NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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House Prices, Home Equity and Entrepreneurship: Evidence from U.S. Census Micro Data

Sari Kerr, William R. Kerr, Ramana Nanda

NBER Working Paper No. 21458
Issued in August 2015, Revised in October 2019

---- Acknowledgments ----

Previously circulated as “House Money and Entrepreneurship.” Comments are appreciated and can be sent to skerr3@wellesley.edu, wkerr@hbs.edu, and rnanda@hbs.edu. We thank Erik Hurst for valuable advice and are grateful to Manuel Adelino, Nava Ashraf, Thomas Astebro, Jim Davis, Iftekhar Hasan, Ari Hyytinen, Ross Levine, Debarshi Nandy, Martin Schmalz, Olmo Silva, Stijn Van Nieuwerburgh and to seminar participants at the Bank of Finland, Columbia GSB, the Entrepreneurial Finance and Innovation Conference, Federal Reserve Bank of New York, Fordham University, Georgia Tech, Harvard Business School, Imperial College London, the IZA Institute for the Study of Labor, London School of Economics, the National Bureau of Economic Research, New York University Stern, L’Université du Québec à Montréal, Rensselaer Polytechnic Institute, and the University of Chicago for helpful comments. The research in this paper was conducted while the authors were Special Sworn Status researchers of the US Census Bureau at the Boston Census Research Data Center (BRDC). Support for this research from the NSF grant ITR-0427889 [BRDC], Kauffman Foundation and the Division of Research and Faculty Development at Harvard Business School is gratefully acknowledged. Research results and conclusions expressed are the authors' and do not necessarily reflect the views of the Census Bureau or the NSF. This paper has been screened to ensure that no confidential data are revealed.

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