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Working Paper
Business complexity and risk management: evidence from operational risk events in U. S. bank holding companies
Wang, Jianlin; Chernobai, Anna; Ozdagli, Ali K. (2016-10-01)
How does business complexity affect risk management in financial institutions? The commonly used risk measures rely on either balance-sheet or market-based information, both of which may suffer from identification problems when it comes to answering this question. Balance-sheet measures, such as return on assets, capture the risk when it is realized, while empirical identification requires knowledge of the risk when it is actually taken. Market-based measures, such as bond yields, not only ignore the problem that investors are not fully aware of all the risks taken by management due to ...
Working Papers , Paper 16-16

Report
Grown-up business cycles
Sahin, Aysegul; Pugsley, Benjamin (2014-12-01)
We document two striking facts about U.S. firm dynamics and interpret their significance for employment dynamics. The first is the dramatic decline in firm entry and the second is the gradual shift of employment toward older firms since 1980. We show that despite these trends, the lifecycle dynamics of firms and their business cycle properties have remained virtually unchanged. Consequently, aging is the delayed effect of accumulating startup deficits. Together, the decline in the employment contribution of startups and the shift of employment toward more mature firms contributed to the ...
Staff Reports , Paper 707

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

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

Report
The role of start-ups in structural transformation
Karahan, Fatih; Sahin, Aysegul; Dent, Robert C.; Pugsley, Benjamin (2016-01-01)
The U.S. economy has been going through a striking structural transformation?the secular reallocation of employment across sectors?over the past several decades. We propose a decomposition framework to assess the contributions of various margins of firm dynamics to this shift. Using firm-level data, we find that at least 50 percent of the adjustment has been taking place along the entry margin, owing to sectors receiving shares of start-up employment that differ from their overall employment shares. The rest is mostly the result of life cycle differences across sectors. Declining overall ...
Staff Reports , Paper 762

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

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
Shared Destinies? Small Banks and Small Business Consolidation
Brennecke, Claire; Jacewitz, Stefan; Pogach, Jonathan (2022-01-14)
We identify a new source of bank consolidation in the United States. For decades, boththe financial and real sides of the economy have experienced considerable consolidation. Weshow that banking-sector consolidation is, in part, a consequence of real-sector consolidation;because small banks are a disproportionate source of small-business credit, they are disproportionately exposed to shocks to small-business growth. Using a Bartik instrument based onnational small-business trends and county-level industry exposure, we show that changes tothe real-side demand for small-business credit is ...
Research Working Paper , Paper RWP 21-19

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

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