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Finance and Growth at the Firm Level: Evidence from SBA Loans
Brown, J. David; Earle, John S. - 2015
We analyze linked databases on all Small Business Administration (SBA) loans, on all SBA lenders, and on all U.S. employers to estimate the effects of financial access on employment growth. Our methods combine regressions with matching on firm age, size, industry, year, and employment history,...
Persistent link: https://www.econbiz.de/10011307476
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Reputation and credit market formation: how relational incentives and legal contract enforcement interact
Fehr, Ernst; Zehnder, Christian - 2009
The evidence suggests that relational contracting and legal rules play an important role in credit markets but on the basis of the prevailing field data it is difficult to pin down their causal impact. Here we show experimentally that relational incentives are a powerful causal determinant for...
Persistent link: https://www.econbiz.de/10010269410
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Does the Community Reinvestment Act Increase Small Business Lending in Lower Income Neighborhoods?
Kim, Mee Jung; Lee, Kyung Min; Earle, John S. - 2021
We estimate the impact of the Community Reinvestment Act (CRA) on small business lending in lower-income neighborhoods. Using 2004-2016 panel data on census tracts, we apply a combined regression discontinuity and fixed effect method. We find that the number of small business loans increases by...
Persistent link: https://www.econbiz.de/10012658260
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Mortgage Finance and Culture
Rodríguez-Planas, Núria - 2018
Using a nationally representative sample of 12,344 immigrants from 41 different countries of ancestry living in Spain in 2007, we find that the higher the housing-loan penetration in the country of ancestry, the higher the likelihood of having a mortgage in Spain. Similarly, the higher the...
Persistent link: https://www.econbiz.de/10011816588
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Do SBA Loans Create Jobs?
Brown, J. David; Earle, John S. - 2013
Small Business Administration (SBA) loans have long been one of the most significant policy interventions in the U.S. affecting firm behavior, but little is known about their outcomes. This paper estimates the effects on employment using a list of all SBA loans linked to annual data on all U.S....
Persistent link: https://www.econbiz.de/10010319511
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How Successful Are Banking Sector Reforms in Emerging Market Economies? Evidence from Impact of Monetary Policy on Levels and Structures of Firm Debt in India
Bhaumik, Sumon K.; Kutan, Ali M.; Majumdar, Sudipa - 2016
that well-functioning credit markets would reflect a bank channel for monetary policy at work, we test whether a change in … and the associated change in interest rate does not affect change in bank credit, change in total debt and the proportion … of bank credit in total debt for any of the firms. We discuss the policy implications of the findings. …
Persistent link: https://www.econbiz.de/10011525080
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Do SBA Loans Create Jobs?
Brown, J. David; Earle, John S. - Institute for the Study of Labor (IZA) - 2013
Small Business Administration (SBA) loans have long been one of the most significant policy interventions in the U.S. affecting firm behavior, but little is known about their outcomes. This paper estimates the effects on employment using a list of all SBA loans linked to annual data on all U.S....
Persistent link: https://www.econbiz.de/10010884334
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Reputation and Credit Market Formation: How Relational Incentives and Legal Contract Enforcement Interact
Fehr, Ernst; Zehnder, Christian - Institute for the Study of Labor (IZA) - 2009
The evidence suggests that relational contracting and legal rules play an important role in credit markets but on the basis of the prevailing field data it is difficult to pin down their causal impact. Here we show experimentally that relational incentives are a powerful causal determinant for...
Persistent link: https://www.econbiz.de/10004976880
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Till Debt Do Us Part: Strategic Divorces and a Test of Moral Hazard
Kim, Yeorim; Mastrogiacomo, Mauro; Hochguertel, Stefan; … - 2022
We test whether households that face prospective home equity losses during a house price downturn use divorce to shed debt. We study the Dutch context, where qualifying homeowners can buy into a mortgage guarantee scheme that insures the lender against borrower default and transfers the risk to...
Persistent link: https://www.econbiz.de/10013351985
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An Adverse Selection Model of Optimal Unemployment Insurance
Hagedorn, Marcus; Kaul, Ashok; Mennel, Tim - 2003
We derive the shape of optimal unemployment insurance (UI) contracts when agents can exert search effort but face different search costs and have private information about their type. We derive a recursive solution of our dynamic adverse selection problem with repeated moral hazard. Conditions...
Persistent link: https://www.econbiz.de/10010262113