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Housing Collateral, Credit Constraints and Entrepreneurship - Evidence from a Mortgage Reform

Laerkholm Jensen, Thais; Leth-Petersen, Søren; Nanda, … - C.E.P.R. Discussion Papers - 2014

We study how a mortgage reform that exogenously increased access to credit had an impact on entrepreneurship, using … point increase in entrepreneurship, equivalent to a 4% increase in the number of entrepreneurs. New entrants were more … benefit from the reform. Our results provide evidence that credit constraints do affect entrepreneurship, but that the overall …

Persistent link: https://www.econbiz.de/10011084236

Profit Taxation, Innovation and the Financing of Heterogeneous Firms

Keuschnigg, Christian; Ribi, Evelyn - C.E.P.R. Discussion Papers - 2010

Credit constraints are more frequent among growth companies with large investment opportunities. For the same reason, profit taxes may harm innovative firms more than standard ones. This paper develops a model of heterogeneous firms where an endogenous share opts for innovation and faces credit...

Persistent link: https://www.econbiz.de/10008468605

When Arm’s Length Is Too Far. Relationship Banking over the Business Cycle

Beck, Thorsten; de Haas, Ralph; Degryse, Hans; Van … - C.E.P.R. Discussion Papers - 2014

Using a novel way to identify relationship and transaction banks, we study how banks’ lending techniques affect funding to SMEs over the business cycle. For 21 countries we link the lending techniques that banks use in the direct vicinity of firms to these firms’ credit constraints at two...

Persistent link: https://www.econbiz.de/10011083851

Hoping to Win, Expected to Lose: Theory and Lessons on Micro Enterprise Development

Karlan, Dean S.; Knight, Ryan; Udry, Christopher - C.E.P.R. Discussion Papers - 2012

Many basic economic theories with perfectly functioning markets do not predict the existence of the vast number of microenterprises readily observed across the world. We put forward a model that illuminates why financial and managerial capital constraints may impede experimentation, and thus...

Persistent link: https://www.econbiz.de/10011084680