{"id":"https://openalex.org/W3089729243","doi":"https://doi.org/10.3386/w27907","title":"Flight to Safety: How Economic Downturns Affect Talent Flows to Startups","display_name":"Flight to Safety: How Economic Downturns Affect Talent Flows to Startups","publication_year":2020,"publication_date":"2020-10-01","ids":{"openalex":"https://openalex.org/W3089729243","doi":"https://doi.org/10.3386/w27907","mag":"3089729243"},"language":"en","primary_location":{"id":"doi:10.3386/w27907","doi":"https://doi.org/10.3386/w27907","is_oa":false,"landing_page_url":"https://doi.org/10.3386/w27907","pdf_url":null,"source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5026891233","display_name":"Shai Bernstein","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]},{"id":"https://openalex.org/I36258959","display_name":"University of California San Diego","ror":"https://ror.org/0168r3w48","country_code":"US","type":"education","lineage":["https://openalex.org/I36258959"]},{"id":"https://openalex.org/I39422238","display_name":"University of Illinois Chicago","ror":"https://ror.org/02mpq6x41","country_code":"US","type":"education","lineage":["https://openalex.org/I39422238"]},{"id":"https://openalex.org/I51556381","display_name":"University of Virginia","ror":"https://ror.org/0153tk833","country_code":"US","type":"education","lineage":["https://openalex.org/I51556381"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Shai Bernstein","raw_affiliation_strings":["Darden School of Business University of Virginia 100 Darden Blvd Charlottesville, VA 22903","Harvard Business School Soldiers Field Boston, MA 02163","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","RCFS Winter Conference, SFS Cavalcade, MFA, FOM Virtual Corporate Finance Seminar, Junior Entrepreneurial Finance/ Innovation Lunch Group, Junior Corporate Finance Workshop, LSE, Rochester,","Rady School of Management University of California at San Diego 9500 Gilman Drive La Jolla, CA 92093 and","University of Illinois Chicago, Indiana","seminar participants at NBER Entrepreneurship,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Darden School of Business University of Virginia 100 Darden Blvd Charlottesville, VA 22903","institution_ids":["https://openalex.org/I51556381"]},{"raw_affiliation_string":"Harvard Business School Soldiers Field Boston, MA 02163","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"RCFS Winter Conference, SFS Cavalcade, MFA, FOM Virtual Corporate Finance Seminar, Junior Entrepreneurial Finance/ Innovation Lunch Group, Junior Corporate Finance Workshop, LSE, Rochester,","institution_ids":[]},{"raw_affiliation_string":"Rady School of Management University of California at San Diego 9500 Gilman Drive La Jolla, CA 92093 and","institution_ids":["https://openalex.org/I36258959"]},{"raw_affiliation_string":"University of Illinois Chicago, Indiana","institution_ids":["https://openalex.org/I39422238"]},{"raw_affiliation_string":"seminar participants at NBER Entrepreneurship,","institution_ids":["https://openalex.org/I1321305853"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5028930374","display_name":"RICHARD R. TOWNSEND","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]},{"id":"https://openalex.org/I36258959","display_name":"University of California San Diego","ror":"https://ror.org/0168r3w48","country_code":"US","type":"education","lineage":["https://openalex.org/I36258959"]},{"id":"https://openalex.org/I39422238","display_name":"University of Illinois Chicago","ror":"https://ror.org/02mpq6x41","country_code":"US","type":"education","lineage":["https://openalex.org/I39422238"]},{"id":"https://openalex.org/I51556381","display_name":"University of Virginia","ror":"https://ror.org/0153tk833","country_code":"US","type":"education","lineage":["https://openalex.org/I51556381"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Richard Townsend","raw_affiliation_strings":["Darden School of Business University of Virginia 100 Darden Blvd Charlottesville, VA 22903","Harvard Business School Soldiers Field Boston, MA 02163","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","RCFS Winter Conference, SFS Cavalcade, MFA, FOM Virtual Corporate Finance Seminar, Junior Entrepreneurial Finance/ Innovation Lunch Group, Junior Corporate Finance Workshop, LSE, Rochester,","Rady School of Management University of California at San Diego 9500 Gilman Drive La Jolla, CA 92093 and","University of Illinois Chicago, Indiana","seminar participants at NBER Entrepreneurship,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Darden School of Business University of Virginia 100 Darden Blvd Charlottesville, VA 22903","institution_ids":["https://openalex.org/I51556381"]},{"raw_affiliation_string":"Harvard Business School Soldiers Field Boston, MA 02163","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"RCFS Winter Conference, SFS Cavalcade, MFA, FOM Virtual Corporate Finance Seminar, Junior Entrepreneurial Finance/ Innovation Lunch Group, Junior Corporate Finance Workshop, LSE, Rochester,","institution_ids":[]},{"raw_affiliation_string":"Rady School of Management University of California at San Diego 9500 Gilman Drive La Jolla, CA 92093 and","institution_ids":["https://openalex.org/I36258959"]},{"raw_affiliation_string":"University of Illinois Chicago, Indiana","institution_ids":["https://openalex.org/I39422238"]},{"raw_affiliation_string":"seminar participants at NBER Entrepreneurship,","institution_ids":["https://openalex.org/I1321305853"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5004270982","display_name":"Ting Xu","orcid":"https://orcid.org/0000-0001-6893-0405","observed_orcids":["https://orcid.org/0000-0001-6893-0405"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]},{"id":"https://openalex.org/I36258959","display_name":"University of California San Diego","ror":"https://ror.org/0168r3w48","country_code":"US","type":"education","lineage":["https://openalex.org/I36258959"]},{"id":"https://openalex.org/I39422238","display_name":"University of Illinois Chicago","ror":"https://ror.org/02mpq6x41","country_code":"US","type":"education","lineage":["https://openalex.org/I39422238"]},{"id":"https://openalex.org/I51556381","display_name":"University of Virginia","ror":"https://ror.org/0153tk833","country_code":"US","type":"education","lineage":["https://openalex.org/I51556381"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Ting Xu","raw_affiliation_strings":["Darden School of Business University of Virginia 100 Darden Blvd Charlottesville, VA 22903","Harvard Business School Soldiers Field Boston, MA 02163","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","RCFS Winter Conference, SFS Cavalcade, MFA, FOM Virtual Corporate Finance Seminar, Junior Entrepreneurial Finance/ Innovation Lunch Group, Junior Corporate Finance Workshop, LSE, Rochester,","Rady School of Management University of California at San Diego 9500 Gilman Drive La Jolla, CA 92093 and","University of Illinois Chicago, Indiana","seminar participants at NBER Entrepreneurship,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Darden School of Business University of Virginia 100 Darden Blvd Charlottesville, VA 22903","institution_ids":["https://openalex.org/I51556381"]},{"raw_affiliation_string":"Harvard Business School Soldiers Field Boston, MA 02163","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"RCFS Winter Conference, SFS Cavalcade, MFA, FOM Virtual Corporate Finance Seminar, Junior Entrepreneurial Finance/ Innovation Lunch Group, Junior Corporate Finance Workshop, LSE, Rochester,","institution_ids":[]},{"raw_affiliation_string":"Rady School of Management University of California at San Diego 9500 Gilman Drive La Jolla, CA 92093 and","institution_ids":["https://openalex.org/I36258959"]},{"raw_affiliation_string":"University of Illinois Chicago, Indiana","institution_ids":["https://openalex.org/I39422238"]},{"raw_affiliation_string":"seminar participants at NBER Entrepreneurship,","institution_ids":["https://openalex.org/I1321305853"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":5,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":18,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10058","display_name":"Entrepreneurship Studies and Influences","score":0.43799999356269836,"subfield":{"id":"https://openalex.org/subfields/1405","display_name":"Management of Technology and Innovation"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10058","display_name":"Entrepreneurship Studies and Influences","score":0.43799999356269836,"subfield":{"id":"https://openalex.org/subfields/1405","display_name":"Management of Technology and Innovation"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.2362000048160553,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12415","display_name":"Employer Branding and e-HRM","score":0.13439999520778656,"subfield":{"id":"https://openalex.org/subfields/1407","display_name":"Organizational Behavior and Human Resource Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/talent-flow","display_name":"talent flow","score":0.7009999752044678},{"id":"https://openalex.org/keywords/business-start-up","display_name":"startups","score":0.9700000286102295},{"id":"https://openalex.org/keywords/young-firms","display_name":"young firms","score":0.6359999775886536},{"id":"https://openalex.org/keywords/job-search-behavior","display_name":"job search behavior","score":0.7450000047683716},{"id":"https://openalex.org/keywords/job-applications","display_name":"job applications","score":0.9229999780654907},{"id":"https://openalex.org/keywords/covid-19-economic-crisis","display_name":"COVID-19 economic crisis","score":0.8809999823570251},{"id":"https://openalex.org/keywords/flight-to-safety","display_name":"flight to safety","score":0.9440000057220459},{"id":"https://openalex.org/keywords/labor-market","display_name":"labor market","score":0.5820000171661377},{"id":"https://openalex.org/keywords/entrepreneurial-activity","display_name":"entrepreneurial activity","score":0.6610000133514404},{"id":"https://openalex.org/keywords/procyclicality","display_name":"procyclicality","score":0.753000020980835},{"id":"https://openalex.org/keywords/candidate-quality","display_name":"candidate quality","score":0.5419999957084656}],"concepts":[{"id":"https://openalex.org/C2776035688","wikidata":"https://www.wikidata.org/wiki/Q1606558","display_name":"Affect (linguistics)","level":2,"score":0.776893138885498},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.45156410336494446},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.33847033977508545},{"id":"https://openalex.org/C15744967","wikidata":"https://www.wikidata.org/wiki/Q9418","display_name":"Psychology","level":0,"score":0.12257152795791626},{"id":"https://openalex.org/C46312422","wikidata":"https://www.wikidata.org/wiki/Q11024","display_name":"Communication","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3386/w27907","doi":"https://doi.org/10.3386/w27907","is_oa":false,"landing_page_url":"https://doi.org/10.3386/w27907","pdf_url":null,"source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:nbr:nberwo:27907","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w27907.pdf","pdf_url":"http://www.nber.org/papers/w27907.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","score":1.0,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":37,"referenced_works":["https://openalex.org/W585239518","https://openalex.org/W1853565352","https://openalex.org/W1989350643","https://openalex.org/W2038800118","https://openalex.org/W2050719678","https://openalex.org/W2062714433","https://openalex.org/W2070796659","https://openalex.org/W2105516741","https://openalex.org/W2119764122","https://openalex.org/W2119782560","https://openalex.org/W2128532428","https://openalex.org/W2192335184","https://openalex.org/W2565032117","https://openalex.org/W2890739805","https://openalex.org/W2890758903","https://openalex.org/W2950354071","https://openalex.org/W2981853660","https://openalex.org/W3015984453","https://openalex.org/W3016341449","https://openalex.org/W3038190680","https://openalex.org/W3042319880","https://openalex.org/W3088691611","https://openalex.org/W3122243134","https://openalex.org/W3122540249","https://openalex.org/W3122703928","https://openalex.org/W3123892086","https://openalex.org/W3124000545","https://openalex.org/W3124892610","https://openalex.org/W3125393768","https://openalex.org/W3131513784","https://openalex.org/W3139431978","https://openalex.org/W3147074632","https://openalex.org/W3160773689","https://openalex.org/W3164807383","https://openalex.org/W4220762904","https://openalex.org/W4245970915","https://openalex.org/W4253121919"],"related_works":["https://openalex.org/W3096220946","https://openalex.org/W3123271398","https://openalex.org/W4409745236","https://openalex.org/W4287297963","https://openalex.org/W563232324","https://openalex.org/W4394893240","https://openalex.org/W3200591146","https://openalex.org/W7113456702","https://openalex.org/W4416397082","https://openalex.org/W3122540249"],"abstract_inverted_index":{"Using":[0],"proprietary":[1],"data":[2],"from":[3,34],"AngelList":[4],"Talent,":[5],"we":[6],"study":[7],"how":[8],"individuals\u2019":[9],"job":[10,23,76],"search":[11,49],"and":[12,32],"application":[13],"behavior":[14],"changed":[15],"during":[16],"the":[17,39,89,95],"COVID":[18],"downturn.":[19],"We":[20],"find":[21],"that":[22],"seekers":[24],"shifted":[25],"their":[26,47],"searches":[27],"toward":[28],"more":[29,53],"established":[30,54],"firms":[31],"away":[33],"early-stage":[35,56],"startups,":[36],"even":[37],"within":[38,72],"same":[40],"individual":[41],"over":[42,78],"time.":[43,79],"Simultaneously,":[44],"they":[45],"broadened":[46],"other":[48],"parameters.":[50],"Relative":[51],"to":[52,85],"firms,":[55],"startups":[57],"experienced":[58],"a":[59,73,83],"decline":[60],"in":[61,88],"applications,":[62],"primarily":[63],"driven":[64],"by":[65],"higher":[66],"quality":[67],"candidates.":[68],"These":[69],"declines":[70],"hold":[71],"firm":[74],"or":[75],"posting":[77],"Our":[80],"findings":[81],"uncover":[82],"flight":[84],"safety":[86],"channel":[87],"labor":[90],"market,":[91],"which":[92],"may":[93],"amplify":[94],"pro-cyclical":[96],"nature":[97],"of":[98],"entrepreneurial":[99],"activities.":[100]},"counts_by_year":[{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":4},{"year":2020,"cited_by_count":4}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2020-10-08T00:00:00"}
