The State of Minority- and Women- Owned ... - Cleveland.com

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Statistical Disparities in Capital Markets As a final check on our findings in this chapter, we combined the results of these nine NERA surveys together in a consistent format and re-estimated the basic loan denial model on this larger file. These results appear below in Table 6.30, and are remarkably similar to results seen in Tables 6.8-6.9, 6.18-6.19, and 6.25-6.26. Denial probabilities for African American-owned firms compared to nonminority male-owned firms are 29 percentage points higher—even when creditworthiness controls, other firm and owner characteristics, and interaction terms are included. Moreover, the NERA surveys found statistically significant loan denial disparities for Hispanicowned firms and nonminority female-owned firms as well. Denial rates were 18-24 percentage points higher for Hispanic-owned firms and 5-9 percentage points higher for nonminority female-owned firms than for their nonminority male-owned counterparts. Significant loan denial disparities were also observed for Native American-owned firms in some cases (9-19 percentage points higher). Finally, as shown in Table 6.31, we modeled the rate of interest charged, conditional upon receiving loan approval, using our nine-jurisdiction dataset. Results are very similar to that observed in Tables 6.13-6.14, 6.21 and 6.27. African Americans pay almost 170 basis points more, on average, for their business credit than do nonminority males, declining to 150 basis points when creditworthiness and other firm and owner controls are accounted for. On the basis of the foregoing, we conclude that the evidence of credit discrimination from NERA’s nine local credit market surveys conducted throughout the nation between 1999-2007 is entirely consistent with the results obtained using data from the 1993 NSSBF, the 1998 SSBF, and the 2003 SSBF. NERA Economic Consulting 232
Table 6.30. Determinants of Loan Denial Rates—Nine Jurisdictions African American Hispanic Native American Asian/Pacific Islander Other race Nonminority female Judgments Firm delinquent Personally delinquent Bankrupt past 3 years Statistical Disparities in Capital Markets (1) (2) Most Recent Application Last Three Years 0.289 (8.2) 0.178 (3.86) 0.087 (1.69) 0.042 (0.72) 0.313 (3.07) 0.046 (1.83) 0.051 (1.23) 0.293 (7.60) 0.244 (4.59) 0.188 (3.29) 0.003 (0.05) 0.364 (3.15) 0.086 (2.96) 0.119 (2.24) NERA Economic Consulting 233 0.022 (2.7) 0.076 (7.38) 0.228 (3.99) 0.057 (5.90) 0.077 (6.03) 0.328 (4.74) N 1,855 1,855 Pseudo R 2 .1905 .1721 Chi 2 336.0 363.3 Log likelihood -714.1 -873.7 Source: NERA Credit Market Surveys, 1999-2007. Notes: (1) Reported estimates are derivatives from Probit models, t-statistics are in parentheses. (2) Indicator variables are also included for the various jurisdictions.
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The State of Minority- and Women- O
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About the Project Team NERA Economi
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Notice This report sets forth the i
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Contents C. Race and Gender Dispari
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List of Tables Table 4.5. Services
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List of Tables Table 5.14. Disparit
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List of Tables Table 7.10. M/WBE Ut
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List of Tables Table 8.10. Percent
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List of Tables Table AC.32. Industr
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C. Defining the Relevant Markets Ex
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Table A. Overall Current Availabili
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Executive Summary disparity analysi
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Executive Summary • A greater sha
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Executive Summary Table C. Utilizat
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Contracting Category/ M/WBE Type Ex
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Executive Summary contract performa
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I. Introduction Introduction The Ci
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Legal Standards for Government Affi
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B. Preparing the Master Contract/Su
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Defining the Relevant Markets Table
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• Franklin County, OH (Columbus)
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NAICS Industry Group NAICS Descript
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Defining the Relevant Markets In AE
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NAICS Industry Group 8112 5412 5324
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NAICS Industry Group Source: See Ta
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NAICS Industry Group 4233 NAICS Des
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M/WBE Availability in the City of C
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NAICS Industry Group M/WBE Availabi
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Detailed Industry Group Navigationa
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Table 4.24. Detailed M/WBE Availabi
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Detailed Industry Group M/WBE Avail
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Detailed Industry Group General Med
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Detailed Industry Group Machine Sho
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Detailed Industry Group Products Me
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Table 4.28. Detailed DBE Availabili
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Table 4.30. Detailed DBE Availabili
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Market-Based Disparities in Busines
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Page 200 and 201: VI. Statistical Disparities in Capi
Page 202 and 203: B. Theoretical Framework and Review
Page 204 and 205: Statistical Disparities in Capital
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Anecdotal Evidence of Disparities i
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The City of Cleveland’s Cleveland
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Blanchflower, D. G., P. Levine and
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References Fairlie, R. W. (1999),
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References Ladd, H. F. (1998), “E
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References U.S. Census Bureau (2004
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Appendix A. Glossary Demand-side: R
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Appendix A. Glossary NSSBF or SSBF.
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Appendix B. Master M/WBE Directory
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Appendix B. Master M/WBE Directory
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Appendix C. Detailed Utilization, A
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NERA Economic Consulting Barton Cre
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