The Value of Information in Competitive Markets: Evidence from Small and Medium-Sized Enterprises
研究银行向中小企业客户提供市场信息项目的影响，发现采用该信息的企业收入增加4.5%（工具变量估计为9%），主要机制是企业据此瞄准此前服务不足的性别-年龄客户群体。
We empirically investigate how the performance of small and medium-sized enterprises (SMEs) changes when gaining access to market information. To do so, we evaluate the impact of an information program diffused by a bank among its SME customers. Adopting firms gained access to reports with rich information about their own clientele and that of nearby establishments. While we find that adoption is associated with a 4.5% revenue increase, our instrumental variable results indicate that adoption increases revenue by 9%. The main mechanism driving our result is that the new information prompted adopting establishments to target gender-age customer groups underserved before adoption.