Taken by storm: business financing and survival in the aftermath of Hurricane Katrina
利用卡特里娜飓风对密西西比海岸的破坏作为自然实验，研究发现遭受物理损害的企业存活率极低，尤其是小企业和低生产率企业，且融资约束导致社会效率低下的退出和资源配置扭曲。
We use Hurricane Katrina’s damage to the Mississippi coast in 2005 as a natural experiment to study business survival in the aftermath of a capital-destruction shock. We find very low survival rates for businesses that incurred physical damage, particularly for small firms and less-productive establishments. Conditional on survival, larger and more-productive businesses that rebuilt their operations hired more workers than their smaller and less-productive counterparts. Auxiliary evidence from the Survey of Business Owners suggests that the differential size effect is tied to the presence of financial constraints, pointing to a socially inefficient level of exits and to distortions of allocative efficiency in response to this negative shock. Over time, the size advantage disappeared and market mechanisms seem to prevail.