With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship
利用商学院学生随机分班的外生性，研究发现创业同伴比例增加反而降低创业率，主要因为减少了失败创业，但对成功创业有更积极的影响。
How do individuals decide to become entrepreneurs and learn to make optimal entrepreneurial decisions? The concentration of entrepreneurs in regions such as Silicon Valley has stimulated research and policy interest into the influence of peers, but the causal effect is hard to identify empirically. We exploit the exogenous assignment of students into business-school sections to identify the causal effect of entrepreneurial peers. We show that, in contrast to prior findings, a higher share of entrepreneurial peers decreases, rather than increases, entrepreneurship. The decrease is driven by a reduction in unsuccessful entrepreneurial ventures; the effect on successful ventures is significantly more positive.