Program > Papers by author > Gaillard Alexandre

This paper gathers new evidences on small business owners' entry and exit behaviors and emphasizes the importance of business transfers. It introduces a new theoretical framework designed to account for the underlying mechanisms of entry and exit with endogenous option to buy, found, sell or liquidate business assets. The model embeds a business for sale market with asset transfers and an equilibrium price designed to capture both the intertemporal and the intangible value of a firm. We use the model to characterize the important mismatches occuring on the business for sale market and recount the current episode of aging entrepreneurs and its consequences