The winner's curse of human capital

被引:50
作者
Åstebro, T [1 ]
Bernhardt, I
机构
[1] Univ Toronto, Rotman Sch Management, Toronto, ON M5S 3E6, Canada
[2] Univ Waterloo, Dept Management Sci, Waterloo, ON N2L 3G1, Canada
关键词
D O I
10.1007/s11187-005-3097-y
中图分类号
F [经济];
学科分类号
02 ;
摘要
We extend a model developed by Evans and Jovanovic (1989) to explain when start-ups are credit constrained. We show that the magnitude of the credit constraint is conditioned by the relative productivity of human capital in both wage work and self-employment. The effect of predicted household income on start-up capital is used to indicate the existence of financial constraint. Empirical analysis reveals that entrepreneurs with high human capital have both greater financial wealth and greater levels of start-up capital pointing to the endogenous nature of credit constraints. High human capital relaxes financial constraints, apparently due to greater productivity of human capital in wage work than in self-employment. Those who are the least likely to be credit constrained in self-employment are those that are least likely to switch into self-employment, and vice versa.
引用
收藏
页码:63 / 78
页数:16
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