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 … return on assets. The results are similar using personal leverage as risk tolerance proxy. We consider alternative …

methodology that combines institutions and human agency into an interdependent system, applying the configuration theory. We argue …

We document three new facts about entrepreneurship. First, a majority of male entrepreneurs start a firm in the same or …

Community Innovation Survey covering the period 1998-2000. The results of our empirical analysis support our theory …

This paper identifies several distortions which create barriers to entrepreneurship. First, in addition to the innate … entrepreneurship. Third, inefficiencies in the transmission of tacit knowledge between generations of entrepreneurs can arise: with … access to within-family ownership transfer, the outside market for entrepreneurship operates as a lemon's market. This …

the literature by empirically investigating two hitherto neglected issues: What is the impact of risk aversion and … illustrated. We show that a high degree of risk aversion, and lack of personal contact with a young entrepreneur, both reduce the …