| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9339 |
| DP9339 Risk tolerance and entrepreneurship | |
| Hans K. Hvide; Georgios Panos | |
| 发表日期 | 2013-02-10 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | A tradition from Knight (1921) argues that more risk tolerant individuals are more likely to become entrepreneurs, but perform worse. We test these predictions with two risk tolerance proxies: stock market participation and personal leverage. Using investment data for 400,000 individuals, we find that common stock investors are around 50 percent more likely to subsequently start up a firm. Firms started up by stock market investors have about 25 percent lower sales and 15 percent lower return on assets. The results are similar using personal leverage as risk tolerance proxy. We consider alternative explanations including unobserved wealth and behavioral effects. |
| 主题 | Financial Economics ; Industrial Organization ; Labour Economics |
| 关键词 | Entrepreneurial entry Entrepreneurial performance Firm entry Firm performance Firm productivity Firm survival Overconfidence Risk aversion Stock market participation |
| URL | https://cepr.org/publications/dp9339 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538175 |
| 推荐引用方式 GB/T 7714 | Hans K. Hvide,Georgios Panos. DP9339 Risk tolerance and entrepreneurship. 2013. |
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