Three Essays On Entrepreneurship And Personal Finance
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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.
Three Essays In Entrepreneurial Financial Markets
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Author : Steven H. Wagner
language : en
Publisher:
Release Date : 2012
Three Essays In Entrepreneurial Financial Markets written by Steven H. Wagner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Economics categories.
"Theorists have shown how credit enhancement in the generic form of collateral can mitigate market failures in credit markets. None of these models has explained, however, why a guarantee rather than collateral will appear in the equilibrium debt contract. In the first essay, I develop optimal debt contracting models under moral hazard to show that lower transactions costs associated with guarantees make them more efficient than collateral. The guarantee contract is feasible, however, only if the business owner is sufficiently wealthy relative to the loan amount. This result suggests that market failure may occur if a small business owner with a high-return project has inadequate personal wealth to guarantee a loan. The second essay in this dissertation uses data from the 2003 Survey of Small Business Finances to empirically test the predictions of the first essay. I estimate both multinomial logit and ordered probit models to examine the effect of guarantor wealth on the equilibrium enhancement structure for lines of credit. I find that increasing owner wealth results in an increased likelihood that a line of credit will be enhanced with only a personal guarantee and a decreased likelihood that the line of credit will be secured with collateral. I also find that use of the more efficient guarantee is less prevalent when the borrower is located in a non-competitive banking market. Both results are consistent with predictions of the first essay. Relationships between small businesses and financial intermediaries are generally viewed only as mechanisms that arise to mitigate informational asymmetries in credit markets. In the third essay, I use a pooled cross section of the 1988, 1993, 1998 and 2003 Surveys of Small Business Finances to study relationships between small businesses and their primary source of financial services. I find evidence that mechanisms other than mitigation of informational asymmetries in credit transactions influence the structure and benefits associated with maintaining relationships. I also find that the two empirical measures of relationship strength decreased between 1988 and 2003 as the small business credit market was being transformed by bank consolidation, financial deregulation and technological innovation in small business lending."--Abstract from author supplied metadata.
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.
Essays On Entrepreneurial Financing
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Author : Ye Jia
language : en
Publisher:
Release Date : 2011
Essays On Entrepreneurial Financing written by Ye Jia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This thesis consists of three chapters on the impact of different government policies on entrepreneurial financing. In the first chapter, by quantitatively evaluating the impact of different personal bankruptcy regimes on entrepreneurship in a life-cycle model with occupational choices, I conclude that personal bankruptcy law affect entrepreneurship mainly through the insurance effect rather than the borrowing cost effect. In addition, I find that variations in bankruptcy regimes have very different impacts on households with different abilities, and changes in the length of post-bankruptcy punishments have the largest impact on entrepreneurship compared to variations in other dimensions of the bankruptcy regime. In the second chapter, I demonstrate in a model that firms could be credit-constrained due to aggregate uncertainty and the government could offer insurance in the form of loan guarantees to ease borrowing constraints for small businesses, thus increase the efficiency of the overall economy. The third chapter shows that different regulation on equity financing by financial institution could be an explanation for the large disparity in sectoral allocation of investments by Venture Capital industries between developed countries. I develop a simple principal-agent model shows that when three commonly documented characteristics of the high-tech industry coexist, the ability for lenders to vary the level of control contingent on performance becomes key. Thus venture capitalists as equity holders have a clear advantage in financing young high-tech firms in countries where equity financing from banks is not allowed.
Kiplinger S Personal Finance
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Author :
language : en
Publisher:
Release Date : 1960-11
Kiplinger S Personal Finance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1960-11 with categories.
The most trustworthy source of information available today on savings and investments, taxes, money management, home ownership and many other personal finance topics.
Three Essays On Entrepreneurship Reassessing Puzzles And Assumptions
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Author : Frederick Nickolay Alexander Lehmann
language : en
Publisher:
Release Date : 2007
Three Essays On Entrepreneurship Reassessing Puzzles And Assumptions written by Frederick Nickolay Alexander Lehmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Three Essays In Search Of A Conversation
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Author : Sherman Lewis
language : en
Publisher: Hayward Area Planning Association
Release Date : 2022-08-27
Three Essays In Search Of A Conversation written by Sherman Lewis and has been published by Hayward Area Planning Association this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-27 with Political Science categories.
These essays are for Americans concerned about the future of our country and for policy wonks. By and large, the political process is controlled by those who take an intertest in politics, large in number but small as a percent of population. Are you a member of the political class? Membership is voluntary. Our first 800 years of thinking: science culture and empathy from the Enlightenment ~1600 to ~ 2400 The Crisis of the Anthropocene: The most comprehensive description of all issues of the crisis in less than 100 pages. For the purpose of going through your mind to influence your brain. Musings on our Present Discontent: America, not advanced, not a democracy. Right to life for baby; right to choose for mom. Taxation. The security of a free state. Issues not discussed. The threat from within, Trumpism. The threat from without: Putinism. How to participate. Renewal.
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."
Philanthropy In Democratic Societies
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Author : Rob Reich
language : en
Publisher: University of Chicago Press
Release Date : 2016-09-20
Philanthropy In Democratic Societies written by Rob Reich and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-20 with Business & Economics categories.
Introduction : philanthropy in democratic societies / Rob Reich, Lucy Bernholz, and Chiara Cordelli -- Altruism and the origins of nonprofit philanthropy / Jonathan Levy -- Why is the history of philanthropy not a part of American history? / Olivier Zunz -- On the role of foundations in democracies / Rob Reich -- Contributory or disruptive : do new forms of philanthropy erode democracy? / Aaron Horvath and Walter W. Powell -- Reconciling corporate social responsibility and profitability : guidelines for the conscientious manager / Paul Brest -- When is philanthropy? : how the tax code's answer to this question has given rise to the growth of donor-advised funds and why it's a problem / Ray D. Madoff -- Creating digital civil society : the Digital Public Library of America / Lucy Bernholz -- The free-provider problem : private provision of public responsibilities / Eric Beerbohm -- Philanthropy and democratic ideals / Ryan Pevnick -- Reparative justice and the moral limits of discretionary philanthropy / Chiara Cordelli
The Essays Of Warren Buffett
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Author : Lawrence A. Cunningham
language : en
Publisher: Carolina Academic Press
Release Date : 2013-03-15
The Essays Of Warren Buffett written by Lawrence A. Cunningham and has been published by Carolina Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-15 with Business & Economics categories.
In the third edition of this international best seller, Lawrence Cunningham brings you the latest wisdom from Warren Buffett’s annual letters to Berkshire Hathaway shareholders. New material addresses: the financial crisis and its continuing implications for investors, managers and society; the housing bubble at the bottom of that crisis; the debt and derivatives excesses that fueled the crisis and how to deal with them; controlling risk and protecting reputation in corporate governance; Berkshire’s acquisition and operation of Burlington Northern Santa Fe; the role of oversight in heavily regulated industries; investment possibilities today; and weaknesses of popular option valuation models. Some other material has been rearranged to deepen the themes and lessons that the collection has always produced: Buffett’s “owner-related business principles” are in the prologue as a separate subject and valuation and accounting topics are spread over four instead of two sections and reordered to sharpen their payoff. Media coverage is available at the following links: Interviews/Podcasts: Motley Fool, click here. Money, Riches and Wealth, click here. Manual of Ideas, click here. Corporate Counsel, click here. Reviews: William J. Taylor, ABA Banking Journal, click here. Bob Morris, Blogging on Business, click here. Pamela Holmes, Saturday Evening Post, click here. Kevin M. LaCroix, D&O Diary, click here. Blog Posts: On Finance issues (Columbia University), click here. On Berkshire post-Buffett (Manual of Ideas), click here. On Publishing the book (Value Walk), click here. On Governance issues (Harvard University blog), click here. Featured Stories/Recommended Reading: Motley Fool, click here. Stock Market Blog, click here. Motley Fool Interviews with LAC at Berkshire's 2013 Annual Meeting Berkshire Businesses: Vastly Different, Same DNA, click here. Is Berkshire's Fat Wallet an Enemy to Its Success?, click here. Post-Buffett Berkshire: Same Question, Same Answer, click here. How a Disciplined Value Approach Works Across the Decades, click here. Through the Years: Constant Themes in Buffett's Letters, click here. Buffett's Single Greatest Accomplishment, click here. Where Buffett Is Finding Moats These Days, click here. How Buffett Has Changed Through the Years, click here. Speculating on Buffett's Next Acquisition, click here. Buffett Says “Chief Risk Officers” Are a Terrible Mistake, click here. Berkshire Without Buffett, click here.