Launched in the midst of the financial crisis, the Goldman Sachs 10,000 Small Businesses program provided business education and access to capital for small businesses across the United States. The company committed $500 million to fund the program and nine years later had graduated 7,300 participants, just shy of its goal. Professor Len Schlesinger discusses the success, impact, and future of the program.
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by Robin Greenwood, Samuel G. Hanson, and Lawrence J. Jin
Recent empirical research in finance and economics has revived the idea that investor sentiment drives credit booms and busts. To explore the drivers of sentiment in credit markets, the authors model the two-way feedback between credit market sentiment and credit market outcomes. In their model the propagation of credit cycles is driven by the interplay between expectations and the refinancing nature of credit markets.
A Model of Credit Market Sentiment
Recent empirical research in finance and economics has revived the idea that investor sentiment drives credit booms and busts. To explore the drivers of sentiment in credit markets, the authors model the two-way feedback between credit market sentiment and credit market outcomes. In their model the propagation of credit cycles is driven by the interplay between expectations and the refinancing nature of credit markets.