Risk taking by entrepreneurs

American Economic Review

Volumn 99, Issue 5, 2009, Pages 1808-1830

  Vereshchagina, Galina ^a   Hopenhayn, Hugo A ^b  

^a ARIZONA STATE UNIVERSITY   (United States)

^b UNIVERSITY OF CALIFORNIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 74949108763     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/aer.99.5.1808     Document Type: Article

References (39)

1. Aiyagari, S. Rao. 1994. "Uninsured Idiosyncratic Risk and Aggregate Saving." Quarterly Journal of Economics, 109(3): 659-684
2. Akyol, Ahmet, and Kartik Athreya. 2009. "Credit and Self-Employment." The Federal Reserve Bank of Richmond Working Paper Series, 09-105 http://www.richmondfed.org/publications/research/working-papers/ 2009/wp-09-5.cfm.
3. Albuquerque, Rui, and Hugo A. Hopenhayn. 2004. "Optimal Lending Contracts and Firm Dynamics." Review of Economic Studies, 71(2): 285-315.
4. Blanchflower, David G., and Andrew J. Oswald. 1998. "What Makes an Entrepreneur?" Journal of Labor Economics, 16(1): 26-60.
5. Bohacek, Radim. 2006. "Financial Constraints and Entrepreneurial Investment." Journal of Monetary Economics, 53(8): 2195-2212.
6. Buera, Francisco J. 2008. "Persistency of Poverty, Financial Frictions, and Entrepreneurship." http://www.econ.ucla.edu/fjbuera/papers/ paper120071217.pdf.
7. Cagetti, Marco, and Mariacristina De Nardi. 2006. "Entrepreneurship, Frictions, and Wealth." Journal of Political Economy, 114(5): 835-870
8. Campanale, Claudio. 2008. "Private Equity Returns in a Model of Entrepreneurial Choice with Learning." http://merlin.fae.ua.es/claudio/PEP. pdf.
9. Clementi, Gian L., and Hugo A. Hopenhayn. 2006. "A Theory of Financing Constraints and Firm Dynamics." Quarterly Journal of Economics, 121(1): 229-265
10. Cooley, Thomas, Ramon Marimon, and Vincenzo Quadrini. 2004. "Aggregate Consequences of Limited Contract Enforceability." Journal of Political Economy, 112(4): 817-847
11. Cressy, Robert. 2000. "Credit Rationing or Entrepreneurial Risk Aversion? An Alternative Explanation for the Evans and Jovanovic Finding." Economics Letters, 66(2): 235-240
12. Davis, Steven J., and John C. Haltiwanger. 1992. "Gross Job Creation, Gross Job Destruction, and Employment Reallocation." Quarterly Journal of Economics, 107(3): 819-863
13. Dunne, Timothy, Mark J. Roberts, and Larry Samuelson. 1989. "The Growth and Failure of U.S. Manufacturing Plants." Quarterly Journal of Economics, 104(4): 671-698
14. Ericson, Richard, and Ariel Pakes. 1995. "Markov-Perfect Industry Dynamics: A Framework for Empirical Work." Review of Economic Studies, 62(1): 53-82.
15. Evans, David S. 1987. "Tests of Alternative Theories of Firm Growth." Journal of Political Economy, 95(4): 657-674
16. Evans, David S., and Boyan Jovanovic. 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints." Journal of Political Economy, 97(4): 808-827
17. Fazzari, Steven M., R. Glenn Hubbard, Bruce C. Petersen, Alan S. Blinder, and James M. Poterba. 1988. "Financing Constraints and Corporate Investment." Brookings Papers on Economic Activity, 1(1): 141-195
18. Friedman, Milton, and Leonard J. Savage. 1948. "The Utility Analysis of Choices Involving Risk." Journal of Political Economy, 56(4): 279-304.
19. Gentry, William M., and R. Glenn Hubbard. 2004. "Entrepreneurship and Household Saving." Advances in Economic Analysis and Policy, 4(1): 1-55.
20. Gertler, Mark, and Simon Gilchrist. 1994. "Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms." Quarterly Journal of Economics, 109(2): 309-340
21. Gomes, Joao F. 2001. "Financing Investment." American Economic Review, 91(5): 1263-1285
22. Greenwood, Jeremy, and Boyan Jovanovic. 1990. "Financial Development, Growth, and the Distribution of Income." Journal of Political Economy, 98(5): 1076-1107.
23. Hamilton, Barton H. 2000. "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self- Employment." Journal of Political Economy, 108(3): 604-631
24. Hansen, Gary D. 1985. "Indivisible Labor and the Business Cycle." Journal of Monetary Economics, 16(3): 309-327
25. Heaton, John, and Deborah Lucas. 2000. "Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk." Journal of Finance, 55(3): 1163-1198
26. Heaton, John, and Deborah Lucas. 2001. "Capital Structure, Hurdle Rates, and Portfolio Choice-Interactions in an Entrepreneurial Firm." http://fisher.osu.edu/fin/dice/seminars/Lucas.pdf.
27. Herranz, Neus, Stefan Krasa, and Anne Villamil. 2007. "The Impact of Entrepreneur Characteristics and Bankruptcy Rules on Firm Performance." http://www.econ.uiuc.edu/avillami/risk-aversion-May-2007.pdf.
28. Holtz-Eakin, Douglas, David Joulfaian, and Harvey S. Rosen. 1994. "Sticking It Out: Entrepreneurial Survival and Liquidity Constraints." Journal of Political Economy, 102(1): 53-75.
29. Hopenhayn, Hugo A. 1992. "Entry, Exit, and Firm Dynamics in Long Run Equilibrium." Econometrica, 60(5): 1127-1150
30. Jovanovic, Boyan. 1982. "Selection and the Evolution of Industry." Econometrica, 50(3): 649-670
31. Khan, Aubhik, and B. Ravikumar. 2002. "Costly Technology Adoption and Capital Accumulation." Review of Economic Dynamics, 5(2): 489-502.
32. Kihlstrom, Richard E., and Jean-Jacques Laffont. 1979. "A General Equilibrium Entrepreneurial Theory of Firm Formation Based on Risk Aversion." Journal of Political Economy, 87(4): 719-748
33. Kiyotaki, Nobuhiro, and John Moore. 1997. "Credit Cycles." Journal of Political Economy, 105(2): 211-248
34. Lucas, Robert E., Jr. 1978. "On the Size Distribution of Business Firms." Bell Journal of Economics, 9(2): 508-523
35. Moskowitz, Tobias J., and Annette Vissing-Jorgensen. 2002. "The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?" American Economic Review, 92(4): 745-778
36. Paulson, Anna L., Robert M. Townsend, and Alexander Karaivanov. 2006. "Distinguishing Limited Liability from Moral Hazard in a Model of Entrepreneurship." Journal of Political Economy, 114(1): 100-144
37. Polkovnichenko, Valery. 2003. "Human Capital and the Private Equity Premium." Review of Economic Dynamics, 6(4): 831-845
38. Quadrini, Vincenzo. 2000. "Entrepreneurship, Saving, and Social Mobility." Review of Economic Dynamics, 3(1): 1-40.
39. Rogerson, Richard. 1988. "Indivisible Labor, Lotteries and Equilibrium." Journal of Monetary Economics, 21(1): 3-16.