Do Temporary Demand Shocks Have Long-Term Effects for Startups?
利用采购拍卖和注册数据，发现赢得采购合同的初创企业在销售额、就业和利润上长期优于惜败的对手，而成熟企业无此效应，约50%的合同价值转化为长期销售，表明干中学是可能机制。
Abstract Using procurement auctions and register data, we find that temporary demand shocks have long-term effects for startups. Startups that win a procurement auction have 20$\%$ higher sales and employment and are more profitable than startups that narrowly lose an auction, even several years after the contract work has ended. There are no such effects for mature firms. The effects for startups are large: about 50$\%$ of the contract value is transmitted into long-term sales. Our analysis suggests learning-by-doing as a plausible mechanism. Overall, our results point to the importance of path dependence in shaping the long-term outcomes of startups. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online