The Borrower's Curse: Optimism, Finance and Entrepreneurship
用心理学发现解释小企业特征：过度乐观者主导新进入者，导致高失败率、依赖银行贷款而非股权融资、低利差和信贷配给。
This paper argues that most of the facts characterising small-scale businesses, including high failure rates, reliance on bank credit rather than equity finance, relatively low interest rate margins, and credit rationing, can be explained by a tendency for those who are excessively optimistic to dominate new entrants. Drawing on findings in psychology, we model entrants as relatively naive optimisers. Banks on the other hand are viewed as well informed and efficient processors of information.