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Faculty Authors Display 2022

Alba Graduate Business School


The Alba Graduate Business School is represented in this year's Faculty Authors Display by one (1) faculty member.


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Photo of Dr. Panagiotis Avramidis
ALBA Graduate Business School
Short bio

Avramidis, P., Pennacchi, G., Serfes, K., & Wu, K. (2022). The role of regulation and bank competition in small firm financing: Evidence from the Community Reinvestment Act (WP22-6) [Working paper]. Federal Reserve Bank of Philadelphia.

This paper analyzes how bank regulation that promotes greater access to credit impacts the financing of targeted small firms. It develops a model where banks compete with trade creditors to fund small firms and applies it to study the effects of the Community Reinvestment Act (CRA). The empirical tests reveal that a CRA-induced increase in bank loans reduces small firms’ use of relatively expensive trade credit. The effect is more profound in low- and medium-income areas where financial constraints are tighter due to low bank competition. The effect is also larger for small firms that operate in trade credit-dependent industries.