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Published in 2024 at "Journal of Financial and Quantitative Analysis"
DOI: 10.1017/s0022109024000371
Abstract: Abstract We show cash windfalls affect the real economy by spurring entrepreneurship. We identify these effects using the Spanish Christmas Lottery, which provides a unique setting as prizes are geographically concentrated and distributed among thousands…
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Keywords:
spanish christmas;
cash windfalls;
christmas lottery;
lottery ... See more keywords