The DOI matches its Crossref record; 62 of the 62 references it cites were found in a registry or an index.
The Rise of Finance Companies and FinTech Lenders in Small Business Lending
Open accessAbstract
We document that finance companies and FinTech lenders increased lending to small businesses after the 2008 financial crisis. We show that most of the increase substituted for a reduction in bank lending. In counties in which banks had a larger market share before the crisis, finance companies and FinTech lenders increased their lending more. We find no effect of reduced bank lending on employment, wages, and new business creation by 2016. Our results suggest that finance companies and FinTech lenders are major suppliers of credit to small businesses and played an important role in the recovery from the 2008 financial crisis. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online
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Cites
The Benefits of Lending Relationships: Evidence from Small Business Data
PETERSEN, M. A., & RAJAN, R. G. (1994) · The Journal of Finance · doi:10.1111/j.1540-6261.1994.tb04418.x · Cited by 5,440
Relationship Lending and Lines of Credit in Small Firm Finance
Berger, A. N., & Udell, G. F. (1995) · The Journal of Business · doi:10.1086/296668 · Cited by 3,636
The effect of credit market competition on lending relationships
Petersen, M. A., & Rajan, R. G. (1995) · The Quarterly Journal of Economics · doi:10.2307/2118445 · Cited by 3,294
Relationship Banking: What Do We Know?
Boot, A. W. A. (2000) · Journal of Financial Intermediation · doi:10.1006/jfin.2000.0282 · Cited by 2,354
Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression
Bernanke, B. (1983) · National Bureau of Economic Research · doi:10.3386/w1054 · Cited by 2,173
Does Distance Still Matter? The Information Revolution in Small Business Lending
Petersen, M. A., & Rajan, R. G. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00505 · Cited by 2,150
Berger, A. N., Miller, N. H., Petersen, M. A., Rajan, R. G., & Stein, J. C. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.06.003 · Cited by 1,888
Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market
Khwaja, A. I., & Mian, A. (2008) · American Economic Review · doi:10.1257/aer.98.4.1413 · Cited by 1,843
Fintech, regulatory arbitrage, and the rise of shadow banks
Buchak, G., Matvos, G., Piskorski, T., & Seru, A. (2018) · Journal of Financial Economics · doi:10.1016/j.jfineco.2018.03.011 · Cited by 1,784
Some evidence on the uniqueness of bank loans
James, C. (1987) · Journal of Financial Economics · doi:10.1016/0304-405x(87)90003-1 · Cited by 1,610
Cited by
Bollaert, H., Lopez-de-Silanes, F., & Schwienbacher, A. (2021) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2021.101941 · Cited by 521
Bolfek, M., & Lu, K. (2026) · Fintech and Digital Accounting Review · doi:10.1108/fdar-10-2025-0038
Metadata
- Authors
- Gopal, M., & Schnabl, P.
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2022-06-13
- Volume
- 35
- Issue
- 11
- Pages
- 4859-4901
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W4282835242
- Cited by
- 363
- References
- 62
- FWCI
- 35.61
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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