Using rich Texas administrative data, we estimate the impact of middle school principals on post-secondary schooling, employment, and criminal justice outcomes. The results highlight the importance of school leadership, though striking differences emerge in the relative importance of different...

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. An increase in stock market wealth increases the...