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Evidence on entrepreneurs in the United States: data from the 1989–2004 survey of consumer finances

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Author Info

  • Mariacristina De Nardi
  • Phil Doctor
  • Spencer D. Krane

Abstract

Using data from the Federal Reserve Board’s Survey of Consumer Finances, the authors examine characteristics of entrepreneurs and the businesses they run. Their analysis confirms that business owners are important sources of saving and wealth creation in the U.S. and that they are less risk averse than other wealthy households. This discounts the notion that the wealth of entrepreneurs disproportionately reflects a buildup of precautionary balances to guard against financial risk.

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Bibliographic Info

Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2007)
Issue (Month): Q IV ()
Pages: 18-36

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Handle: RePEc:fip:fedhep:y:2007:i:qiv:p:18-36:n:v.31no.4

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Related research

Keywords: Consumer surveys ; Business enterprises;

References

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  1. Vincenzo Quadrini, 1997. "Entrepreneurship, saving and social mobility," Discussion Paper / Institute for Empirical Macroeconomics 116, Federal Reserve Bank of Minneapolis.
  2. Ellen R. Rissman, 2006. "The self-employment duration of younger men over the business cycle," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q III, pages 14-27.
  3. John Heaton & Deborah Lucas, 2000. "Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk," Journal of Finance, American Finance Association, vol. 55(3), pages 1163-1198, 06.
  4. Daniel Aaronson & Ellen Rissman & Daniel G. Sullivan, 2004. "Can sectoral reallocation explain the jobless recovery?," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 36-39.
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Cited by:
  1. Florian Scheuer, 2012. "Adverse Selection In Credit Markets and Regressive Profit Taxation," NBER Working Papers 18406, National Bureau of Economic Research, Inc.
  2. Radim Bohacek & Hugo Rodréguez-Mendizébal, 2011. "Misallocation of Capital in a Model of Endogenous Financial Intermediation and Insurance," Working Papers 543, Barcelona Graduate School of Economics.
  3. Hui Chen & Jianjun Miao & Neng Wang, . "Entrepreneurial Finance and Non-diversifiable Risk," Boston University - Department of Economics - Working Papers Series wp2009-018, Boston University - Department of Economics.
  4. Federico De Francesco, 2010. "Wage Inequality and Entrepreneurship," 2010 Meeting Papers 959, Society for Economic Dynamics.
  5. Jason DeBacker & Bradley Heim & Vasia Panousi & Shanthi Ramnath & Ivan Vidangos, 2012. "The properties of income risk in privately held businesses," Finance and Economics Discussion Series 2012-69, Board of Governors of the Federal Reserve System (U.S.).

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