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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; … - National Bureau of Economic Research - 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/10012660042

Falling Rates and Rising Superstars

Kroen, Thomas; Liu, Ernest; Mian, Atif; Sufi, Amir - National Bureau of Economic Research - 2021

Do low interest rates contribute to the rise in market concentration? Using data on firm financials and high frequency monetary policy shocks, we find that falling interest rates disproportionately benefit industry leaders, especially when the initial interest rate is already low. Falling rates...

Persistent link: https://www.econbiz.de/10012660046

Why Are Returns to Private Business Wealth So Dispersed?

Boar, Corina; Gorea, Denis; Midrigan, Virgiliu - National Bureau of Economic Research - 2022

We use micro data from Orbis on firm level balance sheets and income statements to document that accounting returns for privately held businesses are dispersed, persistent, and negatively correlated with firm equity. We also show that firms experience large, fat-tailed, and partly transitory...

Persistent link: https://www.econbiz.de/10012814480

Corporate Flexibility in a Time of Crisis

Barry, John W.; Campello, Murillo; Graham, John R.; Ma, … - National Bureau of Economic Research - 2022

We use the COVID shock to study the direct and interactive effects of several forms of corporate flexibility on short- and long-term real business plans. We find that i) workplace flexibility, namely the ability for employees to work remotely, plays a central role in determining firms'...

Persistent link: https://www.econbiz.de/10012938715

Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance

Philippon, Thomas - 2007

The share of finance in U.S. GDP has been multiplied by more than three over the postwar period. I argue, using … evidence and theory, that corporate finance is a key factor behind this evolution. Inside the finance industry, credit … intermediation and corporate finance are more important than globalization, increased trading, or the development of mutual funds for …

Persistent link: https://www.econbiz.de/10012465229

Firm-Specific Resources, Financial-Market Development and the Growth of U.S. Multinationals

Feinberg, Susan - 2002

We study the resource allocation decisions of U.S. multinational corporations (MNCs). We examine how established MNCs grow across countries and how firm-specific resources and host country financial-market development influence MNC growth. We find evidence of intra-firm trade-offs to growth in...

Persistent link: https://www.econbiz.de/10012469457

Young Firms, Old Capital

Ma, Song; Murfin, Justin; Pratt, Ryan D. - National Bureau of Economic Research - 2021

Across a broad range of equipment types and industries, we document a pattern of local capital reallocation from older firms to younger firms. Start-ups purchase a disproportionate share of old physical capital previously owned by more mature firms. The evidence is consistent with financial...

Persistent link: https://www.econbiz.de/10012616636

Indirect Effects of Access to Finance

Cai, Jing; Szeidl, Adam - National Bureau of Economic Research - 2022

product, to measure the direct and indirect effects of access to finance. We find that: (1) Access to finance had a large … positive direct effect on the performance of treated firms. (2) Access to finance had a similar-sized negative indirect effect … gains in producer surplus. (3) Access to finance had a positive direct effect on business practices, service quality, and …

Persistent link: https://www.econbiz.de/10013172113

Funding Black High-Growth Startups

Cook, Lisa D.; Marx, Matt; Yimfor, Emmanuel - National Bureau of Economic Research - 2022

We analyze determinants of access to venture capital for Black founders of high-growth startups. We combine image- and name-processing algorithms with clerical review to identify race for over 100,000 startup founders "at risk" for venture funding. Black founders raise roughly one-third as much...

Persistent link: https://www.econbiz.de/10013462730

A Survey of Private Debt Funds

Block, Jörn; Jang, Young Soo; Kaplan, Steven N.; … - National Bureau of Economic Research - 2023

they finance companies and leverage levels that banks would not fund. The direct lending funds target unlevered returns …

Persistent link: https://www.econbiz.de/10013537762