On the Turnover of Business Firms and Business Managers
构建了一个小企业失败与出售的模型，基于企业年龄和管理者任期对失败率影响的证据，估计模型参数并分析小企业部门的运作特征。
This paper develops a model of small business failure and sale that is motivated by recent evidence concerning how the failure and sale of small businesses vary with the age of the business and the tenure of the manager. This evidence motivates two key features of the model: a match between the manager and the business, and characteristics of businesses that survive beyond the current match. The parameters of the model are estimated and the properties of this parametric model are studied. This analysis results in a simple characterization of the workings of the small business sector. Copyright 1995 by University of Chicago Press.