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Publications

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  • 2021
  • Working Paper

Racial Disparities in the Paycheck Protection Program

By: Sergey Chernenko and David S. Scharfstein
Using a large sample of Florida restaurants, we document significant racial disparities in borrowing through the Paycheck Protection Program (PPP) and investigate the causes of these disparities. Black-owned restaurants are 25% less likely to receive PPP loans.... View Details
Keywords: Discrimination; Paycheck Protection Program; Economic Injury Disaster Loans; Bank Lending; Nonbank Lending; Banks and Banking; Financing and Loans; Prejudice and Bias; Race
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    Market Power in Mortgage Lending and the Transmission of Monetary Policy

    We present evidence that high concentration in mortgage lending reduces the sensitivity of mortgage rates and refinancing activity to mortgage-backed security (MBS) yields. We isolate the direct effect of concentration and rule out alternative explanations in two ways.... View Details
    • 24 Mar 2020
    • Working Paper Summaries

    Free Riding in Loan Approvals: Evidence From SME Lending in Peru

    Keywords: by Irani Arraiz, Miriam Bruhn, Benjamin N. Roth, Claudia Ruiz-Ortega, and Rodolfo Stucchi
    • 2017
    • Working Paper

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

    By: Brian S. Chen, Samuel G. Hanson and Jeremy C. Stein
    Small business lending by the four largest banks fell sharply relative to others in 2008 and remained depressed through 2014. We explore the dynamic adjustment process following this credit supply shock. In counties where the largest banks had a high market share, the... View Details
    Keywords: Small Business; Financing and Loans; Banks and Banking; System Shocks; Credit; Labor; United States
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    • October 2024
    • Article

    Racial Disparities in the Paycheck Protection Program

    By: Sergey Chernenko and David Scharfstein
    Using a large sample of Florida restaurants, we document significant racial disparities in borrowing through the Paycheck Protection Program (PPP) and investigate the causes of these disparities. Black-owned restaurants are 25% less likely to receive PPP loans.... View Details
    Keywords: Discrimination; Paycheck Protection Program; Economic Injury Disaster Loans; Bank Lending; Nonbank Lending; Banks and Banking; Financing and Loans; Prejudice and Bias; Race
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    • 2008
    • Working Paper

    Financial Development, Bank Ownership, and Growth. Or, Does Quantity Imply Quality?

    By: Shawn A. Cole
    In 1980, India nationalized its large private banks. This induced different bank ownership patterns across different towns, allowing credible identification of the effects of bank ownership on financial development, lending rates, and the quality of intermediation, as... View Details
    Keywords: Economic Growth; Credit; Banks and Banking; Interest Rates; State Ownership; Private Ownership; Banking Industry; India
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    • 2016
    • Working Paper

    Capital Requirements, Risk Choice, and Liquidity Provision in a Business Cycle Model

    By: Juliane Begenau
    This paper develops a quantitative dynamic general equilibrium model in which households' preferences for safe and liquid assets constitute a violation of Modigliani and Miller. I show that the scarcity of these coveted assets created by increased bank capital... View Details
    Keywords: Capital Requirement; Bank Regulation; Demand For Safe Assets; Business Cycles; Bank Lending; Risk Management; Financial Liquidity; Financing and Loans; Capital; Banks and Banking
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    • April 2012
    • Article

    Corporate Ownership Structure and Bank Loan Syndicate Structure

    By: Chen Lin, Yue Ma, Paul Malatesta and Yuhai Xuan
    Using a novel data set on corporate ownership and control, we show that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant impact on the concentration and composition of the firm's loan... View Details
    Keywords: Ownership; Financing and Loans; Cash Flow; Borrowing and Debt; Accounting; Crisis Management; Relationships; Law; Contracts; Banking Industry
    Related

      Bank Capital and the Low Risk Anomaly

      Minimum capital requirements are a central tool of banking regulation. Setting them balances a number of factors, including any effects on the cost of capital and in turn the rates available to borrowers. Standard theory predicts that, in perfect and efficient... View Details

        Bank Capital and the Growth of Private Credit

        We show that business development companies (BDCs)—closed-end funds that provide a significant share of nonbank loans to middle market firms—are very well capitalized according to bank capital frameworks. They have median risk-based capital ratios of about 36% and,... View Details
        • 20 Dec 2018
        • News

        Using Fintech to Disrupt Eastern Bank from Within

        • September 2019
        • Article

        The Dollar, Bank Leverage and Deviations from Covered Interest Parity

        By: Stefan Advjiev, Wenxin Du, Catherine Koch and Hyun Song Shin
        We document a triangular relationship in that a stronger dollar goes hand in hand with larger deviations from covered interest parity (CIP) and contractions of cross-border bank lending in dollars. We argue that underpinning the triangle is the role of the dollar as a... View Details
        Keywords: International Finance; Currency; Financial Markets; Banks and Banking
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        • 28 Sep 2009
        • Research & Ideas

        Improving Accountability at the World Bank

        other hand, the Bank has no required procedures for developing policy, and no clear minimum standards for soliciting or incorporating public inputs in its lending operations. As a result, public... View Details
        Keywords: by Alnoor Ebrahim
        • 30 Jan 2019
        • News

        Small-business banking is about to get a whole lot better

        • 2025
        • Working Paper

        Bank Capital and the Growth of Private Credit

        By: Sergey Chernenko, Robert Ialenti and David Scharfstein
        We show that business development companies (BDCs), a significant source of private credit, are very well capitalized according to bank capital frameworks. These types of private credit funds have median risk-based capital ratios of about 36%, which is 26 percentage... View Details
        Keywords: Financing and Loans; Capital; Credit; Financial Institutions
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        • 26 Apr 2017
        • News

        How Banks Can Compete Against an Army of Fintech Startups

        • January 2009
        • Case

        The Federal Reserve and the Banking Crisis of 1931

        By: David A. Moss and Cole Bolton
        In early October 1931, in the midst of a global economic depression, the U.S. banking system was in crisis—with bank suspensions running at near record levels. At the same time, the broader economy was sputtering, and U.S. gold reserves had come under severe pressure... View Details
        Keywords: Decision Choices and Conditions; Financial Crisis; Central Banking; Business History; Crisis Management; Banking Industry; United States
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        • 2016
        • Working Paper

        The Attenuating Effect of Banking Relationships on Credit Market Disruption

        By: Stefan Dimitriadis and Mike Horia Teodorescu
        This article examines how the relationship between banks and corporations moderates the effect of credit market disruptions. The 2008-09 financial crisis led to a dramatic restriction in the supply of credit to corporations via the syndicated loan market... View Details
        Keywords: Banks and Banking; Relationships; Financial Markets; System Shocks; Banking Industry; United States
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        • 22 Jul 2008
        • Working Paper Summaries

        Financial Development, Bank Ownership, and Growth. Or, Does Quantity Imply Quality?

        Keywords: by Shawn A. Cole; Banking
        • 01 Mar 2024
        • News

        Elevator Pitch: Banking On It

        Illustration by Drue Wagner Illustration by Drue Wagner Marc Escapa (MBA 2017) Andres Klaric (MBA 2017) Cofounders and co-CEOs, Fuse Concept: Fuse makes it easier for lenders to tackle digital innovation, offering a next-gen loan-origination platform that simplifies... View Details
        Keywords: fintech; finance; entrepreneurship; Finance