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Using administrative data on Taiwanese lottery winners, this paper examinesthe effects of cash windfalls on entrepreneurship. We compare the start-updecisions of households winning more than 1.5 million NTD (50,000 USD) in thelottery in a particular year with those of households winning less than 15,000NTD (500 USD). Our results suggest that a substantial windfall increases thelikelihood of starting a business by 1.5 percentage points (125% from thebaseline mean). Startup wealth elasticity is 0.25 to 0.36. Moreover, householdswho tend to be liquidity-constrained drive the windfall-induced entrepreneurialresponse. Finally, we examine how households with a business react to a cashwindfall and find that serial entrepreneurs are more likely to start a newbusiness but do not change their decision to continue the current business.

Liquidity Constraints, Cash Windfalls, and Entrepreneurship: Evidence from Administrative Data on Lottery Winners