The Unobserved Returns To Entrepreneurship
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The Unobserved Returns To Entrepreneurship
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Author : Sarada
language : en
Publisher:
Release Date : 2010
The Unobserved Returns To Entrepreneurship written by Sarada 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.
This paper seeks to understand the returns to self-employment. The analysis is motivated by the empirical puzzle that most entrepreneurs enter and persist in self-employment, despite lower initial earnings and earnings growth (Hamilton, 2000). I propose a new hypothesis to make sense of this observation. In particular, reported income is unlikely to be a good measure of the return to self-employment given the underreporting incentive, and opportunities available to business owners. Moreover, business owners also have access to multiple avenues for compensating themselves and their employees. As such, any survey of business owners will face great difficulties in capturing the many ways in which business income can be received. As evidence for the potential importance of such understating, Slemrod (2007) reports that the evasion rate amongst non-farm proprietorships varies between 18 and 57 percent depending on industry. In this paper, I make use of the PSID to test my hypothesis. The estimation strategy relies on the presumption that reported consumption by the self-employed will not be systematically misreported, even though income can easily be. The results indicate that individuals report earning 27 percent less but appear to consume 5 percent more in self-employment. This implies a 32 percent differential between reported wage and consumption for the selfemployed, indicating that the former measure is not a good barometer of the financial returns to self-employment. Furthermore, this increased consumption does not seem to be offset by higher uncertainty as evidenced by my finding, that the variance in consumption while selfemployed is not significantly different than that in wage employment. Other results include that the self-employed work longer hours and that consumption is the same as that prior to self-employment for those who return to wage employment.
The Unobserved Returns From Entrepreneurship
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Author :
language : en
Publisher:
Release Date : 2015
The Unobserved Returns From Entrepreneurship written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This paper is an empirical study of the risk-return trade-off faced by entrepreneurs. It calls into question a longstanding empirical puzzle: that most entrepreneurs preserve despite persistently low earnings and earnings growth. I find that entrepreneurial earnings are severely mismeasured and opt instead to use household expenditure and wealth as income proxies. Using 38 years of longitudinal data, I find that while individuals (mis)report earning on average 26.2% less in self-employment, their household expenditures are in fact 4.5% higher. This expenditure premium accrues over time with longer experience in self-employment, and is not offset by lower savings or higher uncertainty.
Investigating The Correlation Of Unobserved Expectations Expected Returns In Equity And Foreign Exchange Markets And Other Examples
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Author : Robert E. Cumby
language : en
Publisher:
Release Date : 1992
Investigating The Correlation Of Unobserved Expectations Expected Returns In Equity And Foreign Exchange Markets And Other Examples written by Robert E. Cumby and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with categories.
The Oxford Handbook Of Entrepreneurial Finance
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Author : Douglas Cumming
language : en
Publisher: OUP USA
Release Date : 2012-03-22
The Oxford Handbook Of Entrepreneurial Finance written by Douglas Cumming and has been published by OUP USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-22 with Business & Economics categories.
Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
Entrepreneurship And Individual Remuneration Does It Pay To Be An Entrepreneur
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Author : Justus Kirchhoff
language : en
Publisher: GRIN Verlag
Release Date : 2017-07-25
Entrepreneurship And Individual Remuneration Does It Pay To Be An Entrepreneur written by Justus Kirchhoff and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-25 with Business & Economics categories.
Seminar paper from the year 2016 in the subject Business economics - Miscellaneous, grade: 1,0, Humboldt-University of Berlin (Chair of Entrepreneurial and Behavioral Decision Making), course: Innovative Entrepreneurship, language: English, abstract: This literature overview examines five studies investigating the monetary returns to entrepreneurship compared to wage employment. It starts with a summary of findings up to 2007 by observing a meta study and follows by analyzing four recent empirical analyses. These apply various approaches to discover the link between entrepreneurship and individual remuneration: investigating returns to ability, comparing twins, using a broad definition of entrepreneurship, and correcting for underreporting. The results do not indicate a clear direction. Negative, positive and similar returns for entrepreneurs compared to employed individuals are found. However, if one assumes the problems of a restrictive definition of entrepreneurship and of income underreporting to be generally relevant, higher earnings of entrepreneurs seem plausible.
The Innovative Entrepreneur
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Author : Daniel F. Spulber
language : en
Publisher: Cambridge University Press
Release Date : 2014-06-16
The Innovative Entrepreneur written by Daniel F. Spulber and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-16 with Business & Economics categories.
This book presents an economic framework that addresses the motivation of the innovative entrepreneur.
The Oxford Handbook Of Entrepreneurship
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Author : Mark Casson
language : en
Publisher: OUP Oxford
Release Date : 2008
The Oxford Handbook Of Entrepreneurship written by Mark Casson and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
Entrepreneurship is a key factor in economic growth, innovation, & the development of firms & businesses. Written by leading scholars, this book presents a comprehensive review of the research in entrepreneurship.
The Entrepreneurial Society
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Author : Jean Bonnet
language : en
Publisher: Edward Elgar Publishing
Release Date : 2010-01-01
The Entrepreneurial Society written by Jean Bonnet and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-01 with Business & Economics categories.
This timely book analyses the emergence of new firms in a broad context where economics, management and sociological approaches may be joined for a new perspective. The Entrepreneurial Society reveals that the market benefits of an entrepreneurial economy are evident in the new technology that has been made available to consumers over the past ten to 20 years. It illustrates that entrepreneurial firms provide the market with innovations that create new products and, in turn, generate new employment and tax revenue, thus playing a critical role in surviving the economic crisis. The expert contributors explore the diverse conditions that explain, permit and support entrepreneurship, allowing thinking outside the box and enhancing breakthrough innovations. At a time when new challenges relating to the ecological footprint are appearing, this work will prove crucial. The eclectic approaches to entrepreneurship within this book, gathered from different countries and fields of research, will prove to be hotly sought after by researchers and postgraduate students of entrepreneurship and social policy.
Returns To Capital In Microenterprises Evidence From A Field Experiment
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Author : Christopher Woodruff, David McKenzie, Suresh de Mel
language : en
Publisher: World Bank Publications
Release Date : 2007
Returns To Capital In Microenterprises Evidence From A Field Experiment written by Christopher Woodruff, David McKenzie, Suresh de Mel and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Abstract: Small and informal firms account for a large share of employment in developing countries. The rapid expansion of microfinance services is based on the belief that these firms have productive investment opportunities and can enjoy high returns to capital if given the opportunity. However, measuring the return to capital is complicated by unobserved factors such as entrepreneurial ability and demand shocks, which are likely to be correlated with capital stock. The authors use a randomized experiment to overcome this problem and to measure the return to capital for the average microenterprise in their sample, regardless of whether they apply for credit. They accomplish this by providing cash and equipment grants to small firms in Sri Lanka, and measuring the increase in profits arising from this exogenous (positive) shock to capital stock. After controlling for possible spillover effects, the authors find the average real return to capital to be 5.7 percent a month, substantially higher than the market interest rate. They then examine the heterogeneity of treatment effects to explore whether missing credit markets or missing insurance markets are the most likely cause of the high returns. Returns are found to vary with entrepreneurial ability and with measures of other sources of cash within the household, but not to vary with risk aversion or uncertainty.
Workplace Productivity And Management Practices
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Author : Solomon W. Polachek
language : en
Publisher: Emerald Group Publishing
Release Date : 2021-12-07
Workplace Productivity And Management Practices written by Solomon W. Polachek and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-07 with Business & Economics categories.
How firms are structured, the management practices they develop, as well as the way in which workers and managers interact can have wider implications for both the performance of the firm and the well-being of its workers. This volume contains ten original articles that investigate aspects related to workplace practices and productivity.
