Using the dispersion in stock returns during the financial crisis as a source of exogenous variation in the wealth of Norwegian entrepreneurs who held listed stocks, I show that adverse shocks to the wealth of business owners had large effects on their firms' financing, employment, and investment. The effects on investment and employment are driven by young firms, that obtain differentially less bank financing following an owner wealth shock. The effects on employment operate primarily through reduced hiring. My findings highlight that equity-financing frictions and the procyclicality of entrepreneurial wealth are important channels that can amplify economic shocks.

中文翻译：

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创业财富和就业：追踪股市崩盘的影响

我利用金融危机期间股票回报的离散性作为持有上市股票的挪威企业家财富的外生变化来源，表明对企业主财富的不利冲击对其公司的融资、就业和发展产生了巨大影响。投资。对投资和就业的影响是由年轻企业驱动的，这些企业在所有者财富冲击后获得的银行融资明显减少。对就业的影响主要是通过减少招聘来实现的。我的研究结果强调，股权融资摩擦和企业家财富的顺周期性是放大经济冲击的重要渠道。