Business, George Washington University(ayyagari@gwu.edu); Demirgüç-Kunt:
World Bank(ademirguckunt@worldbank.org); Maksimovic …: Robert H. Smith School of Business at the
University of Maryland(vmaksimovic@rhsmith.umd.edu). This research was supported … Bubna, L. Alan Winters, Jiawen Yang, and seminar participants at the World Bank, Indian School of
Business, University of …