Do Firms Get the Financing They Want? Measuring Credit Rationing Experienced by Small Businesses in the U.S.

By Alec R. Levenson, Kristen L. Willard. 2000

299 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/d43a9b8449917184342ce1c35a68f18c112b721a

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Citations in the corpus

Cash Conversion Cycle Management in Small Firms: Relationships with Liquidity, Invested Capital, and Firm Performance (2011, background): “Lenders and investors are reluctant to provide financing to small firms due to risks and costs involved, making outside financing difficult and expensive for these firms to obtain (e.g. Cassar, 2004; Levenson and Willard, 2000; Rajan and Zingales, 1995; Berger and Udell, 1995; Holtz-Eakin, Joulfaian”
Entrepreneurs' human capital and the start-up size of new technology-based firms (2004, background): “Such location often involves a physical constraint; in fact the limited space at 11 In addition, Levenson and Willard (2000) have documented that the extent of credit rationing in the US is fairly limited: according to their estimates only 2.14% of firms did not get the funding for which they…”
The cost of growth: small firms and the pricing of bank loans (2015, unknown): “For instance, using data from the US National Survey of Small Business Finance, Levenson and Willard (2000) estimated that only 6 % of firms ‘‘had an unfulfilled desire for credit’’, of which 2 % were actually denied funding and 4 % were discouraged from applying.”
A Theory of Discouraged Borrowers (2003, background): “Levenson and Willard (2000) construct a search model to analyse discouraged borrowers and credit rationing, where firm’s application costs and noisy screening by banks are underlying factors.”
Entrepreneurship and the Process of Firms' Entry, Survival and Growth (2007, unknown): “However, the fact that wealth, inheritance and windfall gains spur entrepreneurship does not necessarily imply that business start-ups are inherently credit rationed (see Levenson and Willard, 2000 and Parker, 2002 and 2004).”
Enterprise Size, Financing Patterns, and Credit Constraints in Brazil: Analysis of Data from the Investment Climate Assessment Survey (2005, unknown): “Levenson and Willard (2000) find that constrained firms are smaller, younger, and more likely to be owned by their founders.”
Perceived credit constraints in the European Union (2012, unknown): “Such borrowers are rarely investigated, but they comprise a non-negligible pool of firms (Levenson and Willard 2000) and should not be omitted from studies of credit accessibility (Chakravarty and Xiang 2009).”
Business collateral and personal commitments in SME lending (2006, background): “academic literature ( Levenson and Willard, 2000; Kon and Storey, 2003).”
Small business financing in the UK before and during the current financial crisis (2012, background): “…work, and the existence of credit rationing has been examined extensively (Berger and Udell, 1992; Cowling, 2010; Goldfeld, 1966; Jaffee, 1971; King, 1986; Slovin and Slushka, 1983; Sofianos et al., 1990); however, the extent of ‘true’ credit rationing remains limited (Levenson and Willard, 2000).”
Funding Gaps? Access To Bank Loans By High-Tech Start-Ups (2007, background): “Levenson and Willard (2000) while documenting that the extent of credit rationing in the U.S. is fairly limited,7 show that constrained firms are smaller and younger than unconstrained ones.”
Are Small Innovators Credit Rationed? (2007, background): “less likely to successfully access credit than older firms; (ii) a lesser ability to collateralise loans and lower visibility (or ‘information opaqueness’) ( Levenson and Willard, 2000 ), will result in smaller firms being disadvantaged relative to larger peers; (iii) problems of collateral are like”