| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16992 |
| DP16992 Why Are Returns to Private Business Wealth So Dispersed? | |
| Corina Boar; Virgiliu Midrigan | |
| 发表日期 | 2022-02-02 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We use micro data from Orbis on firm level balance sheets and income statements to document that accounting returns for privately held businesses are dispersed, persistent, and negatively correlated with firm equity. We also show that firms experience large, fat-tailed, and partly transitory changes in output that are not fully accompanied by changes in their capital stock and wage bill. This implies that capital and labor choices are risky, as fluctuations in output are accompanied by large changes in firm profits. We interpret this evidence using a model of entrepreneurial dynamics in which return heterogeneity can arise from both limited span of control, as well as from financial frictions which generate differences in financial returns to saving. The model matches the evidence on accounting returns and predicts that financial returns to saving are half as large and dispersed as accounting returns. Financial returns mostly reflect risk, as opposed to collateral constraints which play a negligible role due to firms' unwillingness to expand and take on more risk. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Inequality entrepreneurship Rate of return |
| URL | https://cepr.org/publications/dp16992 |
| 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/545938 |
| 推荐引用方式 GB/T 7714 | Corina Boar,Virgiliu Midrigan. DP16992 Why Are Returns to Private Business Wealth So Dispersed?. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Corina Boar]的文章 |
| [Virgiliu Midrigan]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Corina Boar]的文章 |
| [Virgiliu Midrigan]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Corina Boar]的文章 |
| [Virgiliu Midrigan]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
