Barseghyan, Levon; DiCecio, Riccardo - Federal Reserve Bank of St. Louis - 2008
instrumental variable regressions, we show that higher barriers to entry lead to higher volatility. In particular, a one standard … barriers to entry
lead to higher volatility: A one standard deviation increase in entry costs increases
the standard deviation … statistically signi�cant e�ect
on volatility.
Keywords: entry costs, entry regulation, entry barriers, property rights, institu …