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Small Business Growth and Failure during the Great Recession: The Role of House Prices, Race & Gender

November 2016

Working Paper Number:

carra-2016-08

Abstract

Using 2002-2011 data from the Longitudinal Business Database linked to the 2002 and 2007 Survey of Business Owners, this paper explores whether (through a collateral channel) the rise in home prices over the early 2000's and their subsequent fall associated with the Great Recession had differential impacts on business performance across owner race, ethnicity and gender. We find that the employment growth rate of minority-owned firms, particularly black and Hispanic-owned firms, is more sensitive to changes in house prices than is that of their nonminority-owned counterparts.

Document Tags and Keywords

Keywords Keywords are automatically generated using KeyBERT, a powerful and innovative keyword extraction tool that utilizes BERT embeddings to ensure high-quality and contextually relevant keywords.

By analyzing the content of working papers, KeyBERT identifies terms and phrases that capture the essence of the text, highlighting the most significant topics and trends. This approach not only enhances searchability but provides connections that go beyond potentially domain-specific author-defined keywords.
:
market, sale, financial, entrepreneur, entrepreneurship, minority, finance, financing, owned businesses, hispanic, proprietor, recession, small businesses, loan, bank, equity, housing, neighborhood, home, house, collateral, recession exposure

Tags Tags are automatically generated using a pretrained language model from spaCy, which excels at several tasks, including entity tagging.

The model is able to label words and phrases by part-of-speech, including "organizations." By filtering for frequent words and phrases labeled as "organizations", papers are identified to contain references to specific institutions, datasets, and other organizations.
:
Metropolitan Statistical Area, Bureau of Labor Statistics, Establishment Micro Properties, Federal Reserve Bank, Longitudinal Business Database, Survey of Business Owners, Linear Probability Models, Center for Administrative Records Research, Center for Administrative Records Research and Applications

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