Personal Wealth, Self-Employment, and Business Ownership
利用美国页岩钻探的矿产支付数据，研究个人财富对创业决策的影响，发现大额现金意外收入增加企业创办率但不影响自雇转型，延长自雇持续时间但不影响企业所有权时长。
Abstract We study the effect of personal wealth on entrepreneurial decisions using data on mineral payments from Texas shale drilling to individuals throughout the United States. Large cash windfalls increase business formation by 0.8 to 2.1 percentage points, but do not affect transitions to self-employment. By contrast, cash windfalls significantly extend self-employment spells, but do not affect the duration of business ownership. Our findings help reconcile contrasting findings in prior work: liquidity constraints have different effects on entrepreneurial activity that may depend on the entrepreneur’s motivations.