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dc.contributor.authorMüller, Elisabethen
dc.date.accessioned2009-02-16T14:48:18Z-
dc.date.available2009-02-16T14:48:18Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/24054-
dc.description.abstractOwners of private companies are often highly underdiversified which exposes them to idiosyncratic risk. We investigate the consequences of underdiversification at the company level. Information on US companies and their owners is obtained from the Survey of Consumer Finances and the Survey of Small Business Finances. Underdiversification, measured as the share of the owner's net worth invested in the company, has a significant positive relationship with profitability, measured as the return on equity. We identify two causes for this underdiversification effect: higher required returns and higher effort. The results have important consequences for investment decisions at private companies.en
dc.language.isoengen
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheimen
dc.relation.ispartofseries|aZEW Discussion Papers |x04-29en
dc.relation.hasversionhttp://hdl.handle.net/10419/29639en
dc.subject.jelG11en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordunderdiversificationen
dc.subject.keywordrequired returnsen
dc.subject.keywordincentivesen
dc.subject.keywordprivate companiesen
dc.subject.keywordwealthen
dc.subject.keywordentrepreneurshipen
dc.subject.stwKlein- und Mittelunternehmenen
dc.subject.stwUnternehmeren
dc.subject.stwInvestitionen
dc.subject.stwPortfolio-Managementen
dc.subject.stwRentabilitäten
dc.subject.stwÖkonomischer Anreizen
dc.subject.stwSchätzungen
dc.subject.stwVereinigte Staatenen
dc.titleUnderdiversification in Private Companies: Required Returns and Incentive Effects-
dc.typeWorking Paperen
dc.identifier.ppn391526030en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:zewdip:2183en

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