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Partisan Entrepreneurship
Engelberg, Joseph; Guzman, Jorge; Lu, Runjing; Mullins, … - National Bureau of Economic Research - 2022
, we find that 6% of Republicans and 4% of Democrats become entrepreneurs. This partisan entrepreneurship gap is time …-varying: Republicans increase their relative entrepreneurship during Republican administrations and decrease it during Democratic … entrepreneurship around the elections of President Obama and President Trump, and the strongest effects among the most politically …
Persistent link: https://www.econbiz.de/10013334466
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Immigrant Entrepreneurship : New Estimates and a Research Agenda
Chodavadia, Saheel; Pekkala Kerr, Sari; Kerr, William R.; … - National Bureau of Economic Research - 2024
Immigrants contribute disproportionately to entrepreneurship in many countries, accounting for a quarter of new … employer businesses in the US. We review recent research on the measurement of immigrant entrepreneurship, the traits of …
Persistent link: https://www.econbiz.de/10014544679
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Contingent Credit Under Stress
Acharya, Viral V.; Jager, Maximilian; Steffen, Sascha - National Bureau of Economic Research - 2023
Over the past two decades, banks have increasingly focused on offering contingent credit in the form of credit lines as a primary means of corporate borrowing. We review the existing body of research regarding the rationales for banks' provision of liquidity insurance in the form of credit...
Persistent link: https://www.econbiz.de/10014437040
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Do Banks Hedge Using Interest Rate Swaps?
McPhail, Lihong Lu; Schnabl, Philipp; Tuckman, Bruce - National Bureau of Economic Research - 2023
We ask whether banks use interest rate swaps to hedge the interest rate risk of their assets, primarily loans and securities. To this end, we use regulatory data on individual swap positions for the largest 250 U.S. banks. We find that the average bank has a large notional amount of swaps-- $434...
Persistent link: https://www.econbiz.de/10014250183
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Financial Intermediation and the Funding of Biomedical Innovation : A Review
Lo, Andrew W.; Thakor, Richard T. - National Bureau of Economic Research - 2022
We review the literature on financial intermediation in the process by which new medical therapeutics are financed, developed, and delivered. We discuss the contributing factors that lead to a key finding in the literature--underinvestment in biomedical R&D--and focus on the role that banks and...
Persistent link: https://www.econbiz.de/10013435156
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Crisis Risk and Risk Management
Stulz, René M. - National Bureau of Economic Research - 2023
This paper assesses the current state of knowledge about crisis risk and its implications for risk management. Better data that became available since the Global Financial Crisis (GFC) has improved our understanding of crisis risk. These data have been used to show that some types of crises...
Persistent link: https://www.econbiz.de/10014287353
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After the Storm : How Emergency Liquidity Helps Small Businesses Following Natural Disasters
Collier, Benjamin L.; Howell, Sabrina T.; Rendell, Lea - National Bureau of Economic Research - 2024
Does emergency credit prevent long-term financial distress? We study the causal effects of government-provided recovery loans to small businesses following natural disasters. The rapid financial injection might enable viable firms to survive and grow or might hobble precarious firms with more...
Persistent link: https://www.econbiz.de/10014528366
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Monetary Transmission Through Bank Securities Portfolios
Greenwald, Daniel; Krainer, John; Paul, Pascal - National Bureau of Economic Research - 2024
We study the transmission of monetary policy through bank securities portfolios using granular supervisory data on U.S. bank securities, hedging positions, and corporate credit. Banks that experienced larger losses on their securities during the 2022-2023 monetary tightening cycle extended less...
Persistent link: https://www.econbiz.de/10014544727
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The Effect of Immigration Policy on Founding Location Choice : Evidence from Canada's Start-up Visa Program
Lee, Saerom; Glennon, Britta - National Bureau of Economic Research - 2023
To spur entrepreneurship and economic growth, an increasing number of countries have introduced immigration policies …
Persistent link: https://www.econbiz.de/10014337866
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Credit Supply Shocks and Firm Dynamics : Evidence from Brazil
Bazzi, Samuel; Muendler, Marc-Andreas; Oliveira, Raquel F. - National Bureau of Economic Research - 2023
We explore how financial constraints distort the entry decisions among otherwise productive entrepreneurs and limit growth of promising young firms. A model of liquidity-constrained entrepreneurs suggests that the easing of credit constraints can induce more entry of firms with greater long-run...
Persistent link: https://www.econbiz.de/10014372477