe the design of the CAUCP and the descriptive features of the dataset; we also present promising research prospects. © 2022,The Author(s).Publication Micro venture capital(John Wiley and Sons Inc, 2023) Amore, Mario Daniele; Pelucco, Valerio; Conti, Annamaria; Swiss National Science Foundation; Bocconi University; https://ror.org/02jjdwm75Research Summary: Recently,the venture capital (VC) industry has experienced the entry of several new capital providers. Using US data on investors and their portfolio startups from 2000 to 2022,we document the emergence of a new type of investors: the micro VC. Our analysis reveals that micro Venture Capitalists (VCs) have an idiosyncratic investment strategy,which differs from traditional VCs. Compared with these investors,micro VCs invest in riskier startups,that is,early-stage ventures initiated by less experienced founders; yet,micro VCs are less likely to syndicate,stage their investments,and replace the startup founders. Additionally,startups funded by micro VCs are less likely to experience successful exits than those backed by traditional VCs. These results can be traced to a mix of smaller capital endowments,less sophisticated limited partners,and lesser human capital of which micro VCs dispose,and that may induce them to spread their thin capital across many investments to maximize returns. Our analysis also uncovers important differences in the strategies pursued by micro VCs and business angels. Managerial Summary: The VC industry is increasingly populated by a variety of investors with disparate characteristics and objectives. One such type of investors is represented by the so-called micro VC firms. These are VC firms that manage funds typically below $50 million and focused primarily on investing in founder-led startups. We leverage comprehensive VC data in the United States to answer three questions: (1) Who leads micro VC firms? (2) How do micro VC firms invest? (3) How do startups backed by micro VC perform? We find that micro VC firms are often led by relatively inexperienced entrepreneurs with little VC experience,and these firms are supported by less sophisticated limited partners. Although micro VC firms invest in riskier startups,they are less engaged in syndication and investment staging than traditional VC firms. Finally,micro VC-backed startups have a lower probability of successful exit as compared with those backed by traditional VC firms. Collectively,our results suggest that micro VCs differ from traditional VCs beyond being “micro.”. © 2023 The Authors. Strategic Entrepreneurship Journal published by John Wiley & Sons Ltd on behalf of Strategic Management Society.Publication The cleansing effect of banking crises(John Wiley and Sons Inc, 2022) Gropp, Reint; Ongena, Steven; Rocholl, Jörg; Saadi, Vahid; Horizon 2020 Framework Programme; Institute of Infection and Immunity; Bank of Canada; European Research Council; Goethe Universität Frankfurt am Main; Bocconi University; Ivey Business School; Western University; Göteborgs Universitet; Humboldt Universität zu Berlin; Freie Universität Berlin; https://ror.org/02jjdwm75We assess the cleansing effects of the 2008–2009 financial crisis. U.S. regions with higher levels of supervisory forbearance on distressed banks see less restructuring in the real sector: fewer establishments,firms,and jobs are lost when more distressed banks remain in business. In these regions,the banking sector has been less healthy for several years after the crisis. Regions with less forbearance experience higher productivity growth after the crisis with more firm entries,job creation,and employment,wages,patents,and output growth. Forbearance is greater for state-chartered banks and in regions with weaker banking competition and more independent banks. © 2022 Western Economic Association International.