haku: @journal_id 25 / yhteensä: 792
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| Tekijä: | Fossen, F.M. |
| Otsikko: | The private equity premium puzzle revisited - new evidence on the role of heterogeneous risk attitudes |
| Lehti: | Economica
2011 : OCT, VOL 78: 312 p. 656-675 |
| Asiasana: | entrepreneurship risk aversion investments Germany |
| Vapaa asiasana: | private equity |
| Kieli: | eng |
| Tiivistelmä: | The private equity premium puzzle is known as the empirical finding of entrepreneurs investing a large share of their wealth in their own firms, in spite of comparably low returns and high risk. This paper indicates that lower risk-aversion of entrepreneurs, hence not necessarily credit constraints, may explain this puzzle. The analysis is founded on a representative panel survey for Germany, providing information on asset portfolios and experimentally validated risk attitudes. The results suggest that both the ownership probability and the conditional portfolio share of private business equity significantly increase with higher risk-tolerance. |
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