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The Transformation of Self Employment
Colaiacovo, Innessa; Dalton, Margaret G.; Pekkala Kerr, Sari - National Bureau of Economic Research - 2022
Over the past half-century, while self-employment has consistently accounted for around one in ten of the United States workforce, its composition has changed. Since 1970, industries with high startup capital requirements have declined from 53% of self-employment to 23%. This same time period...
Persistent link: https://www.econbiz.de/10012938694
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Capital Requirements in a Quantitative Model of Banking Industry Dynamics
Corbae, Dean - 2019
where big banks with market power interact with small, competitive fringe banks. Banks face idiosyncratic funding shocks in … out of endogenous entry and exit, as well as banks' buffer stock of net worth. We show the model predictions are …
Persistent link: https://www.econbiz.de/10012479380
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Financial Regulation in a Quantitative Model of the Modern Banking System
Begenau, Juliane; Landvoigt, Tim - National Bureau of Economic Research - 2021
How does the shadow banking system respond to changes in capital regulation of commercial banks? We propose a … quantitative general equilibrium model with regulated and unregulated banks to study the unintended consequences of regulation …. Tighter capital requirements for regulated banks cause higher convenience yield on debt of all banks, leading to higher shadow …
Persistent link: https://www.econbiz.de/10012482716
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Credit Rationing, Risk Aversion and Industrial Evolution in Developing Countries
Bond, Eric - 2008
Relative to their counterparts in high-income regions, entrepreneurs in developing countries face less efficient financial markets, more volatile macroeconomic conditions, and higher entry costs. This paper develops a dynamic empirical model that links these features of the business environment...
Persistent link: https://www.econbiz.de/10012464529
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Inefficient Credit Booms
Lorenzoni, Guido - 2007
This paper studies the welfare properties of competitive equilibria in an economy with financial frictions hit by aggregate shocks. In particular, it shows that competitive financial contracts can result in excessive borrowing ex ante and excessive volatility ex post. Even though, from a...
Persistent link: https://www.econbiz.de/10012465000
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International Financial Integration and Entrepreneurial Firm Activity
Alfaro, Laura - 2007
We explore the relation between international financial integration and the level of entrepreneurial activity in a country. We use a unique firm level data set of approximately 24 million firms in nearly 100 countries in 2004 and 1999, which enables us to present both cross-country and industry...
Persistent link: https://www.econbiz.de/10012465536
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Corporate Financial and Investment Policies when Future Financing is not Frictionless
Almeida, Heitor - 2006
Much of corporate finance is concerned with the impact of financing constraints on firms. However, the literature on financing constraints largely ignores the intertemporal implications of those constraints; in particular, how future financing constraints affect current investment decisions. We...
Persistent link: https://www.econbiz.de/10012465889
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Tracing the Impact of Bank Liquidity Shocks : Evidence from an Emerging Market
Mian, Atif - 2006
isolate the causal impact of the bank lending channel by showing that for the same firm borrowing from two different banks … effect by borrowing more from more liquid banks - both through existing and new banking relationships. In contrast, small …
Persistent link: https://www.econbiz.de/10012466049
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Financially Constrained Stock Returns
Livdan, Dmitry - 2006
More financially constrained firms are riskier and earn higher expected returns than less financially constrained firms, although this effect can be subsumed by size and book-to-market. Further, because the stochastic discount factor makes capital investment more procyclical, financial...
Persistent link: https://www.econbiz.de/10012466107
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Creative Destruction in Industries
Jovanovic, Boyan - 2006
Most industries go through a "shakeout" phase during which the number of producers in the industry declines. Industry output generally continues to rise, however, which implies a reallocation of capacity from exiting firms to incumbents and new entrants. Thus shakeouts seem to be classic...
Persistent link: https://www.econbiz.de/10012466146