全球智库信息集成服务系统(G2TT): Personal Bankruptcy and the Level of Entrepreneurial Activity

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w9340
来源ID	Working Paper 9340
	Personal Bankruptcy and the Level of Entrepreneurial Activity
	Wei Fan; Michelle J. White
发表日期	2002-11-18
出版年	2002
语种	英语
摘要	The U.S. personal bankruptcy system functions as a bankruptcy system for small businesses as well as consumers, because debts of non-corporate firms are personal liabilities of the firms' owners. If the firm fails, the owner has an incentive to file for bankruptcy, since both business debts and the owner's personal debts will be discharged. In bankruptcy, the owner must give up assets above a fixed exemption level. Because exemption levels are set by the states, they vary widely. We show that higher bankruptcy exemption levels benefit potential entrepreneurs who are risk averse by providing partial wealth insurance and therefore the probability of owning a business increases as the exemption level rises. We test this prediction and find that the probability of households owning businesses is 35% higher if they live in states with unlimited rather than low exemptions. We also find that the probability of starting a business and the probability of owning a corporate rather than non-corporate business are higher for households that live in high exemption states.
主题	Macroeconomics ; Fiscal Policy ; Other ; Law and Economics
URL	https://www.nber.org/papers/w9340
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/566956
推荐引用方式 GB/T 7714	Wei Fan,Michelle J. White. Personal Bankruptcy and the Level of Entrepreneurial Activity. 2002.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w9340.pdf（225KB）	智库出版物		限制开放	CC BY-NC-SA	浏览