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The Review of Financial Studies

Subject Areas: Accounting
Publisher: Oxford University Press - Oxford University Press
ISSN: 0893-9454
SJR: 190

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Journal Article

The Rise of Finance Companies and FinTech Lenders in Small Business Lending

Gopal, Manasa; Schnabl, Philipp

2022 The Review of Financial Studies

doi:10.1093/rfs/hhac034

Abstract We document that finance companies and FinTech lenders increased lending to small businesses after the 2008 financial crisis. We show that most of the increase substituted for a reduction in bank lending. In counties in which banks had a larger market share before the crisis, finance...
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Journal Article

The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity

Gerken, William C; Painter, Marcus O

2022 The Review of Financial Studies

doi:10.1093/rfs/hhac033

Abstract Using satellite imagery of retail firms parking lots to measure time-varying local firm-specific performance, we document that analysts incorporate local information into their forecasts. Analysts rely more on local signals when less firm-wide information is available. This incorporation...
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Journal Article

The Effects of Capital Requirements on Good and Bad Risk-Taking

Pancost, N Aaron; Robatto, Roberto

2022 The Review of Financial Studies

doi:10.1093/rfs/hhac037

Abstract We study capital requirement regulation in a dynamic quantitative model in which nonfinancial firms, as well as households, hold deposits. A novel general equilibrium channel that operates through firms’ deposits mitigates the cost of increasing capital requirements. In the calibrated...
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Journal Article

The Effect of Stock Liquidity on the Firm’s Investment and Production

Amihud, Yakov; Levi, Shai

2022 The Review of Financial Studies

doi:10.1093/rfs/hhac036

Abstract We propose that stock market liquidity affects corporate investment and production. Illiquidity, which raises firms’ cost of capital, lowers investment in capital assets, R&D, and inventory. This effect holds after we control for endogeneity using exogenous liquidity events, the 2001...
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Journal Article

Small Bank Lending in the Era of Fintech and Shadow Banks: A Sideshow?

Begley, Taylor A; Srinivasan, Kandarp

2022 The Review of Financial Studies

doi:10.1093/rfs/hhac038

Abstract Amid the emerging dominance of nonbanks, small banks use key financing advantages to persist in the mortgage market. We provide evidence of the heterogeneous impact of two shocks to the supply of mortgage credit: postcrisis regulatory burden and GSE financing cost changes. Small banks...

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