How does personal bankruptcy law affect startups?

Detalhes bibliográficos
Autor(a) principal: Cerqueiro, Geraldo
Data de Publicação: 2017
Outros Autores: Penas, María Fabiana
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.14/34788
Resumo: We exploit state-level changes in the amount of personal wealth individuals can protect under Chapter 7 to analyze the effect of debtor protection on the financing structure and performance of a representative panel of U.S. startups. The effect of increasing debtor protection depends on the entrepreneur's level of wealth. Firms owned by mid-wealth entrepreneurs whose assets become fully protected suffer a reduction in credit availability, employment, operating efficiency, and survival rates. We find no such negative effects for low-wealth and high-wealth owners. Our results are consistent with theories that predict that asset protection in bankruptcy leads to a redistribution of credit.
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spelling How does personal bankruptcy law affect startups?We exploit state-level changes in the amount of personal wealth individuals can protect under Chapter 7 to analyze the effect of debtor protection on the financing structure and performance of a representative panel of U.S. startups. The effect of increasing debtor protection depends on the entrepreneur's level of wealth. Firms owned by mid-wealth entrepreneurs whose assets become fully protected suffer a reduction in credit availability, employment, operating efficiency, and survival rates. We find no such negative effects for low-wealth and high-wealth owners. Our results are consistent with theories that predict that asset protection in bankruptcy leads to a redistribution of credit.Veritati - Repositório Institucional da Universidade Católica PortuguesaCerqueiro, GeraldoPenas, María Fabiana2021-09-13T14:50:20Z2017-07-012017-07-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.14/34788eng0893-945410.1093/rfs/hhw081000407206200008info: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:RCAAP2023-09-12T01:39:13Zoai:repositorio.ucp.pt:10400.14/34788Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:28:12.642542Repositório 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 How does personal bankruptcy law affect startups?
title How does personal bankruptcy law affect startups?
spellingShingle How does personal bankruptcy law affect startups?
Cerqueiro, Geraldo
title_short How does personal bankruptcy law affect startups?
title_full How does personal bankruptcy law affect startups?
title_fullStr How does personal bankruptcy law affect startups?
title_full_unstemmed How does personal bankruptcy law affect startups?
title_sort How does personal bankruptcy law affect startups?
author Cerqueiro, Geraldo
author_facet Cerqueiro, Geraldo
Penas, María Fabiana
author_role author
author2 Penas, María Fabiana
author2_role author
dc.contributor.none.fl_str_mv Veritati - Repositório Institucional da Universidade Católica Portuguesa
dc.contributor.author.fl_str_mv Cerqueiro, Geraldo
Penas, María Fabiana
description We exploit state-level changes in the amount of personal wealth individuals can protect under Chapter 7 to analyze the effect of debtor protection on the financing structure and performance of a representative panel of U.S. startups. The effect of increasing debtor protection depends on the entrepreneur's level of wealth. Firms owned by mid-wealth entrepreneurs whose assets become fully protected suffer a reduction in credit availability, employment, operating efficiency, and survival rates. We find no such negative effects for low-wealth and high-wealth owners. Our results are consistent with theories that predict that asset protection in bankruptcy leads to a redistribution of credit.
publishDate 2017
dc.date.none.fl_str_mv 2017-07-01
2017-07-01T00:00:00Z
2021-09-13T14:50:20Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.14/34788
url http://hdl.handle.net/10400.14/34788
dc.language.iso.fl_str_mv eng
language eng
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10.1093/rfs/hhw081
000407206200008
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eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
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
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