Spinoffs and clustering
研究创新产业的地理集聚与衍生企业进入及成功之间的关系，提出一个不依赖集聚外部性的模型来解释集群增长和衍生企业形成的多种实证模式。
Geographic clustering of innovative industries is associated with the entry and success of spinoff firms. We develop a model to explain the multiple empirical patterns regarding cluster growth and spinoff formation and performance, without relying on agglomeration externalities. Clustering naturally follows from spinoffs locating near their parents. In our model, firms grow and spinoffs form through the discovery of new submarkets based on innovation. Rapid and successful innovation creates more opportunities for spinoff entry and drives a region's growth. Our model provides baseline estimates of levels of agglomeration that can be attributed to this process of innovation and spinoff formation.