Business Microloans for U.S. Subprime Borrowers
研究发现，向美国次级借款人发放的商业小额贷款能显著提升企业存活率、收入和就业，且对教育程度高但管理经验少的借款人影响更大。
Abstract We show that business microloans to U.S. subprime borrowers have a very large impact on subsequent firm success. Using data on startup loan applicants from a lender that employed an automated algorithm in its application review, we implement a regression discontinuity design assessing the causal impact of receiving a loan on firms. Startups receiving funding are dramatically more likely to survive, enjoy higher revenues, and create more jobs. Loans are more consequential for survival among subprime business owners with more education and less managerial experience.