Data and Code for "Serial Entrepreneurship in China"

This paper studies entrepreneurship and firm creation through the lens of serial entrepreneurs – entrepreneurs who establish more than one firm. Using data covering the universe of Chinese firms, we document key facts about serial and non-serial entrepreneurs and develop a theory rationalizing how their behavior is shaped by ability, endowments, and capital market frictions. Serial entrepreneurs have higher average productivity and lower return on capital than non-serial entrepreneurs. However, this premium conceals significant heterogeneity, with a majority of serial entrepreneurs underperforming relative to non-serial entrepreneurs. We link these differences to capital market frictions favoring some, but not all, entrepreneurs.