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https://hdl.handle.net/2142/85599
Description
Title
Small Firms in the U.S. Economy, Three Essays
Author(s)
Herranz Gonzalez, Maria De Las Nieves
Issue Date
2009
Doctoral Committee Chair(s)
Stefan Krasa
Department of Study
Economics
Discipline
Economics
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Theory
Language
eng
Abstract
This thesis studies the characteristics of small firms in the US using data from the Survey of Small Business Finances (SSBF). The first chapter examines how the owners of small firms use decisions about legal organization, firm size, capital structure, and owner investment in the firm to manage firm risk and also finds the return on assets to be described as a very risky undertaking with high upside gain. The second chapter constructs a dynamic, computable model with heterogeneous agents and endogenous default in which entrepreneurs weigh a firm's current and future returns and uses it to match the SSBF data. The third chapter uses the cross-section of data contained in the same survey to estimate the survival probabilities of small firms both along their life-cycle and the business cycle.
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