Considers the entrepreneurial process as experimentation and learning dominated by random events. The experimentation that occurs with venturing can be characterized as a learning process, which allows entrepreneurs to derive higher output from factor inputs as the entrepreneur develops over...

This paper addresses two questions related to the ongoing consolidation of the US banking industry and its effect on small firm financing. First, are conventional measures of market structure (e.g. geographic market size and deposit concentration) related to bank competition for small firm...

In the early years following the financial collapse, federal officials and others believed that banks were not making loans to creditworthy small firms, who have accounted for most of the job creation in the United States in recent decades. Acting on this belief, a number of programs were...