Whether competition helps or hinders small firms' access to finance is in itself a much debated question in the economic literature and in policy circles, especially in the developing world. Economic theory offers conflicting predictions and empirical contributions provide mixed results. This...

Whether competition helps or hinders small firms' access to finance is in itself a much debated question in the economic literature and in policy circles, especially in the developing world. Economic theory offers conflicting predictions and empirical contributions provide mixed results. This...

Bank Competition and Credit Constraints in Developing Countries: New Evidence Whether competition helps or hinders small firms' access to finance is in itself a much debated question in the economic literature and in policy circles, especially in the developing world. Economic theory offers...

Whether competition helps or hinders small firms' access to finance is in itself a much debated question in the economic literature and in policy circles, especially in the developing world. Economic theory offers conflicting predictions and empirical contributions provide mixed results. This...

When credit application experiences are examined, minority-owned small firms are not the discouraged borrowers that credit outcome studies generally suggest. This paper examines repeated application for credit by small firms. Univariate statistical analysis reveals that persistence is necessary...

When credit application experiences are examined, minority-owned small firms are not the discouraged borrowers that credit outcome studies generally suggest. This paper examines repeated application for credit by small firms. Univariate statistical analysis reveals that persistence is necessary...

When credit application experiences are examined, minority-owned small firms are not the discouraged borrowers that credit outcome studies generally suggest. This paper examines repeated application for credit by small firms. Univariate statistical analysis reveals that persistence is necessary...

We analyze trading dynamics as successive high-frequency trading (HFT) firms begin to trade stocks in an equity market. Entrants compete with incumbents for volume, and there is crowding out. Earlier entry is associated with larger effects. After Passive HFT entry, incumbent spreads tighten....

Predatory trading discourages informed investors from gathering information and trading on it. However, using 11 years of equity trading data, we do not find evidence that informed investors are being discouraged. They have roughly constant volumes and profits through the sample. They are...

High-speed market connections and information processing improve the ability to seize trading opportunities, raising gains from trade. They also enable fast traders to process information before slow traders, generating adverse selection, and thus negative externalities. When investing in fast...