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| Tekijä: | Zarutskie, R. |
| Otsikko: | Evidence on the effects of bank competition on firm borrowing and investment |
| Lehti: | Journal of Financial Economics
2006 : SEP, VOL. 81:3, p. 503-537 |
| Asiasana: | banks competition debt |
| Vapaa asiasana: | financial constraints |
| Kieli: | eng |
| Tiivistelmä: | This article presents evidence on the financial and real effects of bank competition using a large panel of privately held companies. The company-level impact of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, which increased the competitiveness if U.S. banking markets, is traced here. Following the deregulation, newly formed companies used significantly less external debt, were smaller, and realized higher returns on assets, consistent with their investing less due to greater financial constraints. |
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