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How voluntary information sharing systems form : evidence from a U.S. commercial credit bureau
Liberti, José; Sturgess, Jason; Sutherland, Andrew - 2021
We use the introduction of a U.S. commercial credit bureau to study when lenders adopt voluntary information sharing technology and the resulting consequences for competition and credit access. Our results suggest that lenders trade off access to new markets against heightened competition for...
Persistent link: https://www.econbiz.de/10012608664
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Optimal dynamic fiscal policy
Tsyvinski, Aleh - 2003
Persistent link: https://www.econbiz.de/10003624620
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Evolution of Debt Financing toward Less-Regulated Financial Intermediaries in the United States
Erel, Isil; Inozemtsev, Eduard - National Bureau of Economic Research - 2024
Nonbank lenders have been playing an increasing role in supplying debt, especially after the Great Recession. How important are the distortions in the greater regulation of banks that differentially limit risk-taking across alternative providers of credit? How might the growing role of nonbanks...
Persistent link: https://www.econbiz.de/10014486206
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The Secular Decline of Bank Balance Sheet Lending
Buchak, Greg; Matvos, Gregor; Piskorski, Tomasz; Seru, Amit - National Bureau of Economic Research - 2024
The traditional model of bank-led financial intermediation, where banks issue demandable deposits to savers and make informationally sensitive loans to borrowers, has seen a dramatic decline since 1970s. Instead, private credit is increasingly intermediated through arms-length transactions, such...
Persistent link: https://www.econbiz.de/10014486266
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Where Do Banks End and NBFIs Begin?
Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - National Bureau of Economic Research - 2024
In recent years, assets of non-bank financial intermediaries (NBFIs) have grown significantly relative to those of banks. These two sectors are commonly viewed either as operating in parallel, performing different activities, or as substitutes, performing substantially similar activities, with...
Persistent link: https://www.econbiz.de/10014528356
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Crowdfunding Entrepreneurship : Evidence from US Counties
Lambert, Thomas; Ralcheva, Aleksandrina; Roosenboom, Peter - 2022
We show that the rise of crowdfunding over the past decade fostered entrepreneurship and output growth in the United …. Moreover, we uncover that crowdfunding boosts entrepreneurship by reducing geographic and demographic frictions in offline … present early evidence that this crowdfunding-entrepreneurship nexus matters significantly for growth …
Persistent link: https://www.econbiz.de/10014236375
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Returns to private equity : idiosyncratic risk does matter!
Müller, Elisabeth - 2009
Owners of private companies often invest a substantial share of their net worth in one company, which exposes them to idiosyncratic risk. For US companies we investigate whether owners require compensation for lack of diversification in the form of higher returns to equity. Exposure to...
Persistent link: https://www.econbiz.de/10003922530
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Frictional intermediation in over-the-counter markets
Hugonnier, Julien; Lester, Benjamin; Weill, Pierre-Olivier - 2018
We extend Duffie, Garleanu, and Pedersen's (2005) search-theoretic model of over-the-counter asset markets, allowing for a decentralized inter-dealer market with arbitrary heterogeneity in dealers' valuations or inventory costs. We develop a solution technique that makes the model fully...
Persistent link: https://www.econbiz.de/10011900280
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Frictional intermediation in overthecounter markets
Hugonnier, Julien; Lester, Benjamin; Weill, Pierre-Olivier - 2018
We extend Duffie, Gˆarleanu, and Pedersen’s (2005) search theoretic model of over-the-counter (OTC) asset markets, allowing for a decentralized inter-dealer market with arbitrary heterogeneity in dealers’ valuations or inventory costs. We develop a solution technique that makes...
Persistent link: https://www.econbiz.de/10011971344
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A robust valuation model for entrepreneurial ventures
Kedar-Levy, Haim - In: Journal of entrepreneurial finance : JEF ; official … 16 (2013) 2, pp. 57-74
Pro forma estimation of financial statements often builds on constant ratios to sales revenue. While constant ratios may be relevant for established firms operating in predictable industries, they yield noninformative and possibly misleading information when applied to new firms, and...
Persistent link: https://www.econbiz.de/10010345094