What Is the US Comparative Advantage in Entrepreneurship? Evidence from Israeli Migration to the United States
研究以色列初创企业迁移到美国后获得的收益，发现移民企业融资更多、更易获得商标和被收购，但专利产出未增加，表明美国创业生态的优势源于投资者和市场规模。
Abstract We investigate underlying sources of the US entrepreneurial ecosystem's advantage compared to other innovative economies by assessing the benefits that Israeli startups derive from migrating to the United States. Addressing positive sorting into migration, we show that migrants raise larger funding amounts and are more likely to have a U.S. trademark and be acquired than nonmigrants. Migrants also achieve a higher acquisition value. However, their patent output is not larger. We conclude that the United States entrepreneurial ecosystem's advantage vis-à-vis other innovative economies arises from several sources producing sizeable gains for startups. These sources are investor availability as well as large consumer and acquisitions markets.