Entrepreneurs, Risk Aversion, and Dynamic Firms
研究了风险厌恶程度不同的企业家如何通过调整企业规模、资本结构和违约决策来管理风险，发现更风险厌恶的企业家经营更小、杠杆更高的企业且违约更少，底层25%的企业家牺牲当前消费却未实现未来成功，而顶层25%则通过创业获得巨大财富和高消费。
How do entrepreneurs vary firm size, capital structure, and default to manage risk? We show that more risk-averse entrepreneurs run smaller, more highly leveraged firms and default less, because running a smaller firm with higher debt reduces personal funds at risk in the firm. Optimal default depends on ex ante debt, consumption forgone from firm liquidation, and owner capacity to inject funds. We show that entrepreneurs sacrifice current consumption in the hope of future success that never materializes for the bottom 25 percent, but entrepreneurship is a path toward great wealth and high consumption for the top quartile.