Chodorow-Reich, Gabriel; Nenov, Plamen; Santos, Vítor … - National Bureau of Economic Research - 2024
We use data on stock portfolios of Norwegian households to show that stock market wealth increases entrepreneurship by … relaxing financial constraints. Our research design isolates idiosyncratic variation in household-level stock market returns … entrepreneurship. Higher wealth causally increases firm profitability, an indication that it relaxes would-be entrepreneurs' financial …