作者：Bellon, Aymeric; Cookson, J. Anthony; Gilje, Erik P.; Heimer, Rawley Z.
作者单位：University of Pennsylvania; University of Colorado System; University of Colorado Boulder; National Bureau of Economic Research; Boston College
摘要：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: liqui...
作者：Chambers, David; Spaenjers, Christophe; Steiner, Eva
作者单位：University of Cambridge; Centre for Economic Policy Research - UK; Hautes Etudes Commerciales (HEC) Paris; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Real estate-housing in particular-is a less profitable investment in the long run than previously thought. We hand-collect property-level financial data for the institutional real estate portfolios of four large Oxbridge colleges over the period 1901-1983. Gross income yields initially fluctuate around 5%, but then trend downward (upward) for agricultural and residential (commercial) real estate. Long-term real income growth rates are close to zero for all property types. Our findings imply an...
