To predict the effect of bankruptcy laws on entrepreneurial activity, we exploit the 2005 and 2011 staggered state-level increases in exemptions for the amount of personal wealth protected under Chapter 7 bankruptcy in the United States. We focus on three types of outcomes—firm establishments, entrepreneurship quality, and individual self-employment. Using state-, cross-border-county-neighbor-pair-, and individual-level data, the additional state-level exemptions do not affect any of the three types of entrepreneurial activities, and in cases where the association is statistically significant, the effect sizes are negligible. Our results are inconsistent with theories that predict that asset protection in bankruptcy improves entrepreneurial activity.

中文翻译：

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美国第7章保护和创业活动的州级豁免变化

为了预测破产法对创业活动的影响，我们利用了 2005 年和 2011 年州级交错增加的美国第 7 章破产保护的个人财富数额的豁免情况。我们关注三种类型的结果——公司机构、创业质量和个人自雇。使用州级、跨境县级邻居对和个人级数据，额外的州级豁免不会影响这三种类型的创业活动中的任何一种，并且在关联具有统计显着性的情况下，效应大小可以忽略不计。我们的结果与预测破产资产保护改善创业活动的理论不一致。