| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14848 |
| 来源ID | Working Paper 14848 |
| Entrepreneurial Finance and Non-diversifiable Risk | |
| Hui Chen; Jianjun Miao; Neng Wang | |
| 发表日期 | 2009-04-03 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Entrepreneurs face significant non-diversifiable business risks. We build a dynamic incomplete markets model of entrepreneurial finance to demonstrate the important implications of nondiversifiable risks for entrepreneurs' interdependent consumption, portfolio allocation, financing, investment, and business exit decisions. The optimal capital structure is determined by a generalized tradeoff model where leverage via risky non-recourse debt provides significant diversification benefits. More risk-averse entrepreneurs default earlier, but also choose higher leverage, even though leverage makes his equity more risky. Non-diversified entrepreneurs demand both systematic and idiosyncratic risk premium. Cash-out option and external equity further improve diversification and raise the entrepreneur's valuation of the firm. Finally, entrepreneurial risk aversion can overturn the risk-shifting incentives induced by risky debt. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance |
| URL | https://www.nber.org/papers/w14848 |
| 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/572523 |
| 推荐引用方式 GB/T 7714 | Hui Chen,Jianjun Miao,Neng Wang. Entrepreneurial Finance and Non-diversifiable Risk. 2009. |
| 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 | ||
| w14848.pdf（421KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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