Events

The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and Labor Markets

Good Booms, Bad Booms Credit booms are not rare; some end in a crisis (bad booms) while others do not (good booms). We document that credit booms start with an increase in productivity growth, which subsequently falls faster during bad booms. We develop a model in which a crisis happens Read more…

Do ETFs increase the commonality in liquidity of underlying stocks? We examine the impact of ETF ownership on the commonality in liquidity of the stocks held by ETFs, while controlling for the ownership by other institutional investors. Our results indicate that ETF ownership significantly increases the liquidity commonality on account Read more…

Accelerator programs and the Regional Supply of Venture Capital Investment We examine the impact of seed accelerator programs-fixed-term, cohort-based educational and mentorship programs for startups-on the seed and early stage financing ecosystem of the regions in which they locate. We use a difference-in-differences approach that utilizes the staggered introduction of Read more…