Abstract

Entrepreneurship and the creation of new businesses are two key drivers of economic growth and innovation of industries, regions and countries. The paper presents a model of entrepreneurial choice based on the modern portfolio theory. The model has been further developed to take account of the non-marketable nature of business opportunities, given that, traditionally, financial assets are treated as marketable. The extended model indicates that Jensen’s alpha influences the decision of whether or not to launch an entrepreneurial activity. However, Jensen’s alpha depends not only on the entrepreneurial opportunity and efficient portfolio returns, but also on their covariance. In other words, our model emphasizes the importance of factoring in the relationship between the entrepreneurial opportunity and the economy as a whole, an aspect that previous analyses have largely ignored.

Autore Pugliese

• Savioli Marco

Tutti gli autori

• P. Pattitoni , B. Petracci , M. Savioli , L. Zirulia

Titolo volume/Rivista

ECONOMIA E POLITICA INDUSTRIALE

Anno di pubblicazione

2013

ISSN

0391-2078

ISBN

Non Disponibile

Numero di citazioni Wos

Nessuna citazione

Ultimo Aggiornamento Citazioni

Non Disponibile

Numero di citazioni Scopus

1

Ultimo Aggiornamento Citazioni

28/04/2018

Settori ERC

Non Disponibile

Codici ASJC

Non Disponibile