A tradition from Knight (1921) argues that more risk tolerant individuals are more likely to become entrepreneurs, but perform worse. We test these predictions with two risk tolerance proxies: stock market participation and personal leverage. Using investment data for 400,000 individuals, we...

Using a simple two-firm, two-period model, we analyze for a developing economy theprocess of ‘entrepreneurial entry,’ that is, entry by new firms into an industry that didnot previously exist in that country, focusing on the choice between formal andinformal status. Thus we explore issues...

We study the effect of taxation on entrepreneurship, taking into account both the amount of entry and the quality of new ventures. We show that even with risk neutral agents and no tax evasion progressive taxes can increase entrepreneurial entry, while reducing average firm quality. So called...

Diese Dissertation untersucht wie sich die Struktur sozialer Netzwerke auf den unternehmerischen Eintritt auswirkt. Sie analysiert die Effekte von sozialem Einfluss und Status auf die Entscheidung von Personen, ein neues, selbst erstelltes Angebot auf den Markt zu bringen. Bisherige Arbeiten...

A tradition from Knight (1921) argues that more risk tolerant individuals are more likely to become entrepreneurs, but perform worse. We test these predictions with two risk tolerance proxies: stock market participation and personal leverage. Using investment data for 400,000 individuals, we...

We study the effect of taxation on entrepreneurship, taking into account both the amount of entry and the quality of new ventures. We show that even with risk neutral agents and no tax evasion progressive taxes can increase entrepreneurial entry, while reducing average firm quality. So called...

The question of how retail banks adapt to a changing market place that is driven by disruptive Fintech firms is increasingly becoming important. This is especially critical in East Africa where banks have traditionally had limited presence. This paper examines the impact of digital technologies...

Recently, "Financial Technology-companies" (FinTechs) are increasingly changing the financial services industry worldwide and impose considerable challenges for regulators tasked to solve the arising trade-off between sound regulation and innovation support. In this regard, regulatory sandboxes,...

Using panel data of cities in the People's Republic of China from 2011 to 2019, this paper analyzes the impact of digital finance on low-carbon transition derived from a super-efficiency slacks-based measure data envelopment analysis. We find that digital finance promotes low-carbon transition,...