Overlending?
探讨了低净值或弱势群体创业者被资本市场排斥的现象，指出信息不对称和过度乐观可能降低信贷效率，质疑鼓励放贷政策的合理性。
A mass of evidence suggests that aspiring entrepreneurs with low net worth or from disadvantaged social groups are excluded from capital markets. Asymmetric information potentially explains these findings, though whether aggregate lending is raised or lowered relative to the full information outcome is ambiguous. Whichever case occurs, subsidising credit may decrease efficiency. This is all the more true when, as the evidence suggests, potential entrepreneurs are prone to unrealistic optimism. Indeed, even though optimism may cause redlining and credit rationing and so lower lending, the case for policies to encourage lending is further undermined.