Trading Off Business and Family Investments: Evidence from U.S. Entrepreneurial Households

The author thanks department editor Camelia Kuhnen, the anonymous associate editor, and the two referees for their helpful comments. For helpful discussions, she thanks Manuel Adelino, Josh Angrist, David Autor, Morten Bennedsen, Peter Ganong, Dan Herbst, Bill Kerr, Cynthia Kinnan, Ramana Nanda, Christopher Palmer, Jonathan Parker, Francisco Pérez-González, David Robinson, Frank Schilbach, Antoinette Schoar, Natalia Rigol, Anna Russo, Jialan Wang, Constantine Yannelis, and seminar participants at the Massachusetts Institute of Technology, National Bureau of Economic Research, and Harvard Business School. This research was made possible by a data-use agreement between the author and the JPMorgan Chase Institute (JPMCI), which has created deidentified data assets that are selectively available to be used for academic research. All statistics from JPMCI data, including medians, reflect cells with multiple observations. The opinions expressed in this paper are the author’s alone and do not necessarily represent the views of JPMorgan Chase & Co. She thanks Fiona Grieg, Chi Mac, and Chris Wheat at JPMCI for their critical feedback and support. All errors are the author’s.