Showing 1 - 10 of 10
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
Younger entrepreneurs are disadvantaged by traditional loan underwriting, which relies heavily on personal credit scores. With data from three fintech companies, we show that incorporating timely information about ability to repay from business checking account statements particularly improves...
Persistent link: https://www.econbiz.de/10015195013
In the financial crisis and recession induced by the Covid-19 pandemic, many investment-grade firms became unable to borrow from securities markets. In response, the Fed not only reopened its commercial paper funding facility but also announced it would purchase newly issued and seasoned bonds...
Persistent link: https://www.econbiz.de/10012482316
This paper examines how employee earnings at small firms respond to a cash flow shock in the form of a government R&D grant. We use ranking data on applicant firms, which we link to IRS W2 earnings and other U.S. Census Bureau datasets. In a regression discontinuity design, we find that the...
Persistent link: https://www.econbiz.de/10012479241
There are concerns that the Dodd-Frank Act (DFA) has impeded small business lending. By increasing the fixed regulatory compliance requirements needed to make business loans and operate a bank, the DFA disproportionately reduced the incentives for all banks to make very modest loans and reduced...
Persistent link: https://www.econbiz.de/10012453215
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
list, suspension-induced delay substantially reduces their innovation activity, measured using patent quantity and quality …-lived. The corporate innovation process, like an individual's accumulation of human capital, has a cumulative dimension …
Persistent link: https://www.econbiz.de/10012453063
Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...
Persistent link: https://www.econbiz.de/10012453864
the U.S. Air Force Small Business Innovation Research (SBIR) program that transitioned from "Conventional topics," which … innovation even in less specific Conventional topics. The results suggest that government (and perhaps private sector) innovation …
Persistent link: https://www.econbiz.de/10012510578
questions about the pro-cyclicality of VC and its implications for innovation, especially in light of the common narrative that … VC is relatively insulated from public markets. We find that the implications for innovation are not benign: innovation … discussion on the nature of innovation across business cycles …
Persistent link: https://www.econbiz.de/10012481733