Initial Financial Conditions, Unobserved Heterogeneity and the Survival of Nascent Canadian Manufacturing Firms
Why this work is in the frame
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Bibliographic record
Abstract
The firm dynamics literature has stressed productivity, size, and age effects in firm duration. Understanding the implications of financial state has largely been unexplored because of the lack of quality data on private entrant firms. This paper investigates the role of start‐up financial conditions (debt‐to‐asset ratio) on the duration of entrant manufacturing firms using a unique administrative firm‐level database called T2LEAP. The debt‐to‐asset ratio has an economically and statistically significant effect on firm hazard after controlling for usual covariates and unobserved heterogeneity. Further, a non‐monotonic relationship between firm hazard and leverage appears. Firm hazard varies positively with leverage for firms in the top two leverage quintiles, whereas hazard rates fall with leverage in the lower quintiles. Copyright © 2011 John Wiley & Sons, Ltd.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it