We review the literature on financial constraints and the performance of small and medium
enterprises (SMEs). We consider the important role that SMEs play in the economies of …

We investigate the corpus of literature on firm exit by means of a systematic literature review
(SLR) which yields a final sample of 142 journal articles for the period 1991–2020. The …

We investigate how the economic consequences of the pandemic and the government-
mandated measures to contain its spread affect the self-employed—particularly women—in …

Economists both failed to predict the global financial crisis and underestimated its
consequences for the broader economy. Focusing on the second of these failures, this …

We study the role of financial frictions for productivity. Using a rich cross-country firm-level
data, we exploit variation in preexisting exposure to the 2008 global financial crisis to study …

This paper uses new confidential Census data to revisit the relationship between firm size,
cyclicality, and financial frictions. First, we find that large firms (the top 1 percent by size) are …

We study whether the solvency problems of Spain's weakest banks in the Great Recession
have caused employment losses outside the financial sector. Our analysis focuses on the …

We document the importance of covenant violations in transmitting bank health to
nonfinancial firms. Roughly one‐third of loans in our supervisory data breach a covenant …

A proposed explanation for why business creation is often found to increase in recessions is
that there are two components to entrepreneurship–“opportunity” and “necessity”–the latter …

The entry rate of US employer businesses has declined for more than 30 years. We use a
novel dynamic decomposition framework to show that regardless of its causes, the direct …