TY  - UNPD
A1  - Hanspal, Tobin
T1  - The effect of personal financing disruptions on entrepreneurship
T2  - SAFE working paper series ; No. 161
N2  - I show that disruptions to personal sources of financing, aside from commercial lending supply shocks, impair the survival and growth of small businesses. Entrepreneurs holding deposit accounts at retail banking institutions that defaulted following the financial crisis reduce personal borrowing and are consequently more likely to exit their firm. Exposure to the corresponding investment losses from delisted publicly traded bank stocks strongly reduces the rate of firm survival, particularly for early-stage ventures. At the intensive margin, owners who remain in business reduce employees after personal wealth losses. My results suggest that personal finance is an important component of firm financing.
T3  - SAFE working paper - 161 
KW  - Entrepreneurship
KW  - Small Business
KW  - Personal Finance
KW  - Financial Crisis
KW  - Bank Defaults
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/42544
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-425445
UR  - https://ssrn.com/abstract=2887264
PB  - SAFE
CY  - Frankfurt am Main
ER  -