دانلود مقاله ISI انگلیسی شماره 18432
عنوان فارسی مقاله

سرمایه انسانی و حق بیمه سهام خصوصی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
18432 2003 15 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Human capital and the private equity premium
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Review of Economic Dynamics, Volume 6, Issue 4, October 2003, Pages 831–845

کلمات کلیدی
سرمایه انسانی - حق بیمه - سهام خصوصی
پیش نمایش مقاله
پیش نمایش مقاله سرمایه انسانی و حق بیمه سهام خصوصی

چکیده انگلیسی

When capital market is imperfect, an entrepreneur has to invest substantial personal funds to start a firm and has to bear large firm-specific risk. Furthermore, if a typical entrepreneur is risk averse, private equity should earn a premium for idiosyncratic risk. In this paper I explore the interaction of human capital with the decision to become an entrepreneur. I calibrate a model of entrepreneurial choice to illustrate a significant attenuating effect of human capital on the premium for firm-specific risk. When an entrepreneur can quit the business and work for hire, the firm-specific risk premium is order of magnitude lower than without this option. While an entrepreneur puts at risk a substantial fraction of financial wealth, she does not commit all human capital to the current business. At stake is only the labor income forgone while managing the firm and the rest of human capital is unaffected by the business risk. Empirical evidence suggests that private equity does not earn any significant premium over publicly traded equity. The model with human capital is consistent with this observation, assuming typical entrepreneur forgoes a small expected return (1.5%) in lieu of intangible benefits of entrepreneurship.

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