Do lenders discriminate against minority and woman entrepreneurs?
Do lenders discriminate against minority and woman entrepreneurs?
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DOI：
10.1016/j.jue.2007.03.001
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发表时间：
2008-03-01
影响因子：
6.3
通讯作者：
Yinger, John
中科院分区：
文献类型：
--
作者：
Blanchard, Lloyd;Zhao, Bo;Yinger, John
本文借鉴了歧视的概念分析，以改善方法，估计歧视在小企业信贷市场，并提供一些证据，在这些市场的歧视的可能原因。使用各种统计增强现有的研究，我们发现在1998年对黑人拥有和西班牙裔拥有的企业在贷款审批的实质性歧视的统计显著的证据。我们还发现一些迹象表明，这种歧视采取了统计歧视的形式，这是由贷款人对黑人和西班牙裔企业在某些情况下取得成功的能力的刻板印象所驱动的。虽然我们发现，平均而言，在批准的贷款利率方面没有歧视，但我们也发现，黑人拥有的企业在从金融公司和企业（如共同基金公司和租赁公司）借款时，确实面临利率歧视，其主要使命不是贷款。这些调查结果表明，联邦金融监管机构应该加倍努力，发现和起诉歧视黑人和西班牙裔企业的贷款人，并且可能需要新的工具来发现现有公平贷款执法系统没有很好覆盖的公司的歧视行为。(C)2007年爱思唯尔公司All rights reserved.
This paper draws on a conceptual analysis of discrimination to improve the methodology for estimating discrimination in small-business credit markets and to provide some evidence about the possible causes of discrimination in these markets. Using a variety of statistical enhancements to existing studies, we find statistically significant evidence of substantial discrimination in loan approval against black-owned and Hispanic-owned businesses in 1998. We also find some hints that this discrimination takes the form of statistical discrimination, driven by lenders' stereotypes about the ability of black- and Hispanic-owned businesses to succeed under some circumstances. Although we find no discrimination, on average, in interest rates on approved loans, we also find that black-owned businesses do face discrimination in interest rates when they borrow from finance companies and businesses, such as mutual fund companies and leasing companies, with a primary mission other than lending. These findings suggest that federal financial regulatory agencies should re-double their efforts to uncover and prosecute lenders who discriminate against black- and Hispanic-owned businesses and that new tools may be needed to find discrimination by firms not well covered by the existing fair-lending enforcement system. (C) 2007 Elsevier Inc. All rights reserved.