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Federal Home Loan Bank Advances and Small Business Lending 联邦住房贷款银行预支和小企业贷款
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2015-01-07 DOI: 10.57229/2373-1761.1255
Travis Davidson, W. Simpson
{"title":"Federal Home Loan Bank Advances and Small Business Lending","authors":"Travis Davidson, W. Simpson","doi":"10.57229/2373-1761.1255","DOIUrl":"https://doi.org/10.57229/2373-1761.1255","url":null,"abstract":"Adequate credit availability for small businesses is an important public policy issue because small businesses are essential for employment and economic growth for the economy. The Gramm-Leach-Bliley Act of 1999 includes a provision that could potentially support financial institutions in the provision of credit to small businesses through the use of advances from the Federal Home Loan Bank (FHLB) system that are secured with small business loans. We explore the relation between FHLB advances to financial institutions and the provision of loans to small businesses. We find a positive link between the change in FHLB advances and the change in small business loans and the level of FHLB advances and the level of small business loans. This relation holds for large and small banks and pre- and post-2007 recession. However, we find that the change in the proportion of small business loans to assets is only positively related to the change in the advances to assets ratio prior to the recessionary period. This suggests that banks substitute small business loans for other types of assets during relatively normal economic periods, but FHLB advances are a source of wholesale funds that will be invested in the most attractive financial assets available with no preference for any particular asset during periods of contracting credit.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123908043","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}
引用次数: 5
Organizational Emergence: The Impact of Entrepreneurs' Behaviors on External Financing 组织涌现:企业家行为对外部融资的影响
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2014-11-01 DOI: 10.2139/SSRN.2844931
Casey J. Frid, W. Gartner
{"title":"Organizational Emergence: The Impact of Entrepreneurs' Behaviors on External Financing","authors":"Casey J. Frid, W. Gartner","doi":"10.2139/SSRN.2844931","DOIUrl":"https://doi.org/10.2139/SSRN.2844931","url":null,"abstract":"Research on entrepreneurs’ acquisition of external financing focuses on their attitudes toward risk, and investors’ perceptions of the venture. This study investigates the discrete behaviors undertaken by nascent entrepreneurs. Exploration of the shape of individual hazard functions determines when external financing is received, and relationships between external funding and predictor variables link characteristics of the venture to action. Based on nationally representative data from the PSED II, nascent entrepreneurs receive financing late in the process: 2 years, 5 months after initial conception of the business idea. Entrepreneurs with a higher net worth, starting ventures at dedicated locations outside the home, are more likely to acquire external financing earlier. This study sheds light on the heterogeneity of entrepreneurial acts, one of the micro- foundations of entrepreneurship.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115086355","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}
引用次数: 0
Do Banks or VCs Spur Small Firm Growth? 银行或风投能刺激小企业成长吗?
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2014-10-31 DOI: 10.2139/ssrn.2517291
Rebel A. Cole, Douglas J. Cumming, Dan Li
{"title":"Do Banks or VCs Spur Small Firm Growth?","authors":"Rebel A. Cole, Douglas J. Cumming, Dan Li","doi":"10.2139/ssrn.2517291","DOIUrl":"https://doi.org/10.2139/ssrn.2517291","url":null,"abstract":"It is well accepted that access to entrepreneurial finance encourages entrepreneurship and growth. Empirical studies on topic, however, segregate the effect of entrepreneurial finance on entrepreneurship by the source of capital. In this paper, we compare the effect of two main sources of entrepreneurial finance on small firm formation and growth: banks versus venture capital (VC). Based on U.S. data spanning 1995–2011, and regardless of controls for endogeneity, we find the effect of VC to be both economically and statistically significant in stimulating new firms, new establishments, new employment, and new payroll. We do not find similar evidence for banks.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"133 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127363752","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}
引用次数: 54
Private Equity in Clean Technology: An Exploratory Study of the Finance-Innovation-Policy Nexus 私募股权投资清洁技术:金融-创新-政策关系的探索性研究
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2014-09-25 DOI: 10.2139/ssrn.2501297
Michael Migendt, F. Schock, Florian A. Täube, Paschen von Flotow, Friedemann Polzin
{"title":"Private Equity in Clean Technology: An Exploratory Study of the Finance-Innovation-Policy Nexus","authors":"Michael Migendt, F. Schock, Florian A. Täube, Paschen von Flotow, Friedemann Polzin","doi":"10.2139/ssrn.2501297","DOIUrl":"https://doi.org/10.2139/ssrn.2501297","url":null,"abstract":"The role of technological innovation in mitigating climate change has received growing interest in recent years. However, extant literature has neglected a more holistic view on equity financing and the indirect effects of innovation and financial policy on financing innovation through private equity (PE) and venture capital (VC). In this paper, we emphasize the importance of this understudied aspect through a comparative case study of private equity and venture capital for clean technologies in the United States and Germany. We find that systemic interdependencies between institutional investors, PE/ VC and policy makers influence the conditions for innovation – the “finance-innovation-policy nexus”. Adverse effects of policies affecting financial markets, in particular institutional investors, have to be taken into account to effectively mobilize private investments for (cleantech) innovation.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133227377","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}
引用次数: 5
The Direct and Indirect Effects of Small Business Administration Lending on Growth: Evidence from U.S. County-Level Data 小企业管理局贷款对经济增长的直接和间接影响:来自美国县级数据的证据
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2014-09-24 DOI: 10.2139/ssrn.2500825
A. Young, Matthew J. Higgins, D. Lacombe, B. Stenard
{"title":"The Direct and Indirect Effects of Small Business Administration Lending on Growth: Evidence from U.S. County-Level Data","authors":"A. Young, Matthew J. Higgins, D. Lacombe, B. Stenard","doi":"10.2139/ssrn.2500825","DOIUrl":"https://doi.org/10.2139/ssrn.2500825","url":null,"abstract":"Conventional wisdom suggests that small businesses are innovative engines of Schumpetarian growth. However, as small businesses, they are likely to face credit rationing in financial markets. If true then policies that promote lending to small businesses may yield substantial economy-wide returns. We examine the relationship between Small Business Administration (SBA) lending and local economic growth using a spatial econometric framework across a sample of 3,035 U.S. counties for the years 1980 to 2009. We find evidence that a county's SBA lending per capita is associated with direct negative effects on its income growth. We also find evidence of indirect negative effects on the growth rates of neighboring counties. Overall, a 10% increase in SBA loans per capita is associated with a cumulative decrease in income growth rates of about 2%.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124023307","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}
引用次数: 14
Das richtige Timing beim Crowdfunding - Eine explorative Studie zu Projekten auf 100-Days.Net (How Timing Affects Success in Crowdfunding - An Exploratory Study from Switzerland) “众筹时代”——百日探索性研究项目瑞士的一项探索性研究:时机对众筹成功的影响
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2014-08-22 DOI: 10.2139/SSRN.2484799
Michael Beier, Kerstin Wagner
{"title":"Das richtige Timing beim Crowdfunding - Eine explorative Studie zu Projekten auf 100-Days.Net (How Timing Affects Success in Crowdfunding - An Exploratory Study from Switzerland)","authors":"Michael Beier, Kerstin Wagner","doi":"10.2139/SSRN.2484799","DOIUrl":"https://doi.org/10.2139/SSRN.2484799","url":null,"abstract":"German Abstract: Crowdfunding etabliert sich in der Schweiz. Die Erfolgsquoten sind mit 43% jedoch relativ niedrig und das Know-How, wie man eine Kampagne zum Erfolg fuhrt, fehlt oft. Ein wichtiger Faktor ist das richtige Timing. Die besten Wochentage, um in eine Kam-pagne zu starten, sind Montag und Dienstag. Dies zeigt, dass die grundsatzliche Bereitschaft von potentiellen Geldgebern zu Donations am Anfang der Woche am hochsten ist und bis Ende der Woche abnimmt und seinen Tiefpunkt am Samstag erreicht hat. Die hochsten Betrage hingegen werden Freitag und Samstag gegeben. Wahrend der Durchschnitt uber alle Projekt bei 128 Franken liegt, ist der Betrag pro Geldgeber am Freitag mit 148 Franken deutlich hoher. Insgesamt lasst sich anhand der Kurvenverlaufe antizipieren, wie Geldgeber ihre Donation-Aktivitaten in ihren allgemeinen Tagesverlauf einbinden.English Abstract: Funding activities of backers in reward-based crowdfunding vary substantially over the time of a campaign. Although the first days of a campaign appear to be crucial for the trajectory of a campaign, to date no quantitative study has assessed the role of the starting day of the week and how timing during the first days affects the success of a crowdfunding campaign. Drawing on a dataset of 492 projects on the Swiss crowdfunding platform 100-days.net, we analyse the underlying dynamics of the first days of a campaign based on backer activities. Our results show that the weekdays Monday and Tuesday prove to be the most favourable days to start a crowdfunding campaign. We further show that specific starting conditions affect the success or failure of a crowdfunding campaign.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134045464","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}
引用次数: 3
Ownership Structure and Stock Returns: Analysis of the Impact of Family Shareholding 股权结构与股票收益:家族持股的影响分析
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2014-07-31 DOI: 10.2139/ssrn.2474578
Nicolas Eugster
{"title":"Ownership Structure and Stock Returns: Analysis of the Impact of Family Shareholding","authors":"Nicolas Eugster","doi":"10.2139/ssrn.2474578","DOIUrl":"https://doi.org/10.2139/ssrn.2474578","url":null,"abstract":"This paper examines the relationship between the ownership structure and the stock returns for a sample of 195 companies listed on the Swiss Exchange for the period 2003-2013. The distinction is made between family firms, widely held firms and those owned by another blockholder, as well as between the generation of the family firm and the active involvement of the family in the management of the company. The results of the study show that differences in the ownership structure of companies have a non-negligible influence on the stock value and investment strategies based on the latter provide significant abnormal returns.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117085451","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}
引用次数: 1
Early-Stage Investors’ Criteria and New Venture Financial Performance: Are They Related? 早期投资者的标准与新创企业的财务绩效:它们是否相关?
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2014-04-22 DOI: 10.2139/ssrn.2456197
Luisa Alemany, Jaume Villanueva
{"title":"Early-Stage Investors’ Criteria and New Venture Financial Performance: Are They Related?","authors":"Luisa Alemany, Jaume Villanueva","doi":"10.2139/ssrn.2456197","DOIUrl":"https://doi.org/10.2139/ssrn.2456197","url":null,"abstract":"In this study, we examine whether there is a relationship between the three key espoused criteria that early-stage investors use for evaluating new venture opportunities (the entrepreneurial team, the market potential and the product/service) and subsequent new venture performance. We test this with a sample of 55 new ventures that were evaluated by a group of angel investors during 2010-11, as they entered the business angel network evaluation process, and public financial information about these ventures that was collected in 2012. Our results suggest that investors’ most common criteria for picking new venture opportunities, with the exception of founder team assessments, are not very predictive of future venture performance. Our study contributes to the long-standing debate on what are the critical dimensions that investors should pay attention to when evaluating opportunities and, more generally, to the under-researched topic of what drives early-stage investment performance, at least at the pre-investment and deal evaluation stages.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"374 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113995832","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}
引用次数: 10
Tangled Up in Tape: The Continuing Tax Compliance Plight of the Small and Medium Enterprise Business Sector 缠在胶带上:中小企业部门持续的税收合规困境
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2014-02-25 DOI: 10.2139/ssrn.2479153
P. Lignier, C. Evans, B. Tran-Nam
{"title":"Tangled Up in Tape: The Continuing Tax Compliance Plight of the Small and Medium Enterprise Business Sector","authors":"P. Lignier, C. Evans, B. Tran-Nam","doi":"10.2139/ssrn.2479153","DOIUrl":"https://doi.org/10.2139/ssrn.2479153","url":null,"abstract":"Firms in the small and medium enterprise (SME) sector have to contend not just with the burden of tax. They also have to comply with obligations imposed by the tax system. Studies invariably show such tax compliance costs to be high and regressive. This article reports on a recent large-scale Australian study which confirm previous research and also suggests that tax compliance costs for SMEs are not diminishing over time, despite tax administrative reform and technological advances designed to reduce such costs. The outcomes of the study have significant implications for businesses in the SME sector, their advisers, administrators working with revenue authorities and policy-makers at the governmental level.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134499760","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}
引用次数: 30
External Capital Access and New Product Launch in Start-Up Firms with Uncertain Intellectual Property Rights 知识产权不确定创业企业的外部资本获取与新产品发布
ERPN: Entrepreneurs (Finance) (Topic) Pub Date : 2013-11-15 DOI: 10.2139/ssrn.2356193
Diana Heger, K. Hussinger
{"title":"External Capital Access and New Product Launch in Start-Up Firms with Uncertain Intellectual Property Rights","authors":"Diana Heger, K. Hussinger","doi":"10.2139/ssrn.2356193","DOIUrl":"https://doi.org/10.2139/ssrn.2356193","url":null,"abstract":"Classical patent literature assumes that patents grant well-defined legal rights to exclude others from practicing an invention. In this scenario, start-up companies benefit from the exclusive right to commercialize patent-protected inventions and the certification effect of patents which signals the ventures’ “quality” to investors. If the decision about patent applications is pending at the patent office patent rights become probabilistic and both effects may not realize. We show that start-up companies are reluctant to launch new products if patents are pending. Further, pending patents attract risk-seeking investors (venture capitalists), while more cautious investors (banks) do not react on pending patents.","PeriodicalId":409712,"journal":{"name":"ERPN: Entrepreneurs (Finance) (Topic)","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115480621","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}
引用次数: 1
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