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Have Angels Done More? The Steel Industry Consent Decree

Ichniowski, Casey - 1981

This study analyzes the Consent Decree of the United States' basic steel industry which reformed plant seniority systems to accommodate issues of equal employment opportunity. The plant-by-plant litigation brought under Title VII and Executive Order 11246 is shown to be the main catalyst which...

Persistent link: https://www.econbiz.de/10012478447

Investor Tax Credits and Entrepreneurship : Evidence from U.S. States

Denes, Matthew R. - 2020

Angel investor tax credits are used globally to spur high-growth entrepreneurship. Exploiting the staggered implementation of these tax credits in 31 U.S. states, we find that while they increase angel investment, they have no significant effect on entrepreneurial activity. Tax credits induce...

Persistent link: https://www.econbiz.de/10012481299

The Consequences of Entrepreneurial Finance : A Regression Discontinuity Analysis

Kerr, William R. - 2010

This paper documents the role of angel funding for the growth, survival, and access to follow-on funding of high-growth start-up firms. We use a regression discontinuity approach to control for unobserved heterogeneity between firms that obtain funding and those that do not. This technique...

Persistent link: https://www.econbiz.de/10012462820

The Globalization of Angel Investments : Evidence across Countries

Lerner, Josh - 2015

This paper examines investments made by 13 angel groups across 21 countries. We compare applicants just above and below the funding cutoff and find that these angel investors have a positive impact on the growth, performance, and survival of firms as well as their follow-on fundraising. The...

Persistent link: https://www.econbiz.de/10012456863

Friends or Foes : The Interrelationship between Angel and Venture Capital Markets

Hellmann, Thomas F. - 2014

This paper develops a theory of how angel and venture capital markets interact. Entrepreneurs first receive angel then venture capital funding. The two investor types are 'friends' in that they rely upon each other's investments. However, they are also 'foes', because at the later stage the...

Persistent link: https://www.econbiz.de/10012458517

Show Me the Right Stuff : Signals for High Tech Startups

Conti, Annamaria - 2011

We present a theoretical model of startup signaling with multiple signals and potential differences in external investor preferences. For a novel sample of technology incubator startups, we empirically examine the use of patents and founder, friends, and family (FFF) money as such signals,...

Persistent link: https://www.econbiz.de/10012461608

Does Distance Still Matter? The Information Revolution in Small Business Lending

Petersen, Mitchell A. - 2000

The distance between small firms and their lenders in the United States is increasing. Not only are firms choosing more distant lenders, they are also communicating with them in more impersonal ways. After documenting these systematic changes, we demonstrate that they do not stem from small...

Persistent link: https://www.econbiz.de/10012471076

The 2021 Paycheck Protection Program Reboot : Loan Disbursement to Employer and Nonemployer Businesses in Minority Communities

Fairlie, Robert W.; Fossen, Frank M. - National Bureau of Economic Research - 2022

Was the $278 billion reboot of the $800 billion Paycheck Protection Program (PPP) in early 2021 disbursed equitably to minority communities? This paper provides the first analysis of how PPP funds were disbursed to minority communities in the third and final round of the program, which was...

Persistent link: https://www.econbiz.de/10012938701

Risk-Taking and Monetary Policy Transmission : Evidence from Loans to SMEs and Large Firms

Caglio, Cecilia R.; Darst, R. Matthew; Kalemli-Ozcan, Sebnem - National Bureau of Economic Research - 2021

market. First, private SMEs typically utilize all available bank credit which comprises their entire balance sheet debt …, compared to large listed firms who can switch between corporate bonds and drawing from credit lines. Second, SMEs borrow … shorter maturity and pay higher interest rates relative to large publicly listed firms. Third, SMEs more frequently use future …

Persistent link: https://www.econbiz.de/10012510563

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

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