Debtor Protection and Business Dynamism
研究发现更宽松的个人破产法（债务人保护）在低启动资本行业促进企业进入，但增加年轻小企业的退出和就业破坏，负面效应在3年后显现且持续。
We study the effect of debtor protection on business dynamism. We find that greater debtor protection, in the form of more lenient personal bankruptcy laws, increases firm entry only in sectors requiring low start-up capital. We also find that debtor protection increases firm exit and job destruction rates among young small firms. This negative effect takes 3 years to materialize and is persistent. Finally, we provide evidence consistent with two mechanisms underlying these changes in business dynamism: a reduction in credit supply and entry of lower-quality firms following increases in debtor protection.