Entrepreneurial Finance and Non-diversifiable Risk

Hui Chen, Jianjun Miao, Neng Wang

NBER Working Paper No. 14848
Issued in April 2009

---- Acknowledgements -----

We thank Yakov Amihud, Patrick Bolton, John Cox, Bob Hall, Glenn Hubbard, Larry Kotlikoff, Debbie Lucas, Morten Sorensen, and seminar participants at Baruch, Boston University, Colorado, Columbia, Kansas, Michigan, MIT, Conference on Financial Innovation: 35 Years of Black/Scholes and Merton at Vanderbilt University, and NYU Stern for comments. Jianjun Miao gratefully acknowledges financial support from Research Grants Council of Hong Kong under the project number 643507. Part of this research was conducted when Jianjun Miao was visiting Hong Kong University of Science and Technology. The hospitality of this university is gratefully acknowledged. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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