| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29705 |
| 来源ID | Working Paper 29705 |
| Why Are Returns to Private Business Wealth So Dispersed? | |
| Corina Boar; Denis Gorea; Virgiliu Midrigan | |
| 发表日期 | 2022-01-31 |
| 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 ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w29705 |
| 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/587379 |
| 推荐引用方式 GB/T 7714 | Corina Boar,Denis Gorea,Virgiliu Midrigan. Why Are Returns to Private Business Wealth So Dispersed?. 2022. |
| 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 | ||
| w29705.pdf（912KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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