Personal Bankruptcy Law and New Business Formation

被引：4

作者：

Francis, Bill ^{[1
]}

Hasan, Iftekhar ^{[1
,2
]}

Wang, Haizhi ^{[3
]}

机构：

[1] Rensselaer Polytech Inst, Troy, NY 12181 USA

[2] Bank Finland, Helsinki, Finland

[3] IIT, Chicago, IL 60661 USA

来源：

FINANCIAL REVIEW | 2009年 / 44卷 / 04期

关键词：

U.S. bankruptcy law; bankruptcy exemptions; external financing; new business formation;

D O I：

10.1111/j.1540-6288.2009.00234.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a panel of all 50 U.S. states and the District of Columbia from 1990 to 1999, we report a nonlinear relation between state bankruptcy exemptions and new business formation. The rate of new business formation first increases as exemptions increase, but it then decreases. This result reflects the fact that bankruptcy exemptions tend to affect both demand for and supply of external financing to potential entrepreneurs.

引用

页码：647 / 663

页数：17

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