Bank Competition and Firm Creation
研究金融部门竞争对非金融部门企业创立的影响，发现两者呈倒U型关系，且银行竞争对信息不对称严重行业的新企业创立更不利。
We investigate the effects of competition in the financial sector on the creation of firms in the nonfinancial sector, explicitly allowing for heterogeneous effects across borrowers characterized by different degrees of asymmetric information. We find evidence of a bell-shaped relationship between bank competition and firm creation. In addition, consistently with theories arguing that competition may reduce the availability of credit to informationally opaque firms, we find that bank competition results less favorable to the emergence of new firms in industrial sectors where informational asymmetries are more important.