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dc.contributor.authorMüller, Elisabethen
dc.date.accessioned2009-02-16T14:58:56Z-
dc.date.available2009-02-16T14:58:56Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/24698-
dc.description.abstractThis paper identifies the entrepreneur's exposure to idiosyncratic risk as an important determinant of the demand for loans and the capital structure. The analysis is based on a sample of small and medium-sized private companies from the United States. The exposure to idiosyncratic risk is approximated by the share of personal net worth invested in one company (SNWI). Exposure to idiosyncratic risk increases the cost of equity capital, since higher equity returns are required as compensation. This therefore makes bank financing more attractive. We find that SNWI increases both the demand for new bank loans and leverage substantially.en
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x05-14 [rev.]en
dc.relation.isversionofhttp://hdl.handle.net/10419/24107en
dc.subject.jelG32en
dc.subject.jelG30en
dc.subject.ddc330en
dc.subject.keywordcapital structureen
dc.subject.keywordexposure to idiosyncratic risken
dc.subject.keywordprivate companiesen
dc.subject.stwKapitalstrukturen
dc.subject.stwEigenkapitalen
dc.subject.stwKapitalkostenen
dc.titleHow Does Owners' Exposure to Idiosyncratic Risk Influence the Capital Structure of Private Companies?-
dc.typeWorking Paperen
dc.identifier.ppn561220190en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:7184en

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