Cressy (2000) argues that the positive correlation between assets and the rate of business startups is due to DARA preferences. We show however that the required property is prudence,and prudence is consistent with DARA, IARA or CARA.

This paper analyzes whether family enterprises perform better than non-family enterprises, as found in previous studies on Chilean companies, based on the ownership structure of the business, which is an important factor in the literature on corporate governance that had not been taken into...

We revisit the evidence presented in Martinez et al. (2007) using new data and estimation techniques that take into account unobserved firm heterogeneity. The results of the earlier study are found to be robust to the new procedures since performance of family firms continues to be superior to...

Este trabajo presenta una evaluación general del sistema de quiebras en Chile, así como propuestas para mejorar el funcionamiento de éste. El trabajo incluye una comparación del sistema chileno con los sistemas de quiebras de otros países. Por último, presenta antecedentes sobre la tasa de...

We study the factors that may influence the attitude toward the risk of entrepreneurial activity and its impact on the propensity to become an entrepreneur. We proxy the attitude toward risk by using the answers to the fear of failing question contained in the Global Entrepreneurship Monitor...

This paper seeks to measure the impact on small businesses in Chile of the Seed Capital Program implemented by Chile's Technical Cooperation Services (Servicio de Cooperación Técnica SERCOTEC). The results are mixed. On the one hand, the impact of sales is positive but its statistical...

Este trabajo busca medir el impacto del Programa de Capital Semilla del Servicio de Cooperación Técnica (Sercotec) en las empresas de menor tamaño en Chile. Los resultados son mixtos. Por un lado el impacto en las ventas aparece con signo positivo pero la significancia estadística depende...