{"id":8642,"date":"2012-07-10T15:17:00","date_gmt":"2012-07-10T13:17:00","guid":{"rendered":"https:\/\/casmef.luiss.it\/publications\/animal-spirits-in-entrepreneurial-innovation-theory-and-evidence\/"},"modified":"2026-11-05T17:28:11","modified_gmt":"2026-11-05T16:28:11","slug":"animal-spirits-in-entrepreneurial-innovation-theory-and-evidence","status":"publish","type":"casmef_publication","link":"https:\/\/casmef.luiss.it\/en\/publications\/animal-spirits-in-entrepreneurial-innovation-theory-and-evidence\/","title":{"rendered":"Animal Spirits in Entrepreneurial Innovation: Theory and Evidence"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Abstract: This paper proposes and empirically tests a theory of entrepreneurial innovation to explain its high degree of concentration in space and time. In the model, a successful entrepreneurial project is the result of a search and matching process between entrepreneurs looking for funds and capitalists looking for new ideas to finance. The resulting strategic complementarity between them gives rise to a multiplier effect. Moreover, if complementarity is sufficiently strong, multiple equilibria arise, which can be ranked in terms of entrepreneurial activity. Using data from the European and the US business angels markets for the period 1996\u20132010, we show that (i) a complementarity exists between business angels and the entrepreneurial projects submitted to them, and that (ii) the result of multiple equilibria is empirically plausible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cipollone A, Giordani PE. CASMEF Working Paper Series. 2012;(10). <\/p>\n","protected":false},"template":"","publication_type":[559],"class_list":["post-8642","casmef_publication","type-casmef_publication","status-publish","hentry"],"acf":{"pub_unit":8772,"pub_file":8641},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Animal Spirits in Entrepreneurial Innovation: Theory and Evidence - Casmef<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/casmef.luiss.it\/en\/publications\/animal-spirits-in-entrepreneurial-innovation-theory-and-evidence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Animal Spirits in Entrepreneurial Innovation: Theory and Evidence - Casmef\" \/>\n<meta property=\"og:description\" content=\"Cipollone A, Giordani PE. 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