We test whether firms with a single bank are better shielded from loss of credit and investment cuts in periods of … adverse cash flow shocks than firms with multiple bank relationships. Our estimates of the cash flow sensitivity of investment … shocks. In these periods, firms incur lower cuts in investment expenditures when they can obtain extra credit. In periods of …

competition and foreign direct investment discourage entry and stimulate exit of domestic entrepreneurs. These results are in line … with theoretical occupational choice models that predict foreign direct investment would crowd out domestic entrepreneurs …

competition and foreign direct investment discourage entry and stimulate exit of domestic entrepreneurs. These results are in line … with theoretical occupational choice models that predict foreign direct investment would crowd out domestic entrepreneurs …