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Keywords:Small business 

Working Paper
Who's minding the store? motivating and monitoring hired managers at small, closely held firms: the case of commercial banks

We test whether the gains from hiring an outside manager exceed the principal-agent costs of owner-manager separation at 266 small, closely held U.S. commercial banks. Our results suggest that hiring an outside manager can improve a bank's profit efficiency, but that these gains depend on aligning the hired managers with owners via managerial shareholdings. We find that over-utilizing this control mechanism results in entrenchment, while under-utilization is costly in terms of foregone profits. This study provides a relatively unfettered test of mitigating principal-agent costs, because these ...
Working Paper Series , Paper WP-99-17

Conference Paper
The effects of bank mergers and acquisitions on small business lending

Proceedings , Paper 549

Working Paper
Bank consolidation and small business lending: it's not just bank size that matters

Concern with the potential effect of bank mergers on small business lending has stemmed from a belief that larger acquirers may be less willing than their smaller targets to be active in the small business lending market. However, we find that in roughly half the commercial and savings bank mergers of the past three years, the acquirer has a larger portfolio share of small business loans than its target; moreover, the most common acquirer of small banks is another small bank. The empirical results support the hypothesis that acquirers tend to recast the target in their own image, causing ...
Working Papers , Paper 97-1

Working Paper
Small business credit availability: how important is size of lender?

The recent relaxation of restrictions on interstate banking and branching, as well as the likely relaxation of Glass-Steagall restrictions, should encourage significant consolidation in the banking industry. Larger lenders, diversified across regions and products, will undoubtedly be less susceptible to adverse economic shocks that have buffeted the banking industry over the past decade. However, as small banks with a small business loan emphasis are absorbed into larger, more diversified lenders, which tend to focus much less on small business lending, credit availability to bank-dependent ...
Working Papers , Paper 95-5

Journal Article
Does small business need a financial fix?

An evaluation of several proposals that would promote additional lending to the small business sector, some through direct government intervention and others by changing existing regulations to promote the market's allocation of credit. The authors argue that market-oriented initiatives are the preferred approach for improving a small-business credit crunch.
Economic Commentary , Issue May

Working Paper
Transactions accounts and loan monitoring

The authors provide evidence that transactions accounts help financial intermediaries monitor borrowers by offering lenders a continuous stream of data on borrowers? account balances. This information is most readily available to commercial banks, but other intermediaries, such as finance companies, also have access to such information at a cost. Using a unique set of data that includes monthly and annual information on small-business borrowers at an anonymous Canadian bank, the authors find a significant relationship between loans becoming troubled and the number of prior borrowings in ...
Working Papers , Paper 05-14

Microenterprise and the small-dollar loan market

"Small business" is a designation that includes businesses of many different sizes with varying financial needs and access to credit. Microenterprises ? businesses with fewer than five employees ? are served primarily by the small-dollar loan market, which ranges from payday lending to microloans offered by nonprofit organizations and, to a lesser extent, loans from traditional financial institutions. This Economic Brief explores the need for and challenges facing the small-dollar loan market in the United States.
Richmond Fed Economic Brief , Issue May

Journal Article
Performance and access to government guarantees: the case of small business investment companies

This article analyzes the performance of small business investment companies (SBICs) that are chartered and regulated by the Small Business Administration (SBA). Our principal finding is that poor performance over the 1986-91 period is associated with high usage of funds from the SBA.
Economic Perspectives , Volume 20 , Issue Sep , Pages 16-32

Journal Article
Study looks at large banks' use of small business credit scoring

Financial Update , Volume 14 , Issue Jul , Pages 7

Journal Article
The self-employed

Cross Sections , Volume 7 , Issue Sum , Pages 16



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