In their seminal paper Grossman and Shapiro (1984) find that informative advertising is socially excessive in an oligopoly (entry is also socially excessive). However, to derive the results, it was assumed that all consumers receive at least one ad, i.e., advertising does not have a demand...

In recent years, commercial banks have substantially reduced the number of theirbranch offices. We address the question of whether or not the increased distance tolenders caused by branch office closures translates into a lower credit supply for smalland medium sized enterprises (SMEs). We use a...