Using the NETS database, which covers the universe of establishments in the U.S., we evaluate how shocks that improve credit conditions in a county affect small businesses in that county across different size groups. We find that positive shocks to the county credit environment stimulate the...

We evaluate how a positive, technology-driven shock to bank liquidity affects small business dynamics across different size distributions. We first show that banks receiving positive liquidity shocks increase lending to relatively larger SMEs, not to the smallest firms. This finding is...

The last decade has seen a rapid expansion and deepening of the types of vehicles that fund start-up firms in the U.S. and worldwide. In particular, we have seen a growing role of angel groups and other more "individualistic" funding options for start-ups, such as super angels or crowd sourcing...