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Working Paper
Firm Entry and Employment Dynamics in the Great Recession
Siemer, Michael (2014-07-30)
The 2007-2009 recession is characterized by: a large drop in employment, an unprecedented decline in firm entry, and a slow recovery. Using confidential firm-level data, I show that financial constraints reduced employment growth in small relative to large firms by 4.8 to 10.5 percentage points. The effect of financial constraints is robust to controlling for aggregate demand and is particularly strong in small young firms. I show in a heterogeneous firms model with endogenous firm entry and financial constraints that a large financial shock results in a long-lasting recession caused by a ...
Finance and Economics Discussion Series , Paper 2014-56

Working Paper
Is Lending Distance Really Changing? Distance Dynamics and Loan Composition in Small Business Lending
Brevoort, Kenneth P.; Adams, Robert M.; Driscoll, John C. (2021-02-16)
Has information technology improved small businesses' access to credit by hardening the information used in loan underwriting and reducing the importance of proximity to lenders? Previous research, pointing to increasing average lending distances, suggests that it has. But this conclusion can obscure differences across loans and lenders. Using over 20 years of Community Reinvestment Act data on small business lending, we find that while average distances have increased substantially, distances at individual banks remain unchanged. Instead, average distance has increased because a small group ...
Finance and Economics Discussion Series , Paper 2021-011

Journal Article
Profits and balance sheet developments at U.S. commercial banks in 2006
Carlson, Mark A.; Weinbach, Gretchen C. (2007-07)
The U.S. commercial banking industry continued to be quite profitable in 2006, and industry assets grew considerably. The strength in profitability and growth of bank balance sheets last year reflected favorable U.S. financial market conditions and the generally solid economic expansion. Industry return on equity advanced from its 2005 level, and the return on assets edged up to match its highest annual level in recent decades. Profitability was supported by brisk growth in non-interest income and generally strong asset quality; the flattening of the yield curve and competitive pressures, ...
Federal Reserve Bulletin , Volume 93 , Issue Jul

Discussion Paper
The Financing Experiences of Nonemployer Firms: Evidence from the 2014 Joint Small Business Credit Survey
Rosoff, Stephanie; Terry, Ellie (2015-07-01)
Businesses without employees—or nonemployer firms—make up the majority of small businesses in the United States, but little is known about their financial lives, including their business financing needs and experiences. In this paper, we discuss findings from data on non-employer firms in the 2014 Joint Small Business Credit Survey, a new annual survey by the Federal Reserve Banks of Atlanta, Cleveland, New York, and Philadelphia. Our results indicate that non-employers use financing less than employers do. They hold less debt and apply for financing at lower rates, even when controlling ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2015-03

Working Paper
Firm Exit and Liquidity: Evidence from the Great Recession
Leibovici, Fernando; Wiczer, David (2023-05)
This paper studies the role of credit constraints in accounting for the dynamics of firm exit during the Great Recession. We present novel firm-level evidence on the role of credit constraints on exit behavior during the Great Recession. Firms in financial distress, with tighter access to credit, are more likely to default than firms with more access to credit. This difference widened substantially in the Great Recession while, in contrast, default rates did not vary much by size, age, or productivity. We identify conditions under which standard models of firms subject to financial frictions ...
Working Papers , Paper 2023-011

Journal Article
Profits and balance sheet developments at U.S. commercial banks in 2007
Bassett, William F.; King, Thomas B. (2008-06)
Reviews recent developments in the balance sheets and in the profitability of U.S. commercial banks. The article discusses how developments in the U.S. banking industry in 2007 and early 2008 were related to changes in financial markets and in the broader economy.
Federal Reserve Bulletin , Volume 94 , Issue Jun , Pages A1-A39

Working Paper
Internationalization and bank risk
El Ghoul, Sadok; Berger, Allen N.; Roman, Raluca; Guedhami, Omrane (2015-09-03)
This paper documents a positive relation between internationalization and bank risk. This is consistent with the empirical dominance of the market risk hypothesis ? whereby internationalization increases banks' risk due to market-specific factors in foreign markets ? over the diversification hypothesis ? whereby internationalization allows banks to reduce risk through diversification of their operations. The results continue to hold following a variety of robustness tests, including endogeneity and sample selection bias. We also find that the magnitude of this effect is more pronounced during ...
Research Working Paper , Paper RWP 15-8

Journal Article
Global integration in the banking industry
Smith, David C.; Berger, Allen N. (2003-11)
Lowered regulatory barriers and advances in technology have reduced the cost of supplying banking services across borders. At the same time, growth in activity by multinational corporations has increased the demand for international financial services. As a result, many observers believe that global integration is under way in the banking industry, that banks are expanding their reach across borders, and that many banking markets will therefore develop large foreign components. The authors report on a study conducted by them, along with Qinglei Dai and Steven Ongena, that examined the ...
Federal Reserve Bulletin , Volume 89 , Issue Nov , Pages 451-460

Working Paper
Is Bigger Necessarily Better in Community Banking?
Jagtiani, Julapa; Mester, Loretta J.; Hughes, Joseph P. (2016-06-10)
SIPERSEDED BY WP 18-11 We investigate the relative performance of publicly traded community banks (those with assets less than $10 billion) versus larger banks (those with assets between $10 billion and $50 billion). A body of research has shown that community banks have potential advantages in relationship lending compared with large banks, although newer research suggests that these advantages may be shrinking. In addition, the burdens placed on community banks by the regulatory reforms mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the need to increase ...
Working Papers , Paper 16-15

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