Artificial Intelligence, Education, and Entrepreneurship

• 成果类型: Article
• 署名作者: Gofman, Michael; Jin, Zhao
• 署名单位: Hebrew University of Jerusalem
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13302
• 发表日期: 2024
• 页码: 631-667
• 关键词: finance; FIRMS

摘要

We document an unprecedented brain drain of Artificial Intelligence (AI) professors from universities from 2004 to 2018. We find that students from the affected universities establish fewer AI startups and raise less funding. The brain-drain effect is significant for tenured professors, professors from top universities, and deep-learning professors. Additional evidence suggests that unobserved city- and university-level shocks are unlikely to drive our results. We consider several economic channels for the findings. The most consistent explanation is that professors' departures reduce startup founders' AI knowledge, which we find is an important factor for successful startup formation and fundraising.