Papers written by Author(s): 'Thomas Astebro'
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Viewing papers 1 through 2 of 2
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Working PaperThe Winner's Curse of Human Capital
February 1999
Working Paper Number:
CES-99-05
We extend a model developed by Evans) to explain when start-ups are credit constrained. We show that the magnitude of the credit constraint is conditioned by the relative productivity of human capital in both wage work and self employment. Empirical analysis reveals that entrepreneurs with greater levels of human capital and entrepreneurial abilities have both greater financial wealth and greater levels of start-up capital pointing to the endogenous nature of credit constraints. Start-ups are generally financially constrained when measured by the impact on start-up capital of predicted household income. Greater levels of human capital relaxes financial constraints, apparently due to greater productivity of human capital in wage work than in self-employment. Paradoxically, then, those who are the least likely to be credit constrained in self-employment are those that are least likely to switch into self-employment, and vice versa.View Full Paper PDF
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Working PaperBank Loans as Predictors of Small Business Start-Up Survival
January 1999
Working Paper Number:
CES-99-04
This paper reports an investigation of the validity and reliability of a set of predictors of the survival of small, start-up companies. Having a bank loan was a significant positive predictor of survival . The use of the model as a predictor of survival was investigated on an hold-out sample. One group of companies in the hold-out sample had high predicted probabilities of survival, in spite of note having bank loans. This group had a survival rate that was slightly better than that of companies in the hold-out sample that had obtained bank loans. The group with high survival rate, but without bank loans, made greater use of other forms of loans. The group of companies with a high survival rate, but without bank loans, accounted for 22% of the hold-out.View Full Paper PDF
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