Does an entrepreneur-friendly bankruptcy law encourage more entrepreneurship development at a societal level? How does bankruptcy law affect entrepreneurship development around the world? Drawing on a real options perspective, we argue that if bankrupt entrepreneurs are excessively punished for failure, they may pass potentially high-return but inherently high-risk opportunities. Amassing a lon...

Existing finance literature is inadequate with respect to its coverage of the capital structure of small and medium sized enterprises (SMEs). This lack of coverage means that SMEs are provided with little or no guidance for optimising their cost of capital. This paper is an attempt to provide such guidance. For unlisted SMEs the cost of equity cannot be derived from the capital market, nor can ...

I consider whether entrepreneurship is a distinct category within economic theory. More generally, I consider the links between discussions of entrepreneurship and philosophic debates over the nature of the aesthetic. For instance, Kant’s attempt to elevate the category of the aesthetic has much in common with Kirzner’s attempt to elevate the concept of the entrepreneur. Shackle’s theory of cho...

This paper is about …nancial contracting choices for the entrepreneur. In an incomplete contracts model, the entrepreneur can design contracts contingent on three possible control right allocations: entrepreneur-control, investor-control, and joint control, with each allocation inducing di¤erent e¤ort levels by both the entrepreneur and the investor. Four types of contract emerge as potentially...

Women entrepreneurship is imperative for the country’s economic growth and development. It empowers women reduces gender gap in patriarchal Indian society. Though, face numerous hurdles on their way to becoming an entrepreneur. need support from family, society, government, various organizations prosper entrepreneurship. There are many research studies discussing problems faced by entrepreneurs...

We study how the trade-off between being an entrepreneur and investing in the financial markets is affected by cognitive ability and social skills. We test these hypotheses using a unique dataset that has available information on individual characteristics and choices for a representative sample of the Swedish population over 1966-2006. We show that social skills – i.e., willingness to assume r...