entrepreneurship

The author presents a model of cash constrained entrepreneurs who need an investor to finance their project. Investors can either be uninformed, such as individual bondholders, or informed, such as venture capitalists and banks.

This paper illustrates the impact of a tax on wealth on entrepreneurship using a simple model of the choice between becoming an entrepreneur or an employee. Actual data is then used to crudely investigate whether the wealth tax indeed has a measurable effect on self-employment in OECD countries, using increasingly sophisticated techniques.

This paper demonstrates that levels of entrepreneurship can be greatly affected by the general policy environment. Using a state-level panel, the authors estimate the effects of several policy variables on rates of entrepreneurship and find that bankruptcy exemptions, corporate tax rates, and the level of the minimum wage all affect a state’s rate of entrepreneurship.

This paper provides a framework for quantifying any economy’s flexibility, and reviews the evidence on New Zealand firms’ birth, growth and death. The data indicate that, by and large, the labour market and the financial market are doing their job.

The paper argues that Schumpeters theory was highly relevant and should have been incorporated into the design of the reformed economic system, that attempted transition from Command to Socialist Market Economy in the 1960s.

This paper attempts to reconcile the risk-bearing characterization of entrepreneurs with the stylized fact that entrepreneurs exhibit conventional risk aversion profiles. The authors propose that the disparity arises from confounding two distinct dimensions of uncertainty: demand uncertainty and ability uncertainty

This paper sheds light on microeconomic sustainability after complete financial liberalisation was implemented in Argentina during the 1990s. The main conclusion of the study is that there was an increase in speculative behaviour which was unconnected to entrepreneurial behaviour based on investment in fixed assets.

Why do people become part-time entrepreneurs? Are they credit constrained? Previous studies on entrepreneurship do not deal with part- timers. In contrast, a recent survey on the establishment of new businesses reports that 80 percent of nascent entrepreneurs also hold regular wage jobs. Empirical findings show that part-time entrepreneurs do not appear to be constrained.

This paper examines how the allocation of entrepreneurial effort within a country is influenced by the country’s institutional environment. The authors hypothesize that the likelihood that entrepreneurs launch a growth-oriented start-up is associated with the institutional environment in which entrepreneurs are embedded.

The objective of this paper is to relate entrepreneurship to a theory of the human mind, setting both within an evolutionary perspective.