Bankruptcy Law and Entrepreneurship Development: A Real Options Perspective
从实物期权视角探讨了有利于创业者的破产法如何促进社会层面的创业发展，并讨论了风险投资和污名化对破产法效果的影响。
We develop a real options perspective to explore how an entrepreneur-friendly bankruptcy law can encourage entrepreneurship development at the societal level. If bankrupt entrepreneurs are excessively punished for failure, they may let inherently high-risk but potentially high-return opportunities pass. We suggest that a more entrepreneur-friendly bankruptcy law, informed by a real options logic, can encourage more active and vibrant entrepreneurship development. We also discuss the implications of the role of venture capital and stigma in the effectiveness of an entrepreneur-friendly bankruptcy law.