We investigate whether saving Wall Street through the Troubled Assets Relief Program (TARP) really saved Main Street during the recent financial crisis. Our difference-in-difference analysis suggests that TARP statistically and economically significantly increased net job creation and net hiring...

Purpose – The purpose of this paper is to identify which small businesses are most “debt sensitive”, or most likely to be affected by banking market conditions. Design/methodology/approach – For the primary debt sensitivity categories, the paper hypothesizes that bank conditions are most...

An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit rationing, and other inefficiencies that arise when borrowers hold ex ante private information. There is no clear empirical evidence regarding the central implication of this...