Table 2. Effects of Win Rate on Firm Survival in Postlottery Calendar Years (Excluding Mergers)

∗ p < 0.10, ∗∗ p < 0.05, ∗∗∗ p < 0.01
Notes: Standard errors (clustered at the firm level) are in parentheses. Fixed effects include firm, year, and industry-year. Postlottery calendar years include 2015–2019. WinRate is the average H-1B lottery win rate in fiscal years 2014 and 2015.
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