We present a new approach for estimating small business equity returns. This approach applies the Merton (1974) credit model to the returns on entrepreneurial business credit card debt securitizations and solves for the implied equity returns for the small businesses owned by the cardholders. The estimated small business equity premium is 10.74%. The standard deviation of small business equity returns is 56.37%. We validate the methodology by applying it to investment-grade corporate bonds and recovering a public equity premium of 6.17%.

中文翻译：

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小企业股权回报：来自商业信用卡证券化市场的经验证据

我们提出了一种估算小企业股权回报的新方法。这种方法将 Merton (1974) 信用模型应用于创业企业信用卡债务证券化的回报，并解决了持卡人拥有的小企业的隐含股本回报。估计小企业股权溢价为 10.74%。小型企业股权收益的标准差为 56.37%。我们通过将其应用于投资级公司债券并收回 6.17% 的公共股权溢价来验证该方法。