To Build or to Buy? The Role of Local Information in Credit Market Development

References

• Acharya V, Baghai R, Subramanian K (2013) Wrongful discharge laws and innovation. Rev. Financial Stud. 27:301–346.Crossref, Google Scholar
• Allison PD (2009) Fixed Effects Regression Models, vol. 160 (SAGE Publications, Thousand Oaks, CA).Crossref, Google Scholar
• Agarwal S, Hauswald R (2010) Distance and private information in lending. Rev. Financial Stud. 23:2757–2788.Crossref, Google Scholar
• Almeida P, Kogut B (1999) Localization of knowledge and the mobility of engineers in regional networks. Management Sci. 45:905–917.Link, Google Scholar
• Argote L, Ingram P (2000) Knowledge transfer: A basis for competitive advantage in firms. Organ. Behav. Human Decision Processes 82(1):150–169.Crossref, Google Scholar
• Asea P, Blomberg B (1998) Lending cycles. J. Econometrics. 83:89–128.Crossref, Google Scholar
• Bae KH, Stulz RM, Tan H (2008) Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts. J. Financial Econom. 88(3):581–606.Crossref, Google Scholar
• Baik B, Kang JK, Kim JM (2010) Local institutional investors, information asymmetries, and equity returns. J. Financial Econom. 97(1):81–106.Crossref, Google Scholar
• Bertrand M, Duflo E, Mullainathan S (2004) How much should we trust differences-in-differences estimates? Quart. J. Econom. 119:249–275.Crossref, Google Scholar
• Bertrand M, Schoar A, Thesmar D (2007) Banking deregulation and industry structure: Evidence from the French banking reforms of 1985. J. Finance 62(2):597–628.Crossref, Google Scholar
• Black S (1999) Do better schools matter? Parental valuation of elementary education. Quart. J. Econom. 114(2):577–599.Crossref, Google Scholar
• Broecker T (1990) Credit-worthiness tests and interbank competition. Econometrica 58(2):429–452.Crossref, Google Scholar
• Coval J, Moskowitz T (2001) The geography of investment: Informed trading and asset prices. J. Political Econom. 109(4):811–841.Crossref, Google Scholar
• Dell’Ariccia G, Marquez R (2004) Information and bank credit allocation. J. Financial Econom. 72(1):185–214.Crossref, Google Scholar
• Dell’Ariccia G, Friedman E, Marquez R (1999) Adverse selection as a barrier to entry in the banking industry. RAND J. Econom. 30(3):515–534.Crossref, Google Scholar
• Dell’Ariccia G, Laeven L, Suarez GA (2017) Bank leverage and monetary policy’s risk‐taking channel: Evidence from the United States. J. Finance 72(2):613–654.Crossref, Google Scholar
• Dick A (2006) Nationwide branching and its impact on market structure, quality, and bank performance. J. Bus. 79(2):567–592.Crossref, Google Scholar
• Fallick B, Fleischman C, Rebitzer J (2006) Job-hopping in Silicon Valley: Some evidence concerning the microfoundations of a high-technology cluster. Rev. Econom. Statist. 88(3):472–481.Crossref, Google Scholar
• Franco A, Mitchell M (2008) Covenants not to compete, labor mobility, and industry dynamics. J. Econom. Management Strategy 17(3):581–606.Crossref, Google Scholar
• Garmaise M (2011) Ties that truly bind: Noncompetition agreements, executive compensation, and firm investment. J. Law Econom. Organ. 27(2):376–425.Crossref, Google Scholar
• Greene W (2004) The behaviour of the maximum likelihood estimator of limited dependent variable models in the presence of fixed effects. Econometrics 7(1):98–119.Crossref, Google Scholar
• Guiso L, Sapienza P, Zingales L (2004) Does local financial development matter? Quart. J. Econom. 119(3):929–969.Crossref, Google Scholar
• Hau H (2001) Location matters: An examination of trading profits. J. Finance 56(5):1959–1983.Crossref, Google Scholar
• Holmes T (1998) The effect of state policies on the location of manufacturing: Evidence from state borders. J. Political Econom. 106(4):667–705.Crossref, Google Scholar
• Huang R (2008) Evaluating the real effect of bank branching deregulation: Comparing contiguous counties across US state borders. J. Financial Econom. 87(3):678–705.Crossref, Google Scholar
• Ivković Z, Weisbenner S (2005) Local does as local is: Information content of the geography of individual investors’ common stock investments. J. Finance 60(1):267–306.Crossref, Google Scholar
• Jaffe AB, Trajtenberg M, Henderson R (1993) Geographic localization of labor mobility as evidenced by patent citations. Quart. J. Econom. 108:577–598.Crossref, Google Scholar
• Jayaratne J, Strahan P (1996) The finance-growth nexus: Evidence from bank branch deregulation. Quart. J. Econom. 111:639–670.Crossref, Google Scholar
• Kaplan S, Stromberg P (2003) Financial contracting theory meets the real world: An empirical analysis of venture capital contracts. Rev. Econom. Stud. 70:281–315.Crossref, Google Scholar
• Karolyi SA (2017) Personal lending relationships. J. Finance 73:5–49.Crossref, Google Scholar
• Kramer, Robert (1999) “Mega-mergers” in the banking industry. Address, ABA Antitrust Section, April 14, Washington, DC.Google Scholar
• La Porta R, Lopez-de-Silanes F, Shleifer A, Vishny R (2001) Law and Finance (Springer, Berlin), 26–68.Google Scholar
• Leonard B (2001) Recruiting from the competition. HR Magazine. 46:78–83.Google Scholar
• Malloy C (2005) The geography of equity analysis. J. Finance 60:719–755.Crossref, Google Scholar
• Malsberger BM (2013) Covenants Not to Compete: A State-by-State Survey, 9th ed. (Bloomberg BNA, Washington, DC).Google Scholar
• Marx M, Fleming L (2011) Non-compete agreements: Barriers to entry… and exit? Innovation Policy Econom. 12:39–64.Crossref, Google Scholar
• Marx M, Strumsky D, Fleming L (2009) Mobility, skills, and the Michigan non-compete experiment. Management Sci. 55(6):875–889.Link, Google Scholar
• Mester L, Nakamura L, Renault M (2007) Transactions accounts and loan monitoring. Rev. Financial Stud. 20(3):529–556.Crossref, Google Scholar
• Møen J (2000) Is Mobility of Technical Personnel a Source of R&D Spillovers? (National Bureau of Economic Research, Washington, DC).Crossref, Google Scholar
• Norden L, Weber M (2010) Credit line usage, checking account activity, and default risk of bank borrowers. Rev. Financial Stud. 23(10):3665–3699.Crossref, Google Scholar
• Ogura Y (2006) Learning from a rival bank and lending boom. J. Financial Intermediation 15(4):535–555.Crossref, Google Scholar
• Petersen M, Rajan R (1994) The benefits of lending relationships: Evidence from small business data. J. Finance 49(1):3–37.Crossref, Google Scholar
• Petersen M, Rajan R (2002) Does distance still matter? The information revolution in small business lending. J. Finance 57(6):2533–2570.Crossref, Google Scholar
• Qiu B, Wang T (2018) Does knowledge protection benefit shareholders? Evidence from stock market reaction and firm investment in knowledge assets. J. Financial Quant. Anal. 53(3):1341–1370.Crossref, Google Scholar
• Rajan R (1992) Insiders and outsiders: The choice between informed and arm’s‐length debt. J. Finance 47(4):1367–1400.Crossref, Google Scholar
• Rajan RG, Zingales L (1998) Financial dependence and growth. Amer. Econom. Rev. 88(3):559–586.Google Scholar
• Rice T, Strahan P (2010) Does credit competition affect small‐firm finance? J. Finance 65(3):861–889.Crossref, Google Scholar
• Shaffer S (1998) The winner’s curse in banking. J. Financial Intermediation 7(4):359–392.Crossref, Google Scholar
• Song J, Almeida P, Wu G (2003) Learning–by–hiring: When is mobility more likely to facilitate interfirm knowledge transfer? Management Sci. 49(4):351–365.Link, Google Scholar
• Zarutskie R (2006) Evidence on the effects of bank competition on firm borrowing and investment. J. Financial Econom. 81(3):503–537.Crossref, Google Scholar