Sabrina T. Howell, Theresa Kuchler, David Snitkof, J. Stroebel, Jun Wong
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 eliminating unobservable credit risk as a factor in explaining differential lending by race. We document that even after controlling for a firm’s zip code, industry, loan size, PPP approval date, and other characteristics, Black-owned businesses were 12.1 percentage points (70% of the mean) more likely to obtain their PPP loan from a fintech lender than a traditional bank. Among conventional lenders, smaller banks were much less likely to lend to Black-owned firms, while the Top-4 banks exhibited little to no disparity after including controls. We use novel data to show that the disparity is not primarily explained by differences in pre-existing bank or credit relationships, firm financial positions, fintech affinity, or borrower application behavior. In contrast, we document that Black-owned businesses’ higher rate of borrowing from fintechs compared to smaller banks is particularly large in places with high racial animus, pointing to a potential role for discrimination in explaining some of the racial disparities in small business lending. We find evidence that when small banks automate their lending processes, and thus reduce human involvement in the loan origination process, their rate of PPP lending to Black-owned businesses increases, with larger effects in places with more racial animus.
{"title":"Racial Disparities in Access to Small Business Credit: Evidence from the Paycheck Protection Program","authors":"Sabrina T. Howell, Theresa Kuchler, David Snitkof, J. Stroebel, Jun Wong","doi":"10.2139/ssrn.3939384","DOIUrl":"https://doi.org/10.2139/ssrn.3939384","url":null,"abstract":"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 eliminating unobservable credit risk as a factor in explaining differential lending by race. We document that even after controlling for a firm’s zip code, industry, loan size, PPP approval date, and other characteristics, Black-owned businesses were 12.1 percentage points (70% of the mean) more likely to obtain their PPP loan from a fintech lender than a traditional bank. Among conventional lenders, smaller banks were much less likely to lend to Black-owned firms, while the Top-4 banks exhibited little to no disparity after including controls. We use novel data to show that the disparity is not primarily explained by differences in pre-existing bank or credit relationships, firm financial positions, fintech affinity, or borrower application behavior. In contrast, we document that Black-owned businesses’ higher rate of borrowing from fintechs compared to smaller banks is particularly large in places with high racial animus, pointing to a potential role for discrimination in explaining some of the racial disparities in small business lending. We find evidence that when small banks automate their lending processes, and thus reduce human involvement in the loan origination process, their rate of PPP lending to Black-owned businesses increases, with larger effects in places with more racial animus.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133328298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A company’s existence (the values, how we act and what we tolerate) is called ‘corporate culture’ and the one thing that can actively influence the bottom line is how the corporate culture is defined or curated. Corporate culture can be shared values, attitudes, operating standards and believes that characterise members for an organisation and define its nature. Corporate culture is rooted in an organisational goals, strategies, structures, and approaches to labour. This is not often considered because the benefits and/or disadvantages are often non-financial i.e. the loss of talented staff, team members that are not client centric etc. However, this can be managed through having good corporate governance practices.
{"title":"The Governance of Corporate Culture","authors":"S. Tshabalala","doi":"10.2139/ssrn.3920003","DOIUrl":"https://doi.org/10.2139/ssrn.3920003","url":null,"abstract":"A company’s existence (the values, how we act and what we tolerate) is called ‘corporate culture’ and the one thing that can actively influence the bottom line is how the corporate culture is defined or curated. Corporate culture can be shared values, attitudes, operating standards and believes that characterise members for an organisation and define its nature. Corporate culture is rooted in an organisational goals, strategies, structures, and approaches to labour. This is not often considered because the benefits and/or disadvantages are often non-financial i.e. the loss of talented staff, team members that are not client centric etc. However, this can be managed through having good corporate governance practices.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115092525","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
B. T. Howe, Rahul C. Basole, Yushim Kim, K. Mossberger, Scott J. LaCombe, Caroline J. Tolbert
A collection of contributed multi-disciplinary insights from researchers on the evolving nature of big data and its relevance to entrepreneurship research.
汇集了研究人员对大数据不断演变的本质及其与创业研究的相关性的多学科见解。
{"title":"Big Data Directions in Entrepreneurship Research: Researcher Viewpoints","authors":"B. T. Howe, Rahul C. Basole, Yushim Kim, K. Mossberger, Scott J. LaCombe, Caroline J. Tolbert","doi":"10.2139/ssrn.3874681","DOIUrl":"https://doi.org/10.2139/ssrn.3874681","url":null,"abstract":"A collection of contributed multi-disciplinary insights from researchers on the evolving nature of big data and its relevance to entrepreneurship research.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"16 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126043982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Melissa C. Chow, Teresa C. Fort, Christopher F. Goetz, Nathan Goldschlag, E. Perlman, Martha Harrison Stinson, Kirk White
In this paper we describe the U.S. Census Bureau's redesign and production implementation of the Longitudinal Business Database (LBD) rst introduced by Jarmin and Miranda (2002). The LBD is used to create the Business Dynamics Statistics (BDS), tabulations describing the entry, exit, expansion, and contraction of businesses. The new LBD and BDS also incorporate information formerly provided by the Statistics of U.S. Businesses program, which produced similar year-to-year measures of employment and establishment flows. We describe in detail how the LBD is created from curation of the input administrative data, longitudinal matching, retiming of economic census-year births and deaths, creation of vintage consistent industry codes and noise factors, and the creation and cleaning of each year of LBD data. This documentation is intended to facilitate the proper use and understanding of the data by both researchers with approved projects accessing the LBD microdata and those using the BDS tabulations.
{"title":"Redesigning the Longitudinal Business Database","authors":"Melissa C. Chow, Teresa C. Fort, Christopher F. Goetz, Nathan Goldschlag, E. Perlman, Martha Harrison Stinson, Kirk White","doi":"10.3386/w28839","DOIUrl":"https://doi.org/10.3386/w28839","url":null,"abstract":"In this paper we describe the U.S. Census Bureau's redesign and production implementation of the Longitudinal Business Database (LBD) rst introduced by Jarmin and Miranda (2002). The LBD is used to create the Business Dynamics Statistics (BDS), tabulations describing the entry, exit, expansion, and contraction of businesses. The new LBD and BDS also incorporate information formerly provided by the Statistics of U.S. Businesses program, which produced similar year-to-year measures of employment and establishment flows. We describe in detail how the LBD is created from curation of the input administrative data, longitudinal matching, retiming of economic census-year births and deaths, creation of vintage consistent industry codes and noise factors, and the creation and cleaning of each year of LBD data. This documentation is intended to facilitate the proper use and understanding of the data by both researchers with approved projects accessing the LBD microdata and those using the BDS tabulations.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"372 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122851485","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Catherine Fazio, Jorge Guzmán, Scott Stern, Yupeng Liu
Leveraging data from eight U.S. states from the Startup Cartography Project, this paper provides new insight into the changing nature and geography of entrepreneurship in the wake of the COVID pandemic. Consistent with other data sources, following an initial decline, the overall level of state-level business registrations not only rebounds but increases across all eight states. We focus here on the significant heterogeneity in this dynamic pattern of new firm formation across and within states. Specifically, there are significant differences in the dynamics of new business registrants across neighborhoods in terms of race and socioeconomic status. Areas including a higher proportion of Black residents, and more specifically higher median income Black neighborhoods, are associated with higher growth in startup formation rates between 2019 and 2020. Moreover, these dynamics are reflected in the passage of the major Federal relief packages. Even though legislation such as the CARES Act did not directly support new business formation, the passage and implementation of relief packages was followed by a relative increase in start-up formation rates, particularly in neighborhoods with higher median incomes and a higher proportion of Black residents.
{"title":"How is Covid Changing the Geography of Entrepreneurship? Evidence from the Startup Cartography Project","authors":"Catherine Fazio, Jorge Guzmán, Scott Stern, Yupeng Liu","doi":"10.3386/W28787","DOIUrl":"https://doi.org/10.3386/W28787","url":null,"abstract":"Leveraging data from eight U.S. states from the Startup Cartography Project, this paper provides new insight into the changing nature and geography of entrepreneurship in the wake of the COVID pandemic. Consistent with other data sources, following an initial decline, the overall level of state-level business registrations not only rebounds but increases across all eight states. We focus here on the significant heterogeneity in this dynamic pattern of new firm formation across and within states. Specifically, there are significant differences in the dynamics of new business registrants across neighborhoods in terms of race and socioeconomic status. Areas including a higher proportion of Black residents, and more specifically higher median income Black neighborhoods, are associated with higher growth in startup formation rates between 2019 and 2020. Moreover, these dynamics are reflected in the passage of the major Federal relief packages. Even though legislation such as the CARES Act did not directly support new business formation, the passage and implementation of relief packages was followed by a relative increase in start-up formation rates, particularly in neighborhoods with higher median incomes and a higher proportion of Black residents.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124235208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This ‘Debate Essay’ responds to the extensive overview of research on new venture survival provided by Soto-Simeone et al. (2020). The material they reviewed exclusively emphasised the link between the talents, skills, awareness of the business owner and new venture outcomes. Our case is that such a review is incomplete, even misleading, because it omits the key concept of “chance,” and all references to the stream of literature demonstrating that new venture performance is best explained by the gambling analogy. We therefore set out the Gambler’s Ruin Model in which new venture performance is a random walk and exit depends on access to financial resources – chips. This model takes the entrepreneur out of entrepreneurship.
{"title":"Taking the Entrepreneur out of Entrepreneurship","authors":"Alex Coad, D. Storey","doi":"10.2139/ssrn.3865618","DOIUrl":"https://doi.org/10.2139/ssrn.3865618","url":null,"abstract":"This ‘Debate Essay’ responds to the extensive overview of research on new venture survival provided by Soto-Simeone et al. (2020). The material they reviewed exclusively emphasised the link between the talents, skills, awareness of the business owner and new venture outcomes. Our case is that such a review is incomplete, even misleading, because it omits the key concept of “chance,” and all references to the stream of literature demonstrating that new venture performance is best explained by the gambling analogy. We therefore set out the Gambler’s Ruin Model in which new venture performance is a random walk and exit depends on access to financial resources – chips. This model takes the entrepreneur out of entrepreneurship.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114514943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Silicon Valley Venture Capitalist Confidence IndexTM (Bloomberg ticker symbol: SVVCCI) is based on a recurring quarterly survey (since Q1 2004) of Silicon Valley/San Francisco Bay Area venture capitalists. The Index measures and reports the opinions of professional venture capitalists on their estimations of the high-growth venture entrepreneurial environment in the San Francisco Bay Area over the next 6 - 18 months. The Silicon Valley Venture Capitalist Confidence IndexTM for the third quarter of 2020, based on a September 2020 survey of 31 San Francisco Bay Area venture capitalists, registered 3.39 on a 5-point scale (with 5 indicating high confidence and 1 indicating low confidence). This quarter’s Index measurement rose for the second consecutive quarter from the all-time low reading of 2.33 in the first quarter of 2020. Please see Graph 1 for quarterly trend data.
{"title":"Silicon Valley Venture Capitalist Confidence IndexTM Research Report Q3 2020","authors":"M. Cannice","doi":"10.2139/ssrn.3772333","DOIUrl":"https://doi.org/10.2139/ssrn.3772333","url":null,"abstract":"The Silicon Valley Venture Capitalist Confidence IndexTM (Bloomberg ticker symbol: SVVCCI) is based on a recurring quarterly survey (since Q1 2004) of Silicon Valley/San Francisco Bay Area venture capitalists. The Index measures and reports the opinions of professional venture capitalists on their estimations of the high-growth venture entrepreneurial environment in the San Francisco Bay Area over the next 6 - 18 months. The Silicon Valley Venture Capitalist Confidence IndexTM for the third quarter of 2020, based on a September 2020 survey of 31 San Francisco Bay Area venture capitalists, registered 3.39 on a 5-point scale (with 5 indicating high confidence and 1 indicating low confidence). This quarter’s Index measurement rose for the second consecutive quarter from the all-time low reading of 2.33 in the first quarter of 2020. Please see Graph 1 for quarterly trend data.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127111144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Atul Gupta, Sabrina T. Howell, Constantine Yannelis, Abhinav Gupta
The past two decades have seen a dramatic increase in private equity investment in healthcare, a sector in which intensive government subsidy and market frictions could lead high-powered for-profit incentives to be misaligned with the social goals of quality care at a reasonable cost. This paper studies the effects of private equity ownership on patient welfare and spending at nursing homes. With administrative patient-level data, we use a within-facility instrumental variables strategy to address both non-random targeting of facilities and non-random matching of patients into nursing homes. The estimates show that private equity ownership increases short-term mortality by 10%, which implies about 21,000 lives lost due to private equity ownership over our sample period. Private equity ownership also increases spending by 19%, the vast majority of which is billed to taxpayers. We observe several channels that help explain the increase in mortality: declines in patient-level health measures, such as worsening mobility and elevated use of anti-psychotic medications; declines in nurse availability per patient; and declines in compliance with federal and state standards of care.
{"title":"Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes","authors":"Atul Gupta, Sabrina T. Howell, Constantine Yannelis, Abhinav Gupta","doi":"10.2139/ssrn.3785329","DOIUrl":"https://doi.org/10.2139/ssrn.3785329","url":null,"abstract":"The past two decades have seen a dramatic increase in private equity investment in healthcare, a sector in which intensive government subsidy and market frictions could lead high-powered for-profit incentives to be misaligned with the social goals of quality care at a reasonable cost. This paper studies the effects of private equity ownership on patient welfare and spending at nursing homes. With administrative patient-level data, we use a within-facility instrumental variables strategy to address both non-random targeting of facilities and non-random matching of patients into nursing homes. The estimates show that private equity ownership increases short-term mortality by 10%, which implies about 21,000 lives lost due to private equity ownership over our sample period. Private equity ownership also increases spending by 19%, the vast majority of which is billed to taxpayers. We observe several channels that help explain the increase in mortality: declines in patient-level health measures, such as worsening mobility and elevated use of anti-psychotic medications; declines in nurse availability per patient; and declines in compliance with federal and state standards of care.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126455479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study investigates 12 DSE listed miscellaneous companies' performance based on Dickinson's cash flow and life-cycle measure theory. This correlational research is conducted using the magnitude of cash flows and other variables. Finally, the interpreted regression analysis shows the profitability status of firms in their life-cycle proxies. The result shows strong evidence about the positive association of long-term debt, short-term liquidity, and meeting frequency with sample firms' profitability. Likewise, this research shows a negative association of inventories, Female BOD members, Board Size, and independent Board of directors with sample firms' profitability (ROA). This research also shows a robust positive association between firms' profitability and the life-cycle decline stage.
The report has five chapters. Chapter one is the introductory part, comprising the research objective, limitations, theoretical and practical contribution of the study, and thesis framework. The second chapter is 'Literature Review,' which contains corporate life cycle theory and research objective, summaries of related research papers, and articles. Chapter three is 'Research Methodology,' which includes detailed data collection methods, sample size description, research model (Regression model), and specific definitions of variables. Chapter four is 'Results analysis,' comprising descriptive statistics, correlation statistics, regression results with interpretation, and other relevant tables and figures. Finally, Chapter Five is 'Findings, Recommendations & Conclusion' - including significant findings and recommendations with further research scope at the end of this thesis report.
{"title":"Corporate Life Cycle and Firms’ Performance: An Empirical Study on DSE Listed Companies (Miscellaneous Sector)","authors":"Nafiz Mahmud Mazumder","doi":"10.2139/ssrn.3785942","DOIUrl":"https://doi.org/10.2139/ssrn.3785942","url":null,"abstract":"This study investigates 12 DSE listed miscellaneous companies' performance based on Dickinson's cash flow and life-cycle measure theory. This correlational research is conducted using the magnitude of cash flows and other variables. Finally, the interpreted regression analysis shows the profitability status of firms in their life-cycle proxies. The result shows strong evidence about the positive association of long-term debt, short-term liquidity, and meeting frequency with sample firms' profitability. Likewise, this research shows a negative association of inventories, Female BOD members, Board Size, and independent Board of directors with sample firms' profitability (ROA). This research also shows a robust positive association between firms' profitability and the life-cycle decline stage.<br><br>The report has five chapters. Chapter one is the introductory part, comprising the research objective, limitations, theoretical and practical contribution of the study, and thesis framework. The second chapter is 'Literature Review,' which contains corporate life cycle theory and research objective, summaries of related research papers, and articles. Chapter three is 'Research Methodology,' which includes detailed data collection methods, sample size description, research model (Regression model), and specific definitions of variables. Chapter four is 'Results analysis,' comprising descriptive statistics, correlation statistics, regression results with interpretation, and other relevant tables and figures. Finally, Chapter Five is 'Findings, Recommendations & Conclusion' - including significant findings and recommendations with further research scope at the end of this thesis report.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124784401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
How do persistent cash flow shocks affect debt repayment across the distribution of households? Using individual data on natural gas shale royalty payments matched with credit bureau data for 215,639 consumers, we estimate that individuals repay 33 cents of debt per dollar of windfall, and that initially-subprime individuals repay approximately 5 times more debt than initially-prime individuals do. This difference in debt repayment is driven by changes to revolving debt balances. Finally, we show that debt repayment precedes durable goods consumption, particularly for households who were initially financially constrained. These results shed new light on how deleveraging affects household consumption.
{"title":"Shale Shocked: Cash Windfalls and Household Debt Repayment","authors":"J. Cookson, E. Gilje, Rawley Z. Heimer","doi":"10.2139/ssrn.3682223","DOIUrl":"https://doi.org/10.2139/ssrn.3682223","url":null,"abstract":"How do persistent cash flow shocks affect debt repayment across the distribution of households? Using individual data on natural gas shale royalty payments matched with credit bureau data for 215,639 consumers, we estimate that individuals repay 33 cents of debt per dollar of windfall, and that initially-subprime individuals repay approximately 5 times more debt than initially-prime individuals do. This difference in debt repayment is driven by changes to revolving debt balances. Finally, we show that debt repayment precedes durable goods consumption, particularly for households who were initially financially constrained. These results shed new light on how deleveraging affects household consumption.","PeriodicalId":325993,"journal":{"name":"Ewing Marion Kauffman Foundation Research Paper Series","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127570061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：