Windfall gains and entrepreneurial activity: Evidence from the Spanish Christmas lottery

Detalhes bibliográficos
Autor(a) principal: Bermejo, Vicente J.
Data de Publicação: 2022
Outros Autores: Ferreira, Miguel, Wolfenzon, Daniel, Zambrana, Rafael
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/143365
Resumo: We estimate the effect of cash windfalls arising from the Spanish Christmas Lottery on entrepreneurship. This lottery provides a unique setting as prizes are geographically concentrated and distributed among thousands of households. We find that lottery prizes lead to higher firm creation, startup job creation, and self-employment. The entrepreneurial response is more pronounced in regions with poorer access to finance. Firms created in winning provinces are larger, more profitable, and more likely to survive longer. Incumbent firms in winning provinces do not benefit but increase wages, suggesting a local labor market tightening. Our results suggests that regional cash windfalls can have long-lasting effects on business activity.
id RCAP_1dc6da444be152635738ebf6a3b74fc5
oai_identifier_str oai:run.unl.pt:10362/143365
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling Windfall gains and entrepreneurial activity: Evidence from the Spanish Christmas lotteryEntrepreneurshipFirm creationJob creationCash windfallEconomic conditionsDisposable incomeAggregate effectsFinancial constraintsWe estimate the effect of cash windfalls arising from the Spanish Christmas Lottery on entrepreneurship. This lottery provides a unique setting as prizes are geographically concentrated and distributed among thousands of households. We find that lottery prizes lead to higher firm creation, startup job creation, and self-employment. The entrepreneurial response is more pronounced in regions with poorer access to finance. Firms created in winning provinces are larger, more profitable, and more likely to survive longer. Incumbent firms in winning provinces do not benefit but increase wages, suggesting a local labor market tightening. Our results suggests that regional cash windfalls can have long-lasting effects on business activity.Nova School of Business and EconomicsRUNBermejo, Vicente J.Ferreira, MiguelWolfenzon, DanielZambrana, Rafael2022-08-30T17:51:34Z2022-05-262022-05-26T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/143365engBermejo, Vicente J., Ferreira, Miguel A., Wolfenzon, Daniel, Zambrana, Fernando. Hiding in plain sight: The global implications of manager disclosure. (May 2022) Nova SBE Working Paper Series No. 651info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T05:21:41Zoai:run.unl.pt:10362/143365Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:50:54.377428Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Windfall gains and entrepreneurial activity: Evidence from the Spanish Christmas lottery
title Windfall gains and entrepreneurial activity: Evidence from the Spanish Christmas lottery
spellingShingle Windfall gains and entrepreneurial activity: Evidence from the Spanish Christmas lottery
Bermejo, Vicente J.
Entrepreneurship
Firm creation
Job creation
Cash windfall
Economic conditions
Disposable income
Aggregate effects
Financial constraints
title_short Windfall gains and entrepreneurial activity: Evidence from the Spanish Christmas lottery
title_full Windfall gains and entrepreneurial activity: Evidence from the Spanish Christmas lottery
title_fullStr Windfall gains and entrepreneurial activity: Evidence from the Spanish Christmas lottery
title_full_unstemmed Windfall gains and entrepreneurial activity: Evidence from the Spanish Christmas lottery
title_sort Windfall gains and entrepreneurial activity: Evidence from the Spanish Christmas lottery
author Bermejo, Vicente J.
author_facet Bermejo, Vicente J.
Ferreira, Miguel
Wolfenzon, Daniel
Zambrana, Rafael
author_role author
author2 Ferreira, Miguel
Wolfenzon, Daniel
Zambrana, Rafael
author2_role author
author
author
dc.contributor.none.fl_str_mv RUN
dc.contributor.author.fl_str_mv Bermejo, Vicente J.
Ferreira, Miguel
Wolfenzon, Daniel
Zambrana, Rafael
dc.subject.por.fl_str_mv Entrepreneurship
Firm creation
Job creation
Cash windfall
Economic conditions
Disposable income
Aggregate effects
Financial constraints
topic Entrepreneurship
Firm creation
Job creation
Cash windfall
Economic conditions
Disposable income
Aggregate effects
Financial constraints
description We estimate the effect of cash windfalls arising from the Spanish Christmas Lottery on entrepreneurship. This lottery provides a unique setting as prizes are geographically concentrated and distributed among thousands of households. We find that lottery prizes lead to higher firm creation, startup job creation, and self-employment. The entrepreneurial response is more pronounced in regions with poorer access to finance. Firms created in winning provinces are larger, more profitable, and more likely to survive longer. Incumbent firms in winning provinces do not benefit but increase wages, suggesting a local labor market tightening. Our results suggests that regional cash windfalls can have long-lasting effects on business activity.
publishDate 2022
dc.date.none.fl_str_mv 2022-08-30T17:51:34Z
2022-05-26
2022-05-26T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/143365
url http://hdl.handle.net/10362/143365
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Bermejo, Vicente J., Ferreira, Miguel A., Wolfenzon, Daniel, Zambrana, Fernando. Hiding in plain sight: The global implications of manager disclosure. (May 2022) Nova SBE Working Paper Series No. 651
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Nova School of Business and Economics
publisher.none.fl_str_mv Nova School of Business and Economics
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799138103985700864

Registros relacionados