We find the Small Business Administration's disaster-relief home loan program denies significantly more loans in areas with larger shares of minorities, subprime borrowers, and higher income inequality. We find that risk-insensitive loan pricing -- a feature present in many regulated and...

Firms face difficult decisions regarding investment in the protection of nonfinancial stakeholders. We find that a firm's financial health plays an important role in mitigating the spread of COVID-19 by studying nursing homes, whose residents have accounted for about 40% of all U.S. COVID-19...