Entrepreneurial finance,credit cards,and race |
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Authors: | Aaron K Chatterji Robert C Seamans |
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Institution: | 1. Fuqua School of Business, Duke University, United States;2. Stern School of Business, New York University, Suite 7-58, 44 West 4th Street, New York, NY 10012, United States |
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Abstract: | This paper examines the impact of financial deregulation on entrepreneurship. We assess the impact of credit card deregulation on transitions into self-employment using state-level removal of credit card interest rate ceilings following the US Supreme Court's 1978 Marquette decision as a quasi-natural experiment. We find that credit card deregulation increases the probability of entrepreneurial entry, with a particularly strong effect for black entrepreneurs. We demonstrate that these effects are magnified in states with a history of racial discrimination and link the results to discrimination-based barriers to entry. |
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Keywords: | J15 L26 M13 |
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