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Crowdfunding Dynamics
Belleflamme, Paul - 2019
Various forms of social learning and network effects are at work on crowdfunding platforms, giving rise to informational and payoff externalities. We use novel entrepreneur-backer data to study how these externalities shape funding dynamics, within and across projects. We find that backers...
Persistent link: https://www.econbiz.de/10012861378
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Marketplace Lending of SMEs
Cumming, Douglas J. - 2020
Peer-to-business lending refers to online platforms facilitating loans from individuals to small and medium-sized enterprises (SMEs). We conjecture that easy-to-understand risk ratings conveyed by the platform play a pronounced role in influencing the borrowing success of SMEs and that more...
Persistent link: https://www.econbiz.de/10012841146
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The Dollar and Corporate Borrowing Costs
Meisenzahl, Ralf - 2020
We show that U.S. dollar movements affect syndicated loan terms for U.S. borrowers, even for those without trade exposure. We identify the effect of dollar movements using spread and loan amount adjustments during the syndication process. Using this high-frequency, within loan variation, we find...
Persistent link: https://www.econbiz.de/10012830351
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Uncertainty and the Cost of Bank vs. Bond Finance
Grimme, Christian - 2019
How does uncertainty affect the costs of raising finance in the bond market and via bank loans? Empirically, this paper finds that heightened uncertainty is accompanied by an increase in corporate bond yields and a decrease in bank lending rates. This finding can be explained with a model that...
Persistent link: https://www.econbiz.de/10012892132
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Racial Disparities in Access to Small Business Credit : Evidence from the Paycheck Protection Program
Howell, Sabrina T; Kuchler, Theresa; Snitkof, David; … - 2021
We explore the sources of racial disparities in small business lending by studying the $806 billion Paycheck Protection Program (PPP), which was designed to support small business jobs during the COVID-19 pandemic. PPP loans were administered by private lenders but federally guaranteed, largely...
Persistent link: https://www.econbiz.de/10013323971
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When Pro-Poor Microcredit Institutions Favor Richer Borrowers - A Moral Hazard Story
Biancini, Sara; Venet, Baptiste; Ettinger, David - 2021
We suggest an explanation for the existence of “mission drift”, the tendency for Microfinance Institutions (MFIs) to lend money to wealthier borrowers rather than to the very poor. We focus on the relationship between MFIs and external funding institutions. We assume that both the MFIs and...
Persistent link: https://www.econbiz.de/10013245624
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Social Finance
Kuchler, Theresa; Stroebel, Johannes - 2021
We review an empirical literature that studies the role of social interactions in driving economic and financial decision making. We first summarize recent work that documents an important role of social interactions in explaining household decisions in housing and mortgage markets. This...
Persistent link: https://www.econbiz.de/10013315042
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Migration and networks: Does education matter more than gender?
Beine, Michel; Salomone, Sara - 2010
at whether diaspora effects are different across education levels and gender. Using new data allowing to include both … influencing the selection in terms skills and in term of gender. We found that network effects vary by education level but not by … gender. Women are also found to be less directly dependent on migration costs unrelated to networks such as distance. …
Persistent link: https://www.econbiz.de/10010270510
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Who Does the Talking Here? The Impact of Gender Composition on Team Interactions
Hardt, David; Mayer, Lea; Rincke, Johannes - 2023
We analyze how the gender composition of teams affects team interactions. In an online experiment, we randomly assign … individuals to gender-homogenous or gender-mixed teams. Teams meet in an audio chat room and jointly work on a gender-neutral team … more than all-female teams and outperform teams of both alternative gender compositions. In mixed teams, males strongly …
Persistent link: https://www.econbiz.de/10014346452
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Isolating a Culture of Son Preference Among Armenian, Georgian, and Azeri Parents in Soviet-Era Russia
Schief, Matthias; Vogt, Sonja; Churilova, Elena; … - 2023
This paper analyzes historical census data from the final Soviet census in 1989. We find that, even in the absence of sex-selective abortions, the fertility decisions of Armenian, Georgian, and Azeri parents living in Russia in the late 1970s and the 1980s were significantly more son-biased than...
Persistent link: https://www.econbiz.de/10014347353