Liquidity Constraints, Household Wealth, and Entrepreneurship

By Erik G. Hurst, Anna Lusardi. Journal of Political Economy, 2004

1,320 citations recorded by the source corpus.

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Citations in the corpus

Democratizing Entry: Banking Deregulations, Financing Constraints, and Entrepreneurship (2009, neutral): “…considers established rms (e.g., Banerjee and Du o 2004; Fazzari et al. 1988; Kaplan and Zingales 1997, 2000; Moyen 2004; Paravisini 2008) or the transition of individuals into entrepreneurship (e.g., Evans and Jovanovic 1989; Gentry and Hubbard 2000; Hurst and Lusardi 2004; Nanda 2008).”
Collateral, Debt Capacity, and Corporate Investment: Evidence from a Natural Experiment (2007, neutral): “For example, Kaplan and Zingales (1997) show that the validity of differential investment-cash flow sensitivities hinges on the sign of the second-order derivative of investment, which is indeterministic depending on the curvature of the production and cost functions.”
Personality Characteristics and the Decision to Become and Stay Self-Employed (2011, neutral): “Higher capital income significantly increases the probability of entry and of being self-employed, which may indicate the presence of borrowing constraints (e.g. Evans and Jovanovic, 1989; Hurst and Lusardi, 2004), especially in Spec.”
Observing unobservables: Identifying information asymmetries with a consumer credit field experiment (2005, neutral): “2 The empirical importance of credit market failures for firms is also debated; see, e.g., Hurst and Lusardi (2004) and Banerjee and Duflo (2004).”
Financing Constraints and Entrepreneurship (2009, methodology): “People may also have a preference for being their own boss that increases with greater personal wealth (Hurst and Lusardi 2004).”
Education and entrepreneurial choice: An instrumental variables analysis (2010, neutral): “Moreover, of the many factors known to influence entrepreneurial choice and performance (Evans and Jovanovic, 1989; De Wit, 1993; Le, 1999; Levesque et al., 2002; Hurst and Lusardi, 2004; Grilo and Thurik, 2008; Parker, 2009) education is popular among politicians since it can be influenced.”
Why are some people more likely to become small-businesses owners than others: Entrepreneurship entry and industry-specific barriers (2014, methodology): “Regional housing price variation has previously been used to instrument for access to financial capital in models of self-employment entry (e.g. Hurst and Lusardi, 2004; Disney and Hathergood, 2009).”
Clusters of Entrepreneurship (2009, neutral): “Following Chinitz (1961) and Jacobs (1970), Saxenian argued that these abundant small firms themselves caused further entrepreneurship by lowering the effective cost of entry through the development of independent suppliers, venture capitalists, entrepreneurial culture, and so on.”
Entrepreneurial aspiration and transition into self-employment: evidence from British longitudinal data (2007, background): “However Hurst and Lusardi (2004) find that any correlation is only at very high levels of wealth.6 Parker and Belghtar (2006), using the PSED, find that new venture establishment is negatively associated with active saving behaviour.”
The Capital Structure Decisions of New Firms (2010, neutral): “On the other hand, Hurst and Lusardi (2004) and Nanda (2009) show that relation between wealth and entrepreneurship is flat throughout most of the wealth distribution, suggesting that financing constraints are less important.”
Credit Constraints: Their Existence, Determinants, and Implications for U.S. Farm and Nonfarm Sole Proprietorships (2009, methodology): “Unfortunately, creating a comparable sample is not a straightforward task, given the lack of direct correspondence between business ownership and self-employed status in the SCF (Hurst and Lusardi 2004).”
Financial Literacy, Retirement Planning and Household Wealth† (2012, neutral): “We also include a dummy for the self-employed to account for their differences with respect to other households (Hurst and Lusardi, 2004).”