| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28114 |
| 来源ID | Working Paper 28114 |
| Indirect Costs of Government Aid and Intermediary Supply Effects: Lessons From the Paycheck Protection Program | |
| Tetyana Balyuk; Nagpurnanand R. Prabhala; Manju Puri | |
| 发表日期 | 2020-11-23 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The $669 billion Paycheck Protection Program (PPP) provides highly subsidized financing to small businesses. The PPP is a positive shock in financing supply to the small, highly constrained publicly listed firms in our sample and has average positive treatment effects. Yet, uptake is not universal. In fact, several firms return PPP funds before use, and curiously, experience positive valuation effects when they do so. These firms desire and the markets value the release from government oversight even if it means giving up cheap funding. The PPP is also a demand shock to the banks making PPP loans. Intermediary supply effects shape PPP delivery. Larger borrowers enjoy earlier PPP access, an effect that is more pronounced in big banks. The results have implications for policy design, the costs of being public, and bank-firm relationships. |
| 主题 | Macroeconomics ; Fiscal Policy ; Financial Economics ; Corporate Finance ; Public Economics ; COVID-19 |
| URL | https://www.nber.org/papers/w28114 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585788 |
| 推荐引用方式 GB/T 7714 | Tetyana Balyuk,Nagpurnanand R. Prabhala,Manju Puri. Indirect Costs of Government Aid and Intermediary Supply Effects: Lessons From the Paycheck Protection Program. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28114.pdf（1222KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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