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Working Paper
Does Scale Matter in Community Bank Performance? Evidence Obtained by Applying Several New Measures of Performance
Hughes, Joseph P.; Moon, Choon-Geol; Jagtiani, Julapa; Mester, Loretta J. (2018-03-13)
SUPERSEDES WP16-15 We consider how size matters for banks in three size groups: banks with assets of less than $1 billion (small community banks), banks with assets between $1 billion and $10 billion (large community banks), and banks with assets between $10 billion and $50 billion (midsize banks). Community banks have potential advantages in relationship lending compared with large banks. However, increases in regulatory compliance and technological burdens may have disproportionately increased community banks? costs, raising concerns about small businesses? access to credit. Our evidence ...
Working Papers , Paper 18-11

Working Paper
Every Cloud has a Silver Lining: Cleansing Effects of the Portuguese Financial Crisis
Dias, Daniel A.; Marques, Carlos Robalo (2019-06-05)
Using firm-level data, this paper shows that the Portuguese financial crisis was a period of intensified productivity-enhancing reallocation. Aggregate productivity gains, both in manufacturing and services, came from relatively higher contributions of entering and exiting firms and from reallocation of resources between surviving firms. At the microlevel, the crisis reduced the probability of survival for high- and low-productivity firms, but it hit low-productivity firms disproportionately harder. We also found important heterogeneous effects across economic sectors regarding input ...
International Finance Discussion Papers , Paper 1250

Working Paper
Firm Entry and Employment Dynamics in the Great Recession
Siemer, Michael (2014-07-30)
The 2007-2009 recession is characterized by: a large drop in employment, an unprecedented decline in firm entry, and a slow recovery. Using confidential firm-level data, I show that financial constraints reduced employment growth in small relative to large firms by 4.8 to 10.5 percentage points. The effect of financial constraints is robust to controlling for aggregate demand and is particularly strong in small young firms. I show in a heterogeneous firms model with endogenous firm entry and financial constraints that a large financial shock results in a long-lasting recession caused by a ...
Finance and Economics Discussion Series , Paper 2014-56

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

Working Paper
Is Bigger Necessarily Better in Community Banking?
Jagtiani, Julapa; Mester, Loretta J.; Hughes, Joseph P. (2016-06-29)
We investigate the relative performance of publicly traded community banks (those with assets less than $10 billion) versus larger banks (those with assets between $10 billion and $50 billion). A body of research has shown that community banks have potential advantages in relationship lending compared with large banks, although newer research suggests that these advantages may be shrinking. In addition, the burdens placed on community banks by the regulatory reforms mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the need to increase investment in technology, ...
Working Papers (Old Series) , Paper 1615

Report
Transformation of corporate scope in U.S. banks: patterns and performance implications
Jacobides, Michael G.; Stern, Samuel; Cetorelli, Nicola (2017-05-01)
Using a novel database containing the time-series details of the organizational structure of individual bank holding companies, this paper presents the first population-wide study of the transformation in business scope of U.S. banks. Expanding scope has a negative impact on performance on average. However, we find that firms whose expansion keeps them closer to the prevailing ?modal bank? are better off compared with those pursuing generic diversification. Moreover, we find that early expanders into particular activities benefit more, whereas late adopters, rather than benefitting by ...
Staff Reports , Paper 813

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

Working Paper
Internationalization and bank risk
El Ghoul, Sadok; Berger, Allen N.; Roman, Raluca; Guedhami, Omrane (2015-09-03)
This paper documents a positive relation between internationalization and bank risk. This is consistent with the empirical dominance of the market risk hypothesis ? whereby internationalization increases banks' risk due to market-specific factors in foreign markets ? over the diversification hypothesis ? whereby internationalization allows banks to reduce risk through diversification of their operations. The results continue to hold following a variety of robustness tests, including endogeneity and sample selection bias. We also find that the magnitude of this effect is more pronounced during ...
Research Working Paper , Paper RWP 15-8

Journal Article
Financial services used by small businesses: evidence from the 2003 Survey of Small Business Finances
Wolken, John D.; Mach, Traci L. (2006-10)
Federal Reserve Bulletin , Volume 92 , Issue Oct

Working Paper
Firm Exit and Liquidity: Evidence from the Great Recession
Leibovici, Fernando; Wiczer, David (2024-08)
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

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