Essays In Entrepreneurship And Household Finance
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Essays In Entrepreneurship And Household Finance
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Author : Yoosef Ghahreman
language : en
Publisher:
Release Date : 2016
Essays In Entrepreneurship And Household Finance written by Yoosef Ghahreman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Electronic dissertations categories.
My dissertation is focused on the relationship between financial and business decisions of households. The first essay examines how founders of new businesses changed their portfolios in the aftermath of the 2007-2008 financial crisis. Using the Survey of Consumer Finances 2007-2009 panel data, I find evidence that those who became entrepreneurs (entrants) reduced financial portfolio risk compared to those who remained paid employees. I identify a movement away from stockholdings as a result of entry, and provide support for a response to the background risk arising from privately held businesses. Business ownership was also associated with changes in the real estate holdings of entrants. These findings highlight the link between private and public equity markets through entrepreneurs' portfolio choices and introduce a connection between housing and entrepreneurship through changes in home ownership. The second essay studies the trends in angel investment in a representative sample of the U.S. economy and explores the characteristics of these individual private investors. Our results suggest that angel investment is highly concentrated among the wealthiest households, and wealth plays an important role in participation, even among the top 1% of wealth distribution. These wealthy households, who own the majority of the economy's angel equity, increased their participation in the angel investing market during the 1998-2010 period, unaffected by the recessions and financial crisis. In the representative sample, self-employment plays an important role in predicting the incidence of being an angel investor and angel equity share, but the relationship is not as robust for the subsample of the top 1%. Self-reported willingness to take financial risk is generally associated with a higher likelihood of being an angel investor and a larger share of angel equity in different specifications, especially for the 1%. The angels are likely to be more financially disciplined as measured by their credit card balances and how much effort they put into choosing their investments. Angels' affluence, their higher financial discipline and more risk tolerance, together with the relatively low shares of angel equity in the portfolios of most angel investors might suggest calculated risk taking on the part of an average angel investor.
Three Essays On Entrepreneurship And Personal Finance
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Author : Derek Potter
language : en
Publisher:
Release Date : 2019
Three Essays On Entrepreneurship And Personal Finance written by Derek Potter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Self-employment and the operation of private businesses form an important sector of the U.S. labor market, accounting for over 400,000 new organizations launched annually in recent years and nearly two-thirds of job creation according to the Small Business Administration. Yet, ownership of a business is fraught with financial risks, leading some economists to suggest that the average lifetime earnings of private business owners trail those of traditional employment. The three essays that follow explore (a) the motives that may drive people to pursue entrepreneurship despite the financial risk, (b) the asset allocation behavior of practicing entrepreneurs, and (c) the resulting satisfaction levels of those who transition into entrepreneurship. The first essay examines a population of users in the pre-launch phase of business development. Past research has suggested that given the lower expected financial returns from entrepreneurship that motivations to launch a business might be driven by preferences for high degrees of autonomy, overly optimistic assessments of financial outcomes, or higher risk preferences. Measures of each of these phenomena are included in a cohesive model guided by the Theory of Planned Behavior along with other relevant variables. Logistic regression predicting intent to launch a business in the future reveals that more general attitudes towards entrepreneurship increase the likelihood of interest in business ownership, while financial motivations are tied to decreased likelihood. The second essay examines the impact of business ownership during the operation of the business. Granted that business owners possess illiquid private organizations, Modern Portfolio Theory might predict that they reduce exposure to other risky asset classes (e.g., stocks). This essay examines stock ownership with consideration given to entrepreneurial status as well as the level of risk exposure stemming from owning a business. Logistic regression using data from the 2016 Survey of Consumer Finances reveals that business owners are less likely to participate in the stock market. An Ordinary Least Squares regression modeling the ratio of equity to total financial assets, however, reveals no significant differences in levels of equity ownership among business owners and the traditionally employed. Collectively, these findings may indicate that entrepreneurs face initial barriers to stock market investment that later fade if participation in the equity market does begin. Finally, the third essay utilizes longitudinal 2008-2014 Health and Retirement Study data to examine levels of job, financial, and life satisfaction. Variable selection is guided by the Job-Demand-Control model, and three random effects cumulative logits are produced. Findings suggest that transitions into entrepreneurship are associated with increased odds of job satisfaction but reduced odds of financial or life satisfaction. Results from these three studies imply that individuals might pursue entrepreneurship for non-financial reasons. However, engaging in the launch of a business could affect financial decision making and asset allocation behavior, as well as subsequent levels of satisfaction with personal finances and life. Implications for organizations and professionals who support prospective entrepreneurs are discussed.
Essays On Household Finance And Small Business Credit
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Author : Olivia S. Kim (Scientist in business management)
language : en
Publisher:
Release Date : 2022
Essays On Household Finance And Small Business Credit written by Olivia S. Kim (Scientist in business management) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Chapter 1 examines whether closing disparities in credit access between spouses can help reduce consumption inequality in the household. The 2013 reversal of the Truth-in-Lending Act increased the borrowing capacity of secondary earners in equitable-distribution states but not in community-property states, where division-of-property laws superseded the policy change. Using a matched difference-in-differences design and administrative financial-transaction records measuring the credit and consumption of each spouse, I show that this reversal closed the credit gap between spouses by increasing secondary earners' credit card limits. In turn, spouses shared consumption more equally, reducing their pre-reversal consumption gap. Delinquency rates were not measurably impacted, suggesting that household financial standing did not worsen. These results are consistent with a model of joint decision-making under limited commitment, in which credit causes a shift in marital bargaining power. Chapter 2 explores the investment decisions of small business owners when their child goes to college using the linked financial accounts of small businesses and their owners. By comparing small business owner households with college-entering aged children to otherwise similar households with near college-entering aged children, I show that small business owners respond to the increase in education spending by downsizing business production and liquidating the business. These results suggest that business owners' family financial decisions affect the real economy as business owners struggle to separate business capital demands from personal finances. Joint work with Natalie Cox and Constantine Yannelis in Chapter 3 uses notches in the loan guarantee rate schedule for Small Business Administration loans to estimate the elasticity of bank lending volume to loan guarantees. We show significant bunching in the loan distribution on the side of the size threshold that carries a more generous loan guarantee. The excess mass implies that increasing guarantee generosity by one percentage point of loan principal would increase per-loan lending volume by $19,000. Placebo results indicate that bunching disappears when the guarantee notch is eliminated. We conclude that lending is highly sensitive to loan guarantees, and thus, federal guarantee programs have the potential to increase lending levels when borrowing is inefficiently low.
Everyday Finance
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Author : Mary Bonk
language : en
Publisher: Gale Cengage
Release Date : 2008
Everyday Finance written by Mary Bonk and has been published by Gale Cengage this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
This volume explains how people are personally involved in the economy, either as consumers or business owners presenting essays on "Personal Money Management: Buying, Borrowing, Saving, and Insuring" and on "Entrepreneurship: The World of Business."
Essays In Household Finance
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Author : Steffen Meyer
language : en
Publisher:
Release Date : 2008
Essays In Household Finance written by Steffen Meyer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Haushalt - Investitionsentscheidung categories.
Essays In Household Finance
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Author : Tobin Hanspal
language : en
Publisher:
Release Date : 2017
Essays In Household Finance written by Tobin Hanspal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Three Essays On Entrepreneurial Finance
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Author : Jialong Li
language : en
Publisher:
Release Date : 2016
Three Essays On Entrepreneurial Finance written by Jialong Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This dissertation consists of three essays that explore different areas within the framework of entrepreneurial finance. In my first essay, I investigate the relation between corporate financial distress and earnings management in politically-affiliated private firms in China. I further examine the joint moderating effects of political affiliation and regional development on this relation. The findings suggest that financially-distressed firms engage more in reporting small positive earnings relative to financially-healthy firms. In addition, political affiliation weakens the association between financial distress and small positive earnings management. In the second essay, I intend to shed light on social performance of microfinance institutions (MFIs) with respect to gender equality in MFIs' outreach and promotion of entrepreneurship. Rooted in the principles of homophily and risk aversion, I pinpoint a novel topic which is the association between female leadership in MFIs and their services targeting women clients, and find that when more women serve as managers, board members, and/or loan officers in MFIs, the MFIs increase their outreach to women due to gender affinity. Applying the institutional theory, I also analyze the relationship between MFI's outreach to female borrowers and entrepreneurship in an international setting, and highlight the moderating role played by legal environment in this relationship. Findings indicate that in countries with stronger legal environment, women are more inclined to enter entrepreneurship. In my last essay, I turn to look at family firm, which is perceived to behave quite differently compared with non-family firm. From socioemotional wealth preservation and board experience perspectives, I compile a sample of family-owned and -managed firms on the Standard and Poor's (S&P) 500 Index and examine the effect of family involvement on firm internationalization. The results show that the presence of a family member chairing the board impedes internationalization, but that this negative effect is reduced when board members are highly experienced. I also find that the involvement of multiple generations in the business contributes to the firm's internationalization, and that this effect is more pronounced when firms internationalize to geographically distant rather than closer regions. The contributions and implications of this study are also discussed.
Women And Their Money 1700 1950
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Author : Anne Laurence
language : en
Publisher: Routledge
Release Date : 2008-11-20
Women And Their Money 1700 1950 written by Anne Laurence and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-20 with Biography & Autobiography categories.
This book, the first of its kind, will be of interest across several disciplines including economics, economic history, business history, British history and women/gender history The fact that the essays reach beyond Britain and include work on Germany, Australia, Italy, Canada, Sweden and the West Indies will stimulate interest throughout (and even beyond) the English speaking world There is a growing interest in the study of women’s economic activity, which reflects the recognition that economics and economic/business history are not gender neutral subjects
Financial Literacy Motivated Reasoning And Gender
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Author : Thérèse Lind
language : en
Publisher: Linköping University Electronic Press
Release Date : 2019-05-16
Financial Literacy Motivated Reasoning And Gender written by Thérèse Lind and has been published by Linköping University Electronic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-16 with categories.
I wrote this thesis to create a better understanding of how individual characteristics influence our feelings, our behavior and our way of interpreting information. My focus is on financial behavior and financial information, however I also consider a political context. I investigate the (usually) enabling abilities of financial literacy and numeracy. I also consider impediments such as stereotype threat and motivated reasoning, which can prevent people from engaging in certain behaviors or from interpreting information objectively. Both processes stem from valued beliefs and psychological foundations, consequently peoples’ efforts, decisions, and evaluations are based on them. The first essay, “Competence, confidence, and gender: The role of perceived and actual financial literacy in household finance,” broadens our understanding of the benefits of financial competence. I contrast perceived and actual levels of financial literacy, and consider the role of numeracy and cognitive reflective ability. I conclude that perceived and actual levels of financial literacy positively affect behavior and wellbeing; however, perceived financial literacy more so than actual financial literacy. No such effect is observed for numeric ability and cognitive reflection. Furthermore, women are more anxious about financial matters even though they tend to engage more frequently in the considered financial behaviors. The second essay, “Threatening finance? Examining the gender gap in financial literacy,” continues my exploration of the relationship between gender and financial literacy. In a series of studies, I investigate whether the observed gender gap in financial literacy can be identified in nonnumerical contexts, if it can be associated with confidence in financial matters, and if it can be attributed to stereotype threat, which posits that inbuilt prejudices about gender and finance undermine women’s performance of tasks that involve finance. The results show that the observed gender gap in financial literacy is robust even in nonnumerical financial contexts and suggest that a stereotype threat for women in the financial domain might be present. The gender gap in financial literacy could not be attributed to a difference in (displayed) confidence. In the third essay, “Preferences for lump-sum over divided payment structures,” I investigate whether or not people display systematic preferences for lump–sum or divided payment structures and how these preferences differ in gain (benefit) and loss (payment) situations. I investigate what happens when payments belong to a single underlying event, such as when people can choose to pay immediately or in installments. I also examine whether or not individual differences in time preferences, risk preferences, numeracy, and financial literacy are associated with preferences for one payment structure or the other. The aggregate results show a tendency for people to prefer obtaining and paying money in lump sums. I find no systematic indication that the considered individual differences play a role in this type of decision. The fourth essay, “Motivated reasoning when assessing the effect of refugee intake,” inquires into differences in worldview ideology, whether people identify as nationally or globally oriented, hinder them from objectively interpreting information. I use an experiment to find out if people display motivated reasoning when interpreting numerical information about the effects of refugees on the crime rate. Our results show evidence of motivated reasoning along the lines of worldview ideology. However, individuals with higher numeric ability were less likely to engage in motivated reasoning, leading to the conclusion that motivated reasoning is more likely to be driven by feelings and emotional cues than by deliberate analytical processes.
Essays On Entrepreneurship
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Author : Carmen Aída Taveras
language : en
Publisher:
Release Date : 2010
Essays On Entrepreneurship written by Carmen Aída Taveras and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
It is often argued that borrowing constraints are crucial to the understanding of entrepreneurial activity in the United States. However, portfolio data and calibration exercises raise doubts about the importance of borrowing constraints. This thesis provides three chapters on the subject of entrepreneurship, two study the role of borrowing constraints and another shows that introducing uncertainty about ability in an occupational choice model without financial frictions can generate many patterns that resemble capital market imperfections. In the first chapter, I model agents who are imperfectly informed about their entrepreneurial ability and whose income provides a signal about their ability. In each period, they observe their income and choose their occupation (worker or entrepreneur) for the next period on the basis of their belief about their ability. I find that such a model produces patterns of wealth, savings, entry into entrepreneurship, and correlations between cash flow and investment that are consistent with the data. While previous work has used these patterns to argue that entrepreneurs face binding borrowing constraints, this paper shows that the same patterns may emerge simply because entrepreneurs are uncertain about their ability and learn slowly about it. In the second chapter, I use cross-sectional and panel data from the Survey of Consumer Finances across occupations and occupational transition groups. I argue that the evidence on mortgage rates and holdings of stocks and bonds of entrepreneurs are at odds with theories that propose borrowing constraints as the key ingredient in understanding occupational choice and entrepreneurial activity in the United States. Finally, the last chapter uses a standard general equilibrium model of occupational choice to study the role of financial constraints, finding that borrowing constraints are tighter in the model than in the data. Next, I recalibrate the model to match measures of firm size and slack in the financial constraint given by the real estate equity available for borrowing on the entrepreneur's primary home. Finally, two policy experiments are analyzed for both calibrations, highlighting the equilibrium effects of the differing degrees of tightness in the borrowing constraints.