Racial disparities in the small business loan market

References

• Abadie, A., & Imbens, G. W. (2011). Bias-corrected matching estimators for average treatment effects. Journal of Business & Economic Statistics, 29(1), 1–11.
   Web of Science ®Google Scholar
• Aiger, D. J., & Cain, G. G. (1977). Statistical theories of discrimination in the labor market. Industrial and Labor Relations Review, 30(2), 175–187. https://doi.org/10.1177/001979397703000204
   Google Scholar
• Alon, T., Berger, D., Dent, R., & Pugsley, B. (2018). Older and slower: The startup deficit’s lasting effects on aggregate productivity growth. Journal of Monetary Economics, 93, 68–85. https://doi.org/10.1016/j.jmoneco.2017.10.004
   Web of Science ®Google Scholar
• Altonji, J. G., & Pierret, C. R. (2001). Employer learning and statistical discrimination. The Quarterly Journal of Economics, 116(1), 313–350. https://doi.org/10.1162/003355301556329
   Web of Science ®Google Scholar
• Arrow, K. (1973). The theory of discrimination. Discrimination in Labor Markets, 3(10), 3–33.
   Google Scholar
• Arrow, K. J. (1998). What has economics to say about racial discrimination? Journal of Economic Perspectives, 12(2), 91–100. https://doi.org/10.1257/jep.12.2.91
   Web of Science ®Google Scholar
• Asiedu, E., Freeman, J. A., & Nti-Addae, A. (2012). Access to credit by small businesses: How relevant are race, ethnicity, and Gender? American Economic Review, 102(3), 532–537. https://doi.org/10.1257/aer.102.3.532
   Web of Science ®Google Scholar
• Ballou, J., Barton, T., DesRoches, D., Potter, F., Reedy, E. J., Robb, A.,…& Zhao, Z. (2008). The Kauffman firm survey: Results from the baseline and first follow-up surveys. Available at SSRN 1098173.
   Google Scholar
• Bates, T., Bradford, W. D., & Jackson, W. E. (2018). Are minority-owned businesses underserved by financial markets? Evidence from the private-equity industry. Small Business Economics, 50(3), 445–461. https://doi.org/10.1007/s11187-017-9879-1
   Web of Science ®Google Scholar
• Bates, T., & Robb, A. (2014). Small-business viability in America’s urban minority communities. Urban Studies, 51(13), 2844–2862. https://doi.org/10.1177/0042098013514462
   Web of Science ®Google Scholar
• Beck, T., Demirgüç‐Kunt, A. S. L. I., & Maksimovic, V. (2005). Financial and legal constraints to growth: Does firm size matter? The Journal of Finance, 60(1), 137–177. https://doi.org/10.1111/j.1540-6261.2005.00727.x
   Web of Science ®Google Scholar
• Becker, G. S. (1971). The economics of discrimination. University of Chicago Press Economics Books.
   Google Scholar
• Berkovec, J. A., Canner, G. B., Gabriel, S. A., & Hannan, T. H. (1998). Discrimination, competition, and loan performance in fha mortgage lending. The Review of Economics and Statistics, 80(2), 241–250. https://doi.org/10.1162/003465398557483
   Web of Science ®Google Scholar
• Blanchard, L., Zhao, B., & Yinger, J. (2008). Do lenders discriminate against minority and woman entrepreneurs? Journal of Urban Economics, 63(2), 467–497. https://doi.org/10.1016/j.jue.2007.03.001
   Web of Science ®Google Scholar
• Blanchflower, D. G., Levine, P. B., & Zimmerman, D. J. (2003). Discrimination in the small-business credit market. The Review of Economics and Statistics, 85(4), 930–943. https://doi.org/10.1162/003465303772815835
   Web of Science ®Google Scholar
• Bruder, J., Neuberger, D., & Räthke‐Döppner, S. (2011). Financial constraints of ethnic entrepreneurship: Evidence from Germany. International Journal of Entrepreneurial Behavior & Research, 17(3), 296–313. https://doi.org/10.1108/13552551111130727
   Web of Science ®Google Scholar
• Carroll, G. R., & Hannan, M. T. (2000). Why corporate demography matters: Policy implications of organizational diversity. California Management Review, 42(3), 148–163.
   Web of Science ®Google Scholar
• Cavalluzzo, K. S., & Cavalluzzo, L. C. (1998). Market structure and discrimination: The case of small businesses. Journal of Money, Credit and Banking, 30(4), 771–792. https://doi.org/10.2307/2601128
   Web of Science ®Google Scholar
• Cavalluzzo, K., Cavalluzzo, L., & Wolken, J. (2002). Competition, small business financing, and discrimination: Evidence from a new survey. The Journal of Business, 75(4), 641–679. https://doi.org/10.1086/341638
   Web of Science ®Google Scholar
• Cavalluzzo, K., & Wolken, J. (2005). Small business loan turndowns, personal wealth, and discrimination. The Journal of Business, 78(6), 2153–2178. https://doi.org/10.1086/497045
   Web of Science ®Google Scholar
• Cheng, S. (2015). Potential lending discrimination? Insights from small business financing and new venture survival. Journal of Small Business Management, 53(4), 905–923. https://doi.org/10.1111/jsbm.12112
   Web of Science ®Google Scholar
• Cole, R. A., & Sokolyk, T. (2018). Debt financing, survival, and growth of start-up firms. Journal of Corporate Finance, 50, 609–625.
   Web of Science ®Google Scholar
• Cowling, M., Liu, W., & Calabrese, R. (2021). Has previous loan rejection scarred firms from applying for loans during Covid-19?. Small Business Economics, 1–24. https://doi.org/10.1108/IJEBR-02-2021-0157
   Web of Science ®Google Scholar
• Day, T. E., & Liebowitz, S. J. (1998). Mortgage lending to minorities: Where’s the bias? Economic Inquiry, 36(1), 3–28. https://doi.org/10.1111/j.1465-7295.1998.tb01692.x
   Web of Science ®Google Scholar
• Derenoncourt, E., Hyun Kim, C., Kuhn, M., & Schularick, M. (2022). Wealth of two Nations: The US racial wealth gap, 1860-2020 (No. w30101). National Bureau of Economic Research.
   Google Scholar
• Dougal, C., Gao, P., Mayew, W.J., & Parsons, C. A. (2019). What’s in a (school) name? Racial discrimination in higher education bond markets. Journal of Financial Economics, 134(3), 570–590. https://doi.org/10.2139/ssrn.2727763
   Web of Science ®Google Scholar
• Ewens, M., Tomlin, B., & Choon Wang, L. (2014). Statistical discrimination or prejudice? A large sample field experiment. The Review of Economics and Statistics, 96(1), 119–134. https://doi.org/10.1162/REST_a_00365
   Web of Science ®Google Scholar
• Fairlie, R. W. (1999). The absence of the African-American owned business: An analysis of the dynamics of self-employment. Journal of Labor Economics, 17(1), 80–108. https://doi.org/10.1086/209914
   Web of Science ®Google Scholar
• Fairlie, R. W., & Robb, A. M. (2007). Why are black‐owned businesses less successful than white‐owned businesses? The role of families, inheritances, and business human capital. Journal of Labor Economics, 25(2), 289–323. https://doi.org/10.1086/510763
   Web of Science ®Google Scholar
• Fairlie, R. W., & Robb, A. M. (2010). Race and entrepreneurial success: Black-, Asian-, and White-owned businesses in the United States. MIT Press.
   Google Scholar
• Fairlie, R. W., Robb, A., & Robinson, D. T. (2022). Black and white: Access to capital among minority-owned startups. Management Science, 68(4), 2377–2400.
   Web of Science ®Google Scholar
• Fairlie, R., & Woodruff, C. M. (2010). Mexican-American entrepreneurship. The BE Journal of Economic Analysis & Policy, 10(1).
   Web of Science ®Google Scholar
• Fraser, S. (2009). Is there ethnic discrimination in the UK market for small business credit? International Small Business Journal, 27(5), 583–607. https://doi.org/10.1177/0266242609338756
   Web of Science ®Google Scholar
• Guryan, J., & Kofi Charles, K. (2013). Taste‐based or statistical discrimination: The economics of discrimination returns to its roots. The Economic Journal, 123(572), F417–F432. https://doi.org/10.1111/ecoj.12080
   Web of Science ®Google Scholar
• Howell, A. (2019). Ethnic entrepreneurship, initial financing, and business performance in China. Small Business Economics, 52(3), 697–712. https://doi.org/10.1007/s11187-017-9980-5
   Web of Science ®Google Scholar
• Lang, K. (1986). A Language Theory of Discrimination. The Quarterly Journal of Economics, 101(2), 363–382. https://doi.org/10.2307/1891120
   Web of Science ®Google Scholar
• Lofstrom, M., & Bates, T. (2013). African Americans’ pursuit of self-employment. Small Business Economics, 40(1), 73–86. https://doi.org/10.1007/s11187-011-9347-2
   Web of Science ®Google Scholar
• Munnell, A. H., Tootell Geoffrey, M. B., Browne, L. E., & McEneaney, J. (1996). Mortgage lending in boston: Interpreting hmda data. The American Economic Review, 86(1), 25–53.
   Web of Science ®Google Scholar
• Neumark, D. (2012). Detecting discrimination in audit and correspondence studies. Journal of Human Resources, 47(4), 1128–1157. https://doi.org/10.1353/jhr.2012.0032
   Web of Science ®Google Scholar
• Oettinger, G. S. (1996). Statistical discrimination and the early career evolution of the black-white wage gap. Journal of Labor Economics, 14(1), 52–78. https://doi.org/10.1086/209803
   Web of Science ®Google Scholar
• Phelps, E. S. (1972). The statistical theory of racism and sexism. The American Economic Review, 62(4), 659–661.
   Web of Science ®Google Scholar
• Ram, M., Smallbone, D., Deakins, D., & Jones, T. (2003). Banking on ‘break-out’: Finance and the development of ethnic minority businesses. Journal of Ethnic and Migration Studies, 29(4), 663–681. https://doi.org/10.1080/1369183032000123440
   Web of Science ®Google Scholar
• Robb, A., & Fairlie, R. (2007). Access to financial capital among US businesses: The case of African American firms. The Annals of the American Academy of Political and Social Science, 613(1), 47–72. https://doi.org/10.1177/0002716207303578
   Web of Science ®Google Scholar
• Robb, A., & Robinson, D. (2012). The capital structure decisions of startup firms. Review of Financial Studies, 1(1), 1–27.
   Google Scholar
• Smallbone, D., Ram, M., Deakins, D., & Aldock, R. B. (2003). Access to finance by ethnic minority businesses in the UK. International Small Business Journal, 21(3), 291–314. https://doi.org/10.1177/02662426030213003
   Web of Science ®Google Scholar
• Wozniak, A. (2015). Discrimination and the effects of drug testing on black employment. Review of Economics and Statistics, 97(3), 548–566. https://doi.org/10.1162/REST_a_00482
   Web of Science ®Google Scholar
• Yano, G., & Shiraishi, M. (2015). Trade credit and ethnicity: Case of ethnic minority area in China. China Economic Review, 36, 236–260. https://doi.org/10.1016/j.chieco.2015.09.006
   Web of Science ®Google Scholar