Banking Deregulations, Financing Constraints, and Firm Entry Size
利用美国人口普查局微观数据，研究发现银行分支机构放松管制并未改变新企业的平均进入规模，但存活至少四年的企业中更大比例在首年就达到或接近最大规模，且这些效应远小于小企业进入率的大幅变化。
We examine the effect of U.S. branch banking deregulations on the entry size of new firms, using micro-data from the U.S. Census Bureau. We find that the average entry size for startups did not change following the deregulations. However, among firms that survived at least four years, a greater proportion of firms entered either at their maximum size or closer to the maximum size in the first year. The magnitude of these effects were small compared to the much larger changes in entry rates of small firms following the reforms. Our results highlight that this large-scale entry at the extensive margin can obscure the more subtle intensive margin effects of changes in financing constraints.