Access to Capital by Subcategories of Small Business
Faith Ando
1985. 256p. Contract awarded in FY 1982 to the JACA Corporation,
550 Pinetown Road, Ft. Washington, PA 19304.
This study used a national sample to determine access to bank loans by male, female, and minority business owners. Women-owned businesses were found to have better credit ratings and less leverage than men-owned businesses. Bank loans were found to be unevenly available to minorities.
NTIS order number:
PB85-208387
Price codes:
A06 (Paper)
A01 (Microfiche)
RS number: 47
An Analysis of Small Business Demand for Trade Credit
David A. Walker
1985. 108p. Contract awarded in FY 1984 to David A.
Walker, 4845 Loughboro Road NW, Washington, DC
20007.
No significant difference was found by the researchers in the demand for trade credit between large and small firms. Sales magnitude was the chief explanatory variable in the demand for trade credit.
NTIS order number:
PB83-208223
Price codes:
A05(Paper)
A01 (Microfiche)
The Capital Crunch: Small High-Technology Companies and National Objectives During a Period of Severe Debt and Equity Shortages
Judith H. Obermayer and Susan D. Wiltshire
1983. 90p. Contract awarded in FY 1981 to Research and Planning,
Inc., 215 First Street, Cambridge, MA 02142.
This study surveyed the experiences of small high technology companies during the 1979-1981 period of high inflation and high interest rates. These firms cited high interest rates as their leading cause of problems, followed by reduced sales as the economy declined. Although most small firms surveyed having difficulty acquiring capital did not want a great deal of capital, high interest rates and falling sales made them less attractive to commercial banks. A healthier small business community requires a coordinated effort of the federal government, the banking community, and local and regional organizations.
NTIS order number:
PB83-194167
Price codes:
A05 (Paper)
A01 (Microfiche)
Capital Gains and Their Sources
William F. Beazer
1980. 83p. Contract awarded in FY 1979 to the University of
Virginia, Rouss Hall, Charlottesville, VA 22901.
This paper develops a framework for analyzing the sources of changes in the capital value of equity stock of a firm and examines the relationship between such changes and inflation, retained earnings, and the cost of capital.
NTIS order number:
PB83-109983
Price codes:
A06 (Paper)
A01 (Microfiche)
Capital Markets Serving Small Business: Implications of the Rapid Evolution of the Financial Services Industry
Irving Leveson and Barbara L. Lyman
1982, 102p. Contract awarded in FY 1981 to the Hudson Institute,
Inc., Quaker Ridge Road, Croton-on-Hudson, NY 10520.
With major changes in the financial services industry taking place in the early 1980s--such as interstate banking, expanded powers for commercial banks under the Glass-Steagall Act amendments, automated banking, etc.--there were concerns about the drastic effects these changes would have on the capital markets for small business lending. This study analyzes the probable course of these changes and assesses their impact on small business. It builds on a February 1982 Hudson Institute report entitled The Future of the Financial Services Industry.
NTIS order number:
PB94-126885
Price codes:
A03 (Paper)
A01 (Microfiche)
RS number: 140
A Comparison of Borrowers with SBA and Other Loan Guarantees
George W. Haynes
1993. [33]p. Contract awarded in FY 1992 to George W. Haynes,
Graduate School, Cornell University, Ithaca, NY 14850.
Do SBA loan guarantees actually improve access to capital for
small firms? Using data from the National Survey of Small
Business Finance, this study finds that, overall, high-risk small
firm borrowers have a higher probability of obtaining an SBA loan than low risk
small firms. However, small firm borrowers--including high-risk small firms--do not have a higher probability of
receiving SBA loans in highly concentrated markets where a few
commercial lenders control the market. A relevant question may
be which lenders, rather than which borrowers, participate in the
program.
A related Ph.D. dissertation by the same author--entitled "A Qualitative Assessment of the Small Business Administration Loan Guarantee Program's Influence on the Effects of Financial Market Concentration "was submitted to Cornell University in 1993. It is available from University Microfilms International, 300 North Zeeb Road, Ann Arbor, MI 48106. For information on ordering, call (800) 521-3042. Ask for dissertation number 94-06148.
NTIS order number:
PB92-129006
Price codes:
A03 (Paper)
A01 (Microfiche)
RS number: 116
The Effect of Access to Capital on Entry into Self Employment
David S. Evans
1991. 29p. Contract awarded in FY 1988 to CERA Economic
Consultants, Inc., Old Greenwich, CT 06870.
Past research indicates that "liquidity constraints"--limitations in personal wealth--preclude some individuals from entering self employment and restrict business growth for others. This report summarizes the literature on this topic and extends the empirical research through use of data from the Bureau of the Census' Survey of Income and Program Participation. The empirical findings indicate that the quantitative impact of liquidity constraints on the choice to become self-employed, while statistically significant, is small.
NTIS order number:
PB89-178511
Price codes:
A06 (Paper)
A01 (Microfiche)
The Effect of State Securities Laws on Small Business Capital Formation
Scott M. Reznick
1988. 115p. Contract awarded in FY 1987 to Scott M.
Reznick Associates, 6420 Sherwood Road, Philadelphia,
PA 19151.
Equity investments--such as limited offerings, private placements, and initial public offerings--are among the most regulated of securities transactions. This report develops methods for evaluating the effect of different state securities laws and regulatory systems on small business capital formation in the new issues securities market.
NTIS order number:
PB85-177269
Price codes:
A05 (Paper)
A01 (Microfiche)
Factors Influencing Trade Credit for Small Businesses (Revised)
David A. Walker
1984. 91p. Contract awarded in FY 1983 to David A. Walker, 3509
S Street NW, Washington, DC 20007.
The study attempts to demonstrate that data from Dun and Bradstreet's Financial Statement (FINSTAT) file can be used to analyze firm behavior and the differences among small, medium, and large firms over time. It recommends that efforts to improve the FINSTAT data base focus on improving the quality of data rather than increasing the number of observations.
NTIS order number:
PB90-107517
Price codes:
A05 (Paper)
A01 (Microfiche)
Financial Capital and Small Business Startups
Timothy Bates
1989. 93p. Contract awarded in FY 1988 to Timothy Bates,
Fairfield, VT 05455.
This study uses econometric models to examine the financial capital structure of three groups of small business startups: white males, Asian males, and females. Having access to capitalwas found to be linked with (1) being highly educated; (2) having a large personal income; and (3) investing a substantial sum of equity capital into one's small business. Human, financial, and capital input levels explain most directly intergroup and intragroup differences in business viability.
NTIS order number:
PB87-207528
Price codes:
A08 (Paper)
A01 (Microfiche)
The Impact of the Financing Criteria of Four Major Sources of Business Finance on the Availability of Equity and Long-Term Debt to Small Firms
Beldon H. Daniels
1986.155p. Contract awarded in FY 1982 to the Counsel for
Community Development, 10 Concord Avenue, Cambridge, MA 02138.
This study examines the factors influencing decisions by investors to provide long-term debt and equity capital to small businesses and their effect on the terms and instruments of investment.
NTIS order number:
PB83-214544
Price codes:
A09 (Paper)
A01 (Microfiche)
Impact of the Proposed National Market System on Small and Medium-Sized Firms
Sidney Robbins
1982. 198p. Contract awarded in FY 1979 to Columbia University,
New York, NY 10028.
This research assesses the impact of the proposed National Market System (NMS) on the financing ability of firms of various sizes. The study covers the probability that the NMS standards as proposed will eliminate some categories of securities.
NTIS order number:
PB89-200893
Price codes:
A04 (Paper)
A01 (Microfiche)
Improving the Viability of Going Public for the Small Firm
Reena Aggarwal and Pietra Rivoli
1989. 61p. Contract awarded in FY 1988 to Aggarwal and Rivoli,
6723 Tomlinson Terrace, Cabin John, MD 20818.
This study looks at the underpricing of initial public offerings of small firms. It is based upon interviews conducted with underwriters in 1988, and statistical analysis of the price behavior of all initial public offerings registered with the SEC from 1977 to 1987. It found that perhaps the most important factor in explaining variations in under pricing across issues was the choice of underwriter. There was also persuasive evidence of a "speculative bubble" phenomenon in the market for newly issued equities.
NTIS order number:
PB81-196149
Price codes:
A06(Paper)
A01 (Microfiche)
Informal Risk Capital in New England
William W. Wetzel, Jr. and Craig R. Seymour 1979. 120p.
Contract awarded in FY 1979 to the University of New Hampshire, School of Business Administration, Durham, NH 03824.
A study of the cost and availability of informal risk capital in New England. The study includes profiles of informal investors and their investment criteria, and an analysis of the most efficient means of accessing informal investors.
NTIS order number:
PB87-220133
Price codes:
A07 (Paper)
A01 (Microfiche)
Informal Risk Capital in the Eastern Great Lakes Region
John D. Aram
1987. 132p. Contract awarded in FY 1983 to Aram Research
Associates, 2881 E. Overlook, Cleveland Heights, OH 44118.
Twelve percent of the eastern Great Lakes region's small businesses are estimated to have risk capital investors, averaging 4.3 investors per firm. The average investor has invested twice in the past three years with an average investment of $66,000.
NTIS order number:
PB89-114094
Price codes:
A13 (Paper)
A01 (Microfiche)
RS number: 86
The Informal Supply of Capital
Robert Gaston and Sharon Bell
1988. 295p. Contract awarded in FY 1987 to the Applied
Economics Group, Inc., 701 Scarboro Road, Oak Ridge, TN
37830.
Informal investment, according to this study, appears to be the largest external source of capital for small businesses. Besides equity, investments include loans and loan guarantees. The investors tend to be older, have high incomes, and be better educated, but all are not millionaires.
NTIS order number:
PB82-135997
Price codes:
A04 (Paper)
A01 (Microfiche)
RS number: 18
Initial Public Offerings of Common Stock: The Role of Regional Broker-Dealers in the Capital Formation Process; Phase I Report
Joseph A. Meiburger, Jr. and Jeffrey A. Burian
1980. 65p. Contract awarded in FY 1980 to the Securities and
Exchange Commission, Directorate of Economic and Policy Research,
Washington, DC 20549.
Phase I of a research contract, this study found that regional
broker-dealers managed 78 percent of the initial public offerings
(IPOs) in a seven-year period. Of the IPOs of corporations with
less than $10 million in annual revenues, 91 percent were managed by regional
broker-dealers, as were 124 of 155 high technology issues. For Phase 11, see The Role of Regional Broker-
Dealers in the Capital Formation Process: Underwriting, Market-
Making and Securities Research Activities.
NTIS order number:
PB86-159787
Price codes:
A04 (Paper)
A01 (Microfiche)
Measuring the Flows of Capital and Credit to Small Firms: A Pilot Study
Muriel Converse, John E. Jackson, and Ann R. Thomas
n.d. 70p. Contract awarded in FY 1983 to the University of
Michigan, 4080 Administration Building, Ann Arbor, MI 48109.
A survey sample of 300 firms showed that, aside from trade credit, owner's financing is the largest source of capital for small businesses. Bank financing consists mainly of revolving lines of credit. Only 10 to 15 percent of small firms received longer term bank loans.
NTIS order number:
PB81-159634
Price codes:
A08 (Paper)
A01 (Microfiche)
Monetary Policy, Interest Rates, and Credit Allocation for Small Business
Andrew Brimmer
1980. 158p. Contract awarded in FY 1979 to Brimmer and
Co., Inc., 2600 Virginia Ave NW, S-1100, Washington, DC
20037.
This study examines the effectiveness of a number of measures taken to increase the availability of, and reduce the cost of, credit for small business. Individual sections look at the U.S. historical experience of credit allocation programs and two-tiered interest rate structures; foreign central bank credit allocations and direct lending; and more recent U.S. credit programs of the 1970s.
NTIS order number:
PB89-214860
Price codes:
A03 (Paper)
A01 (Microfiche)
Realized Returns and the Default and Prepayment Experience of Financial Leasing Contracts
Ronald C. Lease, John J. McConnell, and James S. Schallheim
[1989]. 31 p. Contract awarded in FY 1988 to McConnell, Lease & Schallheim, 725 Northridge Drive, West Lafayette, IN 47906.
This study analyzed realized returns and the default and prepayment experience of a sample of 137 financial leasing contracts. Contractual yields exceeded realized returns for the full sample of leases; were less than realized returns on prepaid leases; and exceeded realized returns on contracts that defaulted. For this sample of leases, realized salvage values significantly exceeded expected residual values. Accordingly, actual returns exceeded contractual yields for full-term leases. Unexpected inflation appeared to explain this result.
NTIS order number:
PB83-207662
Price codes:
A03 (Paper)
A01 (Microfiche)
RS number: 23
Regional Patterns of Venture Capital Investment
Stanley E. Pratt
1983. 31p. Contract awarded in FY 1982 to Capital Publishing
Corporation, P.O. Box 348, Wellesley Hills, MA 02181.
Three main sources of venture capital are independent private funds, corporate financial and industrial subsidiaries established for this purpose, and Small Business Investment Companies. Private funds were found by this study to be the most important of these funding sources, managing more than 50 percent of the formal capital investment pool in 1982.
NTIS order number:
PB82-136003
Price codes:
A05 (Paper)
A01 (Microfiche)
RS number: 19
The Role of Regional Broker-Dealers in the Capital Formation Process: Underwriting, Market-Making and Securities Research Activities
Joseph A. Meiburger, Jr. and John J. Meindl, Jr.
1981. 85p. Contract awarded in FY 1980 to the Securities and
Exchange Commission, Directorate of Economic and Policy Research,
Washington, DC 20549.
Phase II of a research contract, this report adds two years to the data reported in Phase I. It found that natural resource and high technology issues increased over the previous period. For Phase I, see Initial Public Offerings of Common Stock The Role of Regional Broker-Dealers in the Capital Formation Process.
NTIS order number:
PB84-102342
Price codes:
A08 (Paper)
A01 (Microfiche)
RS number: 58
The Role of the Financial Institutions of a Community in the Formation, Effectiveness and Expansion of Innovating Companies
Albert Shapero
1983. 170p. Contract awarded in FY 1980 to Shapero-Huffman
Associates, 2342 Dorset Road, Columbus, OH 43221.
Individual investors are an important source of funds for small businesses. Investors seek high returns and judge a firm primarily by its line of business. Methods of investment analysis are varied and reflect personal attitude and experience.
NTIS order number:
PB92-120708
Price codes:
A12 (Paper)
A03 (Microfiche)
RS number: 120
Securities Exchanges for Small Business Issues
Ulice Payne, Jr.
1989. 275p. Contract awarded in FY 1988 to Whyte and
Hirschboeck S.C., 2100 Marine Plaza, Milwaukee, WI 53202.
Small businesses in the United States generally do not have
access to public securities markets in which to raise capital.
This study was conducted to ascertain the existence of markets
for small business securities and to identify ways in which they
can be enhanced. Conclusions and recommendations are based on
examination of the Midwest Stock Exchange in Chicago; the Pacific
Stock Exchange in Los Angeles and San Francisco, the Vancouver
Stock Exchange in Vancouver, the Third Market in London, and the
Penny Stock Exchange in Denver.
NTIS order number
PB84-213859
Price codes:
A06(Paper)
A01 (Microfiche)
RS number: 28
Size and Financial Performance in Banking
James W. Kolari and Donald R. Fraser
1983. 117p. Contract awarded in FY 1981 to the Texas A&M Research Foundation, Box H, College Station, TX 77843.
This study found that small banks have a higher, but more volatile, return on assets compared to large banks. Small banks have higher equity as a percentage of assets, making return on equity equal to larger banks. Small banks have lower loan-to-asset ratios than large banks.
NTIS order number:
PB90-191610
Price codes:
A03 (Paper)
A01 (Microfiche)
RS number: 100
Size, Liquidity, and the Cost of Equity
William L. Beedles
1990. 31p. Contract awarded in FY 1988 to University of Kansas,
Lawrence, KS 66045.
Studies of share price performance on the New York Stock Exchange
and the American Stock Exchange have documented a "small firm
effect"--the fact that returns to investors are substantially
greater for small firms than for larger firms--and that small
firms pay more for equity capital. This study extended existing
data on the small firm effect by including companies listed on
the Australian exchange and examined whether a significant factor
in the higher cost of equity for small firms is the relative
illiquidity of small firm shares.
NTIS order number:
PB87-119061
Price codes:
A07 (Paper)
A01 (Microfiche)
RS number: 66
Small Banks in a Changing Financial Environment
James W. Kolari and Asghar Zardkoohi
1986. 141p. Contract awarded in FY 1984 to the Texas
A&M Research Foundation, Box 3578, College Station, TX
77843.
This study found that small banks, even those in rural areas, maintained their financial strength during a major period of regulatory transition. Small banks are cost-effective and are not at a competitive disadvantage in offering key banking services.
NTIS order number:
PB93-144582
Price codes:
A06 (Paper)
A02 (Microfiche)
RS number: 131
Small Business Access to Equity Capital
Robert J. Gaston
[1992]. 113p. Contract awarded in FY 1990 to Applied Economics
Group, Inc., Knoxville, TN 37923.
The study sought to explore how and where entrepreneurs find
equity capital. It is based on a survey of 699 small firms drawn
from the 1990 edition of the Dun's Market Identifier file of the
Dun and Bradstreet Corp. The largest holders of equity capital
among the responding firms were the principal owners and their
family members, at 50.1 percent. Overall, the research revealed
considerable similarities between minority-and non minority-owned
firms in terms of the amount, composition, and sources of equity
capital.
NTIS order number:
PB82-228677
Price codes:
E99 (Paper)
(Not available on microfiche)
Studies of Small Business Finance
Interagency Task Force on Small Business Finance
1982. 1,215p. Studies financed under an interagency agreement in
FY 1979.
This report is a collection of 22 papers examining small business finance. It was prepared by the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency in consultation with the Bureau of the Census and the Small Business Administration, pursuant to Title IV, sec. 404 of P.L. 96-302.
This collection was also published as volume 42 in the series Contemporary Studies in Economic and Financial Analysis by JAI Press, P.O. Box 1678, Greenwich, CT 06836 (ISBN 0-89232-4716). Copies of the individual reports are available from NTIS in both paper and microfiche; they are listed below, in alphabetical order by subtitle.
NTIS order number:
PB82-228909
Price codes:
A03 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: American Commercial Banking Structure and Small Business Lending
Donald T. Savage
1981. 47p.
American small businesses have traditionally been considered more dependent on commercial bank financing than large businesses. This paper examines recent changes in the structure of the commercial banking industry and assesses their implications for bank lending to small firms.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228719
Price codes:
A04 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Application of the Modern Theory of Finance to Small Business Firms
John J. McConnell and Richardson Pettit 1980. 52p.
This paper examines the modern theory of finance as it relates to small businesses by reviewing capital budgeting, cash management, capital structure management, dividend policy, and pricing of financial contracts. The theory suggests small business owners should accept new capital investments if the project increases the net value of the firm's equity.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228768
Price codes:
A02 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Business Development Credit Corporations
Paul S. Anderson
1981. 22p.
This paper examines the growth and role of Business Development Credit Corporations (BDCCs). The market share of BDCCs has declined, yet they continue to have a role as a backup lender.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228891
Price codes:
A03 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Changes in Commercial Banking Structure and Small Business Lending
Bernard Shull
1981. 43p.
This paper examines changes in the U.S. banking structure and raises questions about the effect of such changes in bank attitudes, practices, and policies toward small business lending. It identifies structural changes such as growth of bank size, expansion of multiple-office banking, and the intensification of competition in local areas.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228792
Price codes:
A03 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Commercial Bank Business Lending by Size of Loan
Thomas F. Brady
1982. 26p.
This paper examines the differences in commercial bank credit practices with respect to large and small borrowers. Data from the Federal Reserve Survey of Terms of Bank Lending are used.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228842
Price codes:
A03 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Credit Cards and the Financing of Small Business
Lewis Mandell
1981. 29p.
Credit cards have assumed a large, and probably permanent, role in the financing of small businesses particularly small retailers. This paper recommends that future policies affecting credit cards and other consumer credit be carefully evaluated to see what differential effects they may have on small businesses.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228834
Price codes:
A03 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Credit Rationing and Small Business Finance
Stuart I. Greenbaum, George Kanates, and Sudhaker Desmukh
1980. 45p.
This study describes the behavior of credit markets as they relate to small business. It also examines small business attributes that tend to inhibit access to credit.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228875
Price codes:
A05 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Equity Participation Agreements and Commercial Bank Loans to Small Business Firms
David J. Brophy
1980. 83p.
This paper examines the potential role of equity participation agreements in the financing of business by commercial banks. Legal and regulatory issues are analyzed through a review of statutes and rulings, as well as interviews with the Comptroller of the Currency, the Federal Reserve Board, and others.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228883
Price codes:
A03 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Franchising and the Financing of Small Business
Robert Mittelstaedt and Manferd 0. Peterson 1980. 41p.
This paper addresses the effect of franchising on the availability and cost of financing. It also addresses SBA financial assistance programs and how they should regard franchisees and franchisors.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228859
Price codes:
A05 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: The Impact of Bank Regulation on Small Business Financing
Harry P. Guenther
1982. 81p.
This study is a detailed investigation of how government regulations restrict banks' abilities to finance small businesses. It attempts to identify specific features of bank regulation that increase risks, inhibit risk reduction or spreading, and lower the rates of return. The author recommends that certain restrictions on banks be relaxed in order to aid the financing of small businesses.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228743
Price codes:
A04 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: The Impact of Usury Laws on the Effectiveness and Efficiency of the Operation of Small Business
Richardson Pettit and John J. McConnell 1982. 75p.
This paper examines competitive advantages and disadvantages to small businesses of government-imposed interest rate ceilings. It summarizes the effects of price ceilings in a conceptual decision making model of both a small business borrower and a financial intermediary lender.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228867
Price codes:
A02 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Lease Financing: An Attractive Method of Financing for Small Firms
Oswald D. Bowlin
1982. 17p.
This paper is a theoretical study of the attractiveness of leasing to small businesses. Lease financing offers significant advantages to small firms: it may be less expensive and may also be less risky than other forms of debt financing. For a description of the study of which this report is a part, see the main entry on page 54.
NTIS order number:
PB82-228818
Price codes:
A02 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Loan Rates, Operating Costs and Size of Loan: The Evidence from Cross-Section Data
Neil B. Murphy
1982. 25p.
This paper analyzes two empirical studies: (1) an examination of
the relationship of business loan rates and loan size, and (2) a
study of the relationship of operating cost to loan size. The
results suggest that during the time period studied cost
differentials explain a substantial portion of observed interest
rate differences.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228800
Price codes:
A03 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Relationship Between Commercial Bank Loan Size and Size of Borrower
Martha S. Scanlon
1982. 32p.
This paper examines the relationship between loan size and borrower size using available data sources. It explores the extent to which using financial data classified by loan size might bias an analysis of credit flows to small versus large business.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228727
Price codes:
A02 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Responses to the Small Business Administration Federal Register Notice Requesting Small Business Comments on Credit Needs
Interagency Task Force on Small Business Finance 1982. 17p.
This report contains the actual Federal Register notice asking for small business comments on credit needs, a respondent profile section, and a summary of responses. Three-fourths of the respondents said that banks are meeting their credit needs.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228750
Price codes:
A04 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: A Review of the Small Business Administration's Major Loan Programs
Timothy Bates
1982. 55p.
This paper reviews two SBA loan programs: the 7(a) Regular Business Loan Program, and the Economic Opportunity Loan Program.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228776
Price codes:
A04 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Role of Small Business in the American Economy
Lawrence J. White
1982. 73p.
This paper describes the status of small business in the American economy as of 1982, as well as trends during the previous 15 to 20 years. It also analyzes why small business flourishes in some sectors of the economy and not in others.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228826
Price codes:
A03 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Small Business Access to Capital Markets Through Pension Funds
Richard Zock
1982. 39p.
This paper analyzes trends in private pension fund investment flows to small business before and after passage of the Employee Retirement Income Security Act of 1974 (ERISA).
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228693
Price codes:
A05 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Small Firms' Access to Public Equity Financing
Hans R. Stoll
1982. 82p.
This paper examines whether firms for which public financing is economically justifiable are able to acquire it or whether there are impediments to public financing that ought to be eliminated.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228701
Price codes:
A08 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Survey of Commercial Bank Lending to Small Business
Cynthia A. Glassman and Peter L. Struck 1982. 159p.
The overall purpose of this survey was to obtain data on commercial bank lending that would permit both estimates of the aggregate stock of their small business lending relative to all their business lending, and analysis of the factors influencing the flow of bank credit to small business.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228735
Price codes:
A04 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Tax Policy and Small Business Financing
Thomas S. McCaleb
1982. 62p.
This paper identifies features of the tax system that differentially affect small business and assesses their impact on
the allocation of resources between small and large firms.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB82-228784
Price codes:
A03 (Paper)
A01 (Microfiche)
Studies of Small Business Finance: Who Finances Small Business Circa 1980?
Victor L. Andrews and Peter C. Eisemann 1982. 35p.
This paper summarizes sources of financing for small business.
Emphasis is placed on the magnitude of gross funds flows through
the various institutional and informal channels serving smaller
businesses.
For a description of the study of which this report is a part, see the main entry for Small Banks in a Changing Financial Environment.
NTIS order number:
PB83-206458
Price codes:
A12 (Paper)
A01 (Microfiche)
The Usefulness of Financial Ratio Analysis for Discrimination of Small Business Credit Risks
Vincent O'Rourke, Jr.
1982. 253p. Contract awarded in FY 1980 to Vincent
O'Rourke, University of Utah, Graduate School of Business,
Salt Lake City, UT 84112.
This study uses data from a longitudinal study of intermediate term borrowers at SBA offices in Colorado and Idaho in the years 1964 through 1979 in order to evaluate the usefulness of financial statement ratios for the prediction of loan default. The best predictive ratio was found to be cash flow/debt service.
NTIS order number
PB83-117879
Price codes:
A07 (Paper)
A01 (Microfiche)
Venture Capital Investment in National Need Areas
Stanley E. Pratt
1982. 141 p. Contract awarded in FY 1980 to Capital Publishing Corp., P.O. Box 348, Wellesley Hills, MA 02181.
Using a data base made up of proprietary information compiled by
Venture Capital Journal and data from other sources, this study
sought to define quantitatively the characteristics and trends of
venture capital investing over the 10-year period from 1970 to
1980. The report focused on venture capital investment in seven
"national need areas."