IDEAS home Printed from https://ideas.repec.org/a/kap/sbusec/v48y2017i4d10.1007_s11187-016-9810-1.html
   My bibliography  Save this article

Prospect theory and the effects of bankruptcy laws on entrepreneurial aspirations

Author

Listed:
  • Saul Estrin

    (Houghton Street)

  • Tomasz Mickiewicz

    (Aston University)

  • Anna Rebmann

    (Aston University)

Abstract

We apply prospect theory to explain how personal and corporate bankruptcy laws affect risk perceptions of entrepreneurs at time of entry and therefore their growth ambitions. Previous theories have reached ambiguous conclusions as to whether countries with more debtor-friendly bankruptcy laws (i.e. laws that are more forgiving towards debtors in bankruptcy proceedings) are likely to have more entrepreneurs, or whether, creditor-friendly regimes have positive effects on new ventures via enhanced incentives for the supply of credit to entrepreneurs. Responding to this ambiguity, we apply prospect theory to propose that entrepreneurs do not attach the same significance to different elements of bankruptcy codes—and to explain which aspects of debtor-friendly bankruptcy laws matter more to entrepreneurs. Based on this, we derive and confirm hypotheses about the impact of aspects of bankruptcy codes on entrepreneurial activity using the Global Entrepreneurship Monitor combined with data on both personal and corporate bankruptcy regulations for 15 developed OECD countries. We use multilevel random coefficient logistic regressions to take account of the hierarchical nature of the data (country and individual levels). Because entrepreneurs and creditors are sensitive to different elements of the codes, there is scope for optimisation of the legal design of bankruptcy law to achieve both an adequate supply of credit and to encourage high-ambition entrepreneurship.

Suggested Citation

  • Saul Estrin & Tomasz Mickiewicz & Anna Rebmann, 2017. "Prospect theory and the effects of bankruptcy laws on entrepreneurial aspirations," Small Business Economics, Springer, vol. 48(4), pages 977-997, April.
  • Handle: RePEc:kap:sbusec:v:48:y:2017:i:4:d:10.1007_s11187-016-9810-1
    DOI: 10.1007/s11187-016-9810-1
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11187-016-9810-1
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.

    File URL: https://libkey.io/10.1007/s11187-016-9810-1?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Lee, Seung-Hyun & Yamakawa, Yasuhiro & Peng, Mike W. & Barney, Jay B., 2011. "How do bankruptcy laws affect entrepreneurship development around the world?," Journal of Business Venturing, Elsevier, vol. 26(5), pages 505-520, September.
    2. Mata, Jose & Portugal, Pedro, 1994. "Life Duration of New Firms," Journal of Industrial Economics, Wiley Blackwell, vol. 42(3), pages 227-245, September.
    3. Henrekson, Magnus & Sanandaji, Tino, 2013. "Small Business Activity Does not Measure Entrepreneurship," Working Paper Series 959, Research Institute of Industrial Economics, revised 26 Jan 2014.
    4. Paul Reynolds & Niels Bosma & Erkko Autio & Steve Hunt & Natalie De Bono & Isabel Servais & Paloma Lopez-Garcia & Nancy Chin, 2005. "Global Entrepreneurship Monitor: Data Collection Design and Implementation 1998–2003," Small Business Economics, Springer, vol. 24(3), pages 205-231, February.
    5. Simeon Djankov & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2002. "The Regulation of Entry," The Quarterly Journal of Economics, Oxford University Press, vol. 117(1), pages 1-37.
    6. Djankov, Simeon & McLiesh, Caralee & Shleifer, Andrei, 2007. "Private credit in 129 countries," Journal of Financial Economics, Elsevier, vol. 84(2), pages 299-329, May.
    7. Saul Estrin & Tomasz Mickiewicz, 2011. "Institutions and female entrepreneurship," Small Business Economics, Springer, vol. 37(4), pages 397-415, November.
    8. Maria Brouwer, 2006. "Reorganization in US and European Bankruptcy law," European Journal of Law and Economics, Springer, vol. 22(1), pages 5-20, July.
    9. Magnus Henrekson & Dan Johansson, 2010. "Gazelles as job creators: a survey and interpretation of the evidence," Small Business Economics, Springer, vol. 35(2), pages 227-244, September.
    10. Evans, David S & Jovanovic, Boyan, 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 808-827, August.
    11. repec:hrv:faseco:30728046 is not listed on IDEAS
    12. Ross Levine & Yona Rubinstein, 2013. "Smart and Illicit: Who Becomes an Entrepreneur and Does it Pay?," CEP Discussion Papers dp1237, Centre for Economic Performance, LSE.
    13. André Stel & David Storey & A. Thurik, 2007. "The Effect of Business Regulations on Nascent and Young Business Entrepreneurship," Small Business Economics, Springer, vol. 28(2), pages 171-186, March.
    14. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
    15. Tversky, Amos & Kahneman, Daniel, 1992. "Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    16. Buchanan, James M., 1979. "Cost and Choice," University of Chicago Press Economics Books, University of Chicago Press, number 9780226078182, July.
    17. Stijn Claessens & Leora F. Klapper, 2005. "Bankruptcy around the World: Explanations of Its Relative Use," American Law and Economics Review, Oxford University Press, vol. 7(1), pages 253-283.
    18. Barberis, Nicholas & Thaler, Richard, 2003. "A survey of behavioral finance," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 18, pages 1053-1128, Elsevier.
    19. Klapper, Leora & Laeven, Luc & Rajan, Raghuram, 2006. "Entry regulation as a barrier to entrepreneurship," Journal of Financial Economics, Elsevier, vol. 82(3), pages 591-629, December.
    20. John Armour, 2001. "The Law and Economics of Corporate Insolvency: A Review," Working Papers wp197, Centre for Business Research, University of Cambridge.
    21. Parker,Simon C., 2009. "The Economics of Entrepreneurship," Cambridge Books, Cambridge University Press, number 9780521728355, March.
    22. Jonathan Levie & Erkko Autio, 2011. "Regulatory Burden, Rule of Law, and Entry of Strategic Entrepreneurs: An International Panel Study," Journal of Management Studies, Wiley Blackwell, vol. 48, pages 1392-1419, September.
    23. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    24. Estrin, Saul & Mickiewicz, Tomasz & Stephan, Ute, 2016. "Human capital in social and commercial entrepreneurship," Journal of Business Venturing, Elsevier, vol. 31(4), pages 449-467.
    25. John Armour & Douglas Cumming, 2008. "Bankruptcy Law and Entrepreneurship," American Law and Economics Review, Oxford University Press, vol. 10(2), pages 303-350.
    26. Sander Wennekers & Roy Thurik & André Stel & Niels Noorderhaven, 2010. "Uncertainty Avoidance and the Rate of Business Ownership Across 21 OECD Countries, 1976–2004," Springer Books, in: Andreas Freytag & Roy Thurik (ed.), Entrepreneurship and Culture, chapter 0, pages 271-299, Springer.
    27. repec:hrv:faseco:30747190 is not listed on IDEAS
    28. Foss,Nicolai J. & Klein,Peter G., 2012. "Organizing Entrepreneurial Judgment," Cambridge Books, Cambridge University Press, number 9780521697262, June.
    29. Sander Wennekers & André Stel & Roy Thurik & Paul Reynolds, 2008. "Nascent entrepreneurship and the level of economic development," Small Business Economics, Springer, vol. 30(3), pages 325-325, March.
    30. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    31. Estrin, Saul & Korosteleva, Julia & Mickiewicz, Tomasz, 2013. "Which institutions encourage entrepreneurial growth aspirations?," Journal of Business Venturing, Elsevier, vol. 28(4), pages 564-580.
    32. Wennberg, Karl & Wiklund, Johan & DeTienne, Dawn R. & Cardon, Melissa S., 2010. "Reconceptualizing entrepreneurial exit: Divergent exit routes and their drivers," Journal of Business Venturing, Elsevier, vol. 25(4), pages 361-375, July.
    33. James C. Hayton & Gabriella Cacciotti, 2013. "Is there an entrepreneurial culture? A review of empirical research," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 25(9-10), pages 708-731, December.
    34. Sobel, Russell S., 2008. "Testing Baumol: Institutional quality and the productivity of entrepreneurship," Journal of Business Venturing, Elsevier, vol. 23(6), pages 641-655, November.
    35. Fan, Wei & White, Michelle J, 2003. "Personal Bankruptcy and the Level of Entrepreneurial Activity," Journal of Law and Economics, University of Chicago Press, vol. 46(2), pages 543-567, October.
    36. Harry P Bowen & Dirk De Clercq, 2008. "Institutional context and the allocation of entrepreneurial effort," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 39(4), pages 768-768, June.
    37. Simeon Djankov & Oliver Hart & Caralee McLiesh & Andrei Shleifer, 2008. "Debt Enforcement around the World," Journal of Political Economy, University of Chicago Press, vol. 116(6), pages 1105-1149, December.
    38. Troilo, Michael, 2011. "Legal institutions and high-growth aspiration entrepreneurship," Economic Systems, Elsevier, vol. 35(2), pages 158-175, June.
    39. Douglas J. Cumming, 2012. "Measuring the Effect of Bankruptcy Laws on Entrepreneurship Across Countries," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 16(1), pages 80-86, Spring.
    40. Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
    41. repec:hrv:faseco:30728041 is not listed on IDEAS
    42. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    43. Stijn Claesens & Simeon Djankov & Ashoka Mody, 2001. "Resolution of Financial Distress : An International Perspective on the Design of Bankruptcy Laws," World Bank Publications - Books, The World Bank Group, number 14029, December.
    44. Jeffery S. McMullen & D. Ray Bagby & Leslie E. Palich, 2008. "Economic Freedom and the Motivation to Engage in Entrepreneurial Action," Entrepreneurship Theory and Practice, , vol. 32(5), pages 875-895, September.
    45. Tom Vanacker & Sophie Manigart, 2010. "Pecking order and debt capacity considerations for high-growth companies seeking financing," Small Business Economics, Springer, vol. 35(1), pages 53-69, July.
    46. Dirk Clercq & Dominic Lim & Chang Oh, 2014. "Hierarchy and conservatism in the contributions of resources to entrepreneurial activity," Small Business Economics, Springer, vol. 42(3), pages 507-522, March.
    47. Ruta Aidis & Saul Estrin & Tomasz Mickiewicz, 2012. "Size matters: entrepreneurial entry and government," Small Business Economics, Springer, vol. 39(1), pages 119-139, July.
    48. Geroski, P. A., 1995. "What do we know about entry?," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 421-440, December.
    49. Oliver Hart, 2000. "Different Approaches to Bankruptcy," NBER Working Papers 7921, National Bureau of Economic Research, Inc.
    50. Jeremy Berkowitz & Michelle J. White, 2004. "Bankruptcy and Small Firms' Access to Credit," RAND Journal of Economics, The RAND Corporation, vol. 35(1), pages 69-84, Spring.
    51. Levesque, Moren & Minniti, Maria, 2006. "The effect of aging on entrepreneurial behavior," Journal of Business Venturing, Elsevier, vol. 21(2), pages 177-194, March.
    52. Christine Pochet, 2002. "Institutional Complementarities within Corporate Governance Systems: A Comparative Study of Bankruptcy Rules," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 6(4), pages 343-381, December.
    53. William Gartner & Jianwen Liao, 2012. "The effects of perceptions of risk, environmental uncertainty, and growth aspirations on new venture creation success," Small Business Economics, Springer, vol. 39(3), pages 703-712, October.
    54. Parker,Simon C., 2009. "The Economics of Entrepreneurship," Cambridge Books, Cambridge University Press, number 9780521899604, March.
    55. María-José Pinillos & Luisa Reyes, 2011. "Relationship between individualist–collectivist culture and entrepreneurial activity: evidence from Global Entrepreneurship Monitor data," Small Business Economics, Springer, vol. 37(1), pages 23-37, July.
    56. Sharon Simmons & Johan Wiklund & Jonathan Levie, 2014. "Stigma and business failure: implications for entrepreneurs’ career choices," Small Business Economics, Springer, vol. 42(3), pages 485-505, March.
    57. Poh Wong & Yuen Ho & Erkko Autio, 2005. "Entrepreneurship, Innovation and Economic Growth: Evidence from GEM data," Small Business Economics, Springer, vol. 24(3), pages 335-350, January.
    58. Jonathan Levie & Erkko Autio & Zoltan Acs & Mark Hart, 2014. "Global entrepreneurship and institutions: an introduction," Small Business Economics, Springer, vol. 42(3), pages 437-444, March.
    59. Audretsch, David B, 1991. "New-Firm Survival and the Technological Regime," The Review of Economics and Statistics, MIT Press, vol. 73(3), pages 441-450, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Rodney C. Shrader & Mark Simon & Steven Stanton, 2021. "Financial forecasting and risky decisions: an experimental study grounded in Prospect theory," International Entrepreneurship and Management Journal, Springer, vol. 17(4), pages 1827-1841, December.
    2. Richard A. Martina, 2020. "Toward a theory of affordable loss," Small Business Economics, Springer, vol. 54(3), pages 751-774, March.
    3. Nicola Comincioli & Sergio Vergalli & Paolo Panteghini, 2019. "Business tax policy under default risk," CESifo Working Paper Series 7664, CESifo.
    4. Nicola Comincioli & Paolo M. Panteghini & Sergio Vergalli, 2021. "Welfare effects of business taxation under default risk," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 28(6), pages 1412-1429, December.
    5. Johan Eklund & Nadine Levratto & Giovanni B. Ramello, 2020. "Entrepreneurship and failure: two sides of the same coin?," Small Business Economics, Springer, vol. 54(2), pages 373-382, February.
    6. Kovács, Olivér, 2020. "Gazellák az iparpolitika tükrében, I [Gazelles and industrial policy, Part 1]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 54-87.
    7. Alessandro Melcarne & Giovanni B. Ramello, 2020. "Bankruptcy delay and firms’ dynamics," Small Business Economics, Springer, vol. 54(2), pages 405-419, February.
    8. TAKAHASHI Hidenori & YAMAKAWA Yasuhiro, 2022. "The Effect of Uncertainty on Entrepreneurial Activity," Discussion papers 22064, Research Institute of Economy, Trade and Industry (RIETI).
    9. Lucio Fuentelsaz & Consuelo González & Juan P. Maícas, 2021. "High-growth aspiration entrepreneurship and exit: the contingent role of market-supporting institutions," Small Business Economics, Springer, vol. 57(1), pages 473-492, June.
    10. Błażej Prusak & Sylwia Morawska & Michał Łukowski & Przemysław Banasik, 2022. "The impact of bankruptcy regimes on entrepreneurship and innovation. Is there any relationship?," International Entrepreneurship and Management Journal, Springer, vol. 18(1), pages 473-498, March.
    11. Régis Blazy & Nirjhar Nigam, 2019. "Corporate insolvency procedures in England: the uneasy case for liquidations," European Journal of Law and Economics, Springer, vol. 47(1), pages 89-123, February.
    12. Chong Kyoon Lee & Johan Wiklund & Alejandro Amezcua & Tae Jun Bae & Almantas Palubinskas, 2022. "Business failure and institutions in entrepreneurship: a systematic review and research agenda," Small Business Economics, Springer, vol. 58(4), pages 1997-2023, April.
    13. Johannes Kleinhempel & Sjoerd Beugelsdijk & Mariko J. Klasing, 2022. "The Changing Role of Social Capital During the Venture Creation Process: A Multilevel Study," Entrepreneurship Theory and Practice, , vol. 46(2), pages 297-330, March.
    14. Julian Oliver Dörr & Georg Licht & Simona Murmann, 2022. "Small firms and the COVID-19 insolvency gap," Small Business Economics, Springer, vol. 58(2), pages 887-917, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ivano Dileo & Thaís García Pereiro, 2019. "Assessing the impact of individual and context factors on the entrepreneurial process. A cross-country multilevel approach," International Entrepreneurship and Management Journal, Springer, vol. 15(4), pages 1393-1441, December.
    2. Steven A. Brieger & Anne Bäro & Giuseppe Criaco & Siri A. Terjesen, 2021. "Entrepreneurs’ age, institutions, and social value creation goals: A multi-country study," Small Business Economics, Springer, vol. 57(1), pages 425-453, June.
    3. Kun Fu & Karl Wennberg & Björn Falkenhall, 2020. "Productive entrepreneurship and the effectiveness of insolvency legislation: a cross-country study," Small Business Economics, Springer, vol. 54(2), pages 383-404, February.
    4. Estrin, Saul & Korosteleva, Julia & Mickiewicz, Tomasz, 2013. "Which institutions encourage entrepreneurial growth aspirations?," Journal of Business Venturing, Elsevier, vol. 28(4), pages 564-580.
    5. Miao, Chao & Gast, Johanna & Laouiti, Rahma & Nakara, Walid, 2022. "Institutional factors, religiosity, and entrepreneurial activity: A quantitative examination across 85 countries," World Development, Elsevier, vol. 149(C).
    6. Joern Block & Roy Thurik & Peter van der Zwan & Sascha Walter, 2013. "Business Takeover or New Venture? Individual and Environmental Determinants from a Cross–Country Study," Entrepreneurship Theory and Practice, , vol. 37(5), pages 1099-1121, September.
    7. Seung-Hyun Lee & Yasuhiro Yamakawa, 2012. "Forgiving Features for Failed Entrepreneurs vs. Cost of Financing inBankruptcies," Management International Review, Springer, vol. 52(1), pages 49-79, February.
    8. Block, J.H. & Thurik, A.R. & van der Zwan, P.W. & Walter, S., 2010. "Business Takeover or New Venture? Individual and Environmental Determinants from a Cross-Country Study," ERIM Report Series Research in Management ERS-2010-042-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    9. Farzana Chowdhury & David B. Audretsch & Maksim Belitski, 2019. "Institutions and Entrepreneurship Quality," Entrepreneurship Theory and Practice, , vol. 43(1), pages 51-81, January.
    10. Peter van der Zwan & Ingrid Verheul & Roy Thurik & Isabel Grilo, 2009. "Entrepreneurial Progress: Climbing the Entrepreneurial Ladder in Europe and the US," Tinbergen Institute Discussion Papers 09-070/3, Tinbergen Institute, revised 17 Mar 2010.
    11. Lee, Seung-Hyun & Yamakawa, Yasuhiro & Peng, Mike W. & Barney, Jay B., 2011. "How do bankruptcy laws affect entrepreneurship development around the world?," Journal of Business Venturing, Elsevier, vol. 26(5), pages 505-520, September.
    12. Boudreaux, Christopher & Nikolaev, Boris, 2018. "Shattering the glass ceiling? How the institutional context mitigates the gender gap in entrepreneurship," MPRA Paper 90402, University Library of Munich, Germany.
    13. Lucio Fuentelsaz & Consuelo González & Juan P. Maícas, 2021. "High-growth aspiration entrepreneurship and exit: the contingent role of market-supporting institutions," Small Business Economics, Springer, vol. 57(1), pages 473-492, June.
    14. Aleksandrova, E. & Verkhovskaya, O., 2015. "Institutional determinants of necessity-driven entrepreneurship," Working Papers 6434, Graduate School of Management, St. Petersburg State University.
    15. Walter, Sascha G. & Block, Jörn H., 2016. "Outcomes of entrepreneurship education: An institutional perspective," Journal of Business Venturing, Elsevier, vol. 31(2), pages 216-233.
    16. Maksim Belitski & Farzana Chowdhury & Sameeksha Desai, 2016. "Taxes, corruption, and entry," Small Business Economics, Springer, vol. 47(1), pages 201-216, June.
    17. Miguel García-Posada & Juan Mora-Sanguinetti, 2015. "Entrepreneurship and enforcement institutions: disaggregated evidence for Spain," European Journal of Law and Economics, Springer, vol. 40(1), pages 49-74, August.
    18. Saul Estrin & Tomasz Mickiewicz & Ute Stephan, 2013. "Entrepreneurship, Social Capital, and Institutions: Social and Commercial Entrepreneurship across Nations," Entrepreneurship Theory and Practice, , vol. 37(3), pages 479-504, May.
    19. Maksim Belitski & Julia Korosteleva, 2011. "Entrepreneurship and Cities: Evidence from the Post-communist World," WIFO Working Papers 397, WIFO.
    20. Christopher J. Boudreaux & Boris Nikolaev, 2019. "Capital is not enough: opportunity entrepreneurship and formal institutions," Small Business Economics, Springer, vol. 53(3), pages 709-738, October.

    More about this item

    Keywords

    Entrepreneurship; High-aspiration entrepreneurship; Bankruptcy; Global entrepreneurship monitor;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:sbusec:v:48:y:2017:i:4:d:10.1007_s11187-016-9810-1. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: http://www.springer.com .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.