We highlight the role of financial constraints in contributing to persistent disparities in wealth and access to geographic opportunities across demographic groups. We document a racial leverage gap—Black borrowers have substantially higher LTV ratios at mortgage origination, reflecting...

This paper uses Korea's internal data on R&D programs to analyze how the receiving of R&D impacts the amount of subsequent external financing for technological innovation received by R&D firms. We address sample selection and endogeneity issues that arise when estimating the impact of R&D policy...