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宏观workshop：Capitalist Human Capital
发布日期：2019-06-06 12:00 来源：
时间：2019年06月06日（周四）14：00 p.m.－15：30 p.m.
地点：经济学院606会议室
主持人：赵波、鄢萍、余昌华
主讲人：Yicheng Wang (University of Oslo )
题目：Capitalist Human CapitalAbstract:
Entrepreneurs' human capital matters for the success of their individual businesses and has important macro implications. However, it is unobservable and hard to measure; even if when matched entrepreneur-firm data is available (often not the case), firm productivity may be imperfect due to self-selection, firm-level shocks, lack of market valuation for private firms and other measurement issues. We provide a new perspective in this paper: entrepreneurs' perception about their own human capital will interact with their financial wealth in determining their decisions of starting up new firms and household portfolio choices (between investment in firms and other investments). Empirically, using Registry data from Norway linking entrepreneurs' household side and firm side information, we document a set of new stylized facts in the literature related to this point: (1) For the sample between 2002 and 2012, the TFP for entrepreneurs' new firms is positively correlated with their initial wealth before starting up; (2) New firms' TFP is positively correlated with entrepreneurs' wealth growth over initial wealth; (3) an entrepreneur allocate more of his wealth in private equity when the new firm's TFP is higher. We then structurally estimate a quantitative model using these new stylized facts, and use the model as a laboratory to conduct counterfactual and policy analysis related to entrepreneurs. Preliminary results show that: for the entry decision, both financial capital and human capital matter; the model features that the rate of return is increasing in wealth, consistent with Benhabib et al. (2019), Fagereng et al. (2017); we also study the macro and distributional impact of capital income tax and micro-finance programs in shaping entrepreneurs' activity when they have heterogenous human capital as in our estimates.
个人简介：
Yicheng Wang is an Assistant Professor from University of Oslo, he got his Ph.D. from University of Rochester. His research focus on Empirical and Quantitative Macroeconomics, Household Finance and Chinese Economy, he has published in leading economics journals like Review of Economic Dynamics and Journal of Economic Dynamics and Control,
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大陆成人直播
-
宏观workshop：Capitalist Human Capital
发布日期：2019-06-06 12:00 来源：
时间：2019年06月06日（周四）14：00 p.m.－15：30 p.m.
地点：经济学院606会议室
主持人：赵波、鄢萍、余昌华
主讲人：Yicheng Wang (University of Oslo )
题目：Capitalist Human CapitalAbstract:
Entrepreneurs' human capital matters for the success of their individual businesses and has important macro implications. However, it is unobservable and hard to measure; even if when matched entrepreneur-firm data is available (often not the case), firm productivity may be imperfect due to self-selection, firm-level shocks, lack of market valuation for private firms and other measurement issues. We provide a new perspective in this paper: entrepreneurs' perception about their own human capital will interact with their financial wealth in determining their decisions of starting up new firms and household portfolio choices (between investment in firms and other investments). Empirically, using Registry data from Norway linking entrepreneurs' household side and firm side information, we document a set of new stylized facts in the literature related to this point: (1) For the sample between 2002 and 2012, the TFP for entrepreneurs' new firms is positively correlated with their initial wealth before starting up; (2) New firms' TFP is positively correlated with entrepreneurs' wealth growth over initial wealth; (3) an entrepreneur allocate more of his wealth in private equity when the new firm's TFP is higher. We then structurally estimate a quantitative model using these new stylized facts, and use the model as a laboratory to conduct counterfactual and policy analysis related to entrepreneurs. Preliminary results show that: for the entry decision, both financial capital and human capital matter; the model features that the rate of return is increasing in wealth, consistent with Benhabib et al. (2019), Fagereng et al. (2017); we also study the macro and distributional impact of capital income tax and micro-finance programs in shaping entrepreneurs' activity when they have heterogenous human capital as in our estimates.
个人简介：
Yicheng Wang is an Assistant Professor from University of Oslo, he got his Ph.D. from University of Rochester. His research focus on Empirical and Quantitative Macroeconomics, Household Finance and Chinese Economy, he has published in leading economics journals like Review of Economic Dynamics and Journal of Economic Dynamics and Control,
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