Empirical studies show low pecuniary returns of switching from wage employment to entrepreneurship. We reconsider the … transfers is used as an exclusion restriction to identify causal effects. The model is estimated on data covering the whole … indicate that the average returns to entrepreneurship are significantly negative for individuals entering entrepreneurship …

Promoting entrepreneurship has become an increasingly important part of the policy agenda in many countries. The … success of such policies, however, rests in part on the assumption that entrepreneurship outcomes are not fully determined at … background and neighborhood effects as determinants of entrepreneurship, by estimating sibling correlations in entrepreneurship …