We apply the Bresnahan--Lau model (1982) to test the degree of competition of China's banking industry over the period 1986 to 2011. Results strongly reject monopoly power and indicate perfectly competitive behaviour. China's entry into the WTO did not cause any measurable shift in banking...

Prior studies have shown that newly public firms exhibit a high degree of uncertainty and asymmetric information, with few reliable sources of information. These findings suggest that investors could benefit if some independent party is able to assess the quality of a newly public firm. Since...

Motivated by prior results predicting contrasting linkages between industrial structure and economic stability, we present exploratory empirical evidence on this important issue. Consistent with the turnover hypothesis, we find that employment grew more steadily where business establishments in...

Recent studies have documented an association between financial structure and per capita income growth. The relationship between financial structure and job growth, by contrast, is an unexplored issue of independent interest. Here we find that US nonmetropolitan employment grew faster in...