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While official measures of business dynamism have seen a long-term decline, early-stage venture financing of new companies has reached levels not observed since the late 1990s, resulting in a sharp debate about the state of American entrepreneurship. Building on Guzman and Stern (2015a; 2015b), this...
Persistent link: https://www.econbiz.de/10012456579
We use traded options on growth and value indices to test for clientele differences in risk preferences. Value investors appear to have exhibited a higher average level of risk aversion than growth investors for two different time periods in the late 1990's and early 2000's. We construct a model...
Persistent link: https://www.econbiz.de/10012463317
This paper makes this point with a simple, capital-less model featuring entrepreneurs, with risky production …'s classification as a corporation subject to income taxation. But going public has an upside. It permits entrepreneurs to diversify … their assets. In discouraging incorporation, the corporate tax taxes business risk-sharing, keeping more entrepreneurs …
Persistent link: https://www.econbiz.de/10012462458
do not attract talented-but-reluctant entrepreneurs, but instead attract individuals with personality traits associated …
Persistent link: https://www.econbiz.de/10012480659
We review the extensive literature since 2000 on the personality traits of entrepreneurs. We first consider baseline … consider risk attitudes and goals and aspirations of entrepreneurs. Within each area, we separate studies by the type of …
Persistent link: https://www.econbiz.de/10012453616
We disaggregate the self-employed into incorporated and unincorporated to distinguish between "entrepreneurs" and other … "illicit" tendencies as youths accounts for both entry into entrepreneurship and the comparative earnings of entrepreneurs. In … contrast to past research, we find that entrepreneurs earn more per hour and work more hours than their salaried and …
Persistent link: https://www.econbiz.de/10012459385
In this paper we show that the patenting behavior of creative entrepreneurs is correlated with the patenting behavior … of their fathers, which we refer to as a source of the entrepreneurs' human capital endowments. Our argument for this …
Persistent link: https://www.econbiz.de/10012461217
Mutual funds change their risk levels significantly over time. This paper investigates the performance consequences of risk shifting, as well as the economic motivations and the mechanisms of risk shifting. Using a holdings-based measure of risk shifting, we find that funds that increase risk...
Persistent link: https://www.econbiz.de/10012463745
Using 14,800 forecasts of one-year S&P 500 returns made by Chief Financial Officers over a 12-year period, we track the individual executives who provide multiple forecasts to study how their beliefs evolve dynamically. While CFOs' return forecasts are systematically unbiased, their confidence...
Persistent link: https://www.econbiz.de/10012482230
Miscalibration is a standard measure of overconfidence in both psychology and economics. Although it is often used in lab experiments, there is scarcity of evidence about its effects in practice. We test whether top corporate executives are miscalibrated, and whether their miscalibration impacts...
Persistent link: https://www.econbiz.de/10012464935