How Do Cash Windfalls Affect Entrepreneurship? Evidence from the Spanish Christmas Lottery
利用西班牙圣诞彩票的地理集中性，研究发现彩票中奖地区创业活动增加、就业岗位增多，新企业规模更大且存活更久，但现有企业增长未受影响，仅工资因劳动力市场紧张而上升。
Abstract We show cash windfalls affect the real economy by spurring entrepreneurship. We identify these effects using the Spanish Christmas Lottery, which provides a unique setting as prizes are geographically concentrated and distributed among thousands of households. We find higher start-up entry, job creation, and self-employment in winning regions. Consistent with a financial constraints channel, results are strongest in sectors relying on external finance and regions with limited credit access. Newly created firms are larger, more profitable, and survive longer. For existing firms, however, growth and profitability do not respond to lottery awards, but wages increase due to tighter labor markets.