Entrepreneurial Wealth and Employment: Tracing Out the Effects of a Stock Market Crash
利用金融危机期间挪威企业家持股回报的差异，研究发现企业家财富的负面冲击显著影响其企业的融资、就业和投资，尤其是年轻企业，且就业效应主要通过减少招聘实现。
ABSTRACT Using the dispersion in stock returns during the financial crisis as a source of exogenous variation in the wealth of Norwegian entrepreneurs who held listed stocks, I show that adverse shocks to the wealth of business owners had large effects on their firms' financing, employment, and investment. The effects on investment and employment are driven by young firms, that obtain differentially less bank financing following an owner wealth shock. The effects on employment operate primarily through reduced hiring. My findings highlight that equity‐financing frictions and the procyclicality of entrepreneurial wealth are important channels that can amplify economic shocks.