Academic references

Here is a list of references on blue sky laws and the literature on the role of regulation on economic outcomes.

Agarwal, Sumit, David Lucca, Amit Seru, and Francesco Trebbi. 2014. \Inconsistent Regulators:
Evidence from Banking.” The Quarterly Journal of Economics 129 (2):889{938.

Aghion, Philippe, Thibault Fally, and Stefano Scarpetta. 2007. \Credit Constraints as a Barrier
to the Entry and Post-Entry Growth of Firms.” Economic Policy 22 (52):732{779.

Agrawal, Ashwini K. 2013. \The Impact of Investor Protection Law on Corporate Policy and Performance: Evidence from the Blue Sky Laws.” Journal of Financial Economics 107 (2):417{

Benmelech, Efraim and Tobias J. Moskowitz. 2010. \The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century.” The Journal of Finance
65 (3):1029{1073.

Berger, Allen N and Gregory F Udell. 1998. \The economics of small business  nance: The
roles of private equity and debt markets in the financial growth cycle.” Journal of banking & Finance 22 (6-8):613{673.

Bertrand, Marianne and Sendhil Mullinathan. 1999. \Is there discretion in wage setting? A test
using takeover legislation.” Rand Journal of Economics 30 (3):535{554.

Bertrand, Marianne, Antoinette Schoar, and David Thesmar. 2007. \Banking Deregulation and
Industry Structure: Evidence from the French Banking Reforms of 1985.” The Journal of
Finance 62 (2):597{628.

Black, Bernard S and Ronald J Gilson. 1998. \Venture capital and the structure of capital
markets: banks versus stock markets.” Journal of  nancial economics 47 (3):243{277.

Black, Sandra E. and Philip E. Strahan. 2002. \Entrepreneurship and Bank Credit Availability.”
The Journal of Finance 57 (6):2807{2833.

Bloom, Nicholas, John Van Reenen, and Heidi Williams. 2019. \A Toolkit of Policies to Promote
Innovation.” Journal of Economic Perspectives 33 (3):163{184.

Campbell, Rutheford B. Jr. 1984. \An Open Attack on the Nonsense of Blue Sky Regulation.”
Journal of Corporation Law (3):553{580.

Catan, Emiliano M. and Marcel Kahan. 2016. \The Law and Finance of Antitakeover Statutes.”
Stanford Law Review (3):629{682.

Cetorelli, Nicola and Philip E. Strahan. 2006. \Finance as a Barrier to Entry: Bank Competition
and Industry Structure in Local U.S. Markets.” The Journal of Finance 61 (1):437{461.

Denos, Kenneth I. 1997. \Blue and Gray Skies: The National Securities Markets Improvement
Act of 1996 Makes the Case for Uniformity in State Securities Law Comment.” Utah Law
Review (1):101{136.

Elliott, John M. 1919. The Annotated Blue Sky Laws of the United States. WH Anderson

Evans, David S. and Boyan Jovanovic. 1989. \An Estimated Model of Entrepreneurial Choice
under Liquidity Constraints.” Journal of Political Economy 97 (4):808{827.

Ewens, Michael and Joan Farre-Mensa. 2019. \The deregulation of the private equity markets
and the decline in IPOs.” Working Paper .

Guiso, Luigi, Paola Sapienza, and Luigi Zingales. 2004. \Does Local Financial Development
Matter?” The Quarterly Journal of Economics 119 (3):929{969.

Gupta, Nandini and Kathy Yuan. 2009. \On the Growth E ect of Stock Market Liberalizations.”
The Review of Financial Studies 22 (11):4715{4752.

Haltiwanger, John, Ron S Jarmin, Robert B Kulick, and Javier Miranda. 2016. \High growth
young firms: Contribution to job, output and productivity growth.” US Census Bureau Center
for Economic Studies Paper No. CES-WP-16-49 .

Harold Mulherin, J. 2007. \Measuring the Costs and Benefits of Regulation: Conceptual Issues
in Securities Markets.” Journal of Corporate Finance 13 (2):421{437.

Hurst, Erik and Annamaria Lusardi. 2004. \Liquidity Constraints, Household Wealth, and
Entrepreneurship.” Journal of Political Economy 112 (2):319{347.

Jarrell, Gregg A. 1981. \The Economic Effects of Federal Regulation of the Market for New
Security Issues.” The Journal of Law and Economics 24 (3):613{675.

Johnson, Jennifer J. 2010. \Private Placements: A Regulatory Black Hole.” Delaware Journal
of Corporate Law (1):151{198.

Karpoff, Jonathan M. and Paul H. Malatesta. 1989. \The Wealth E ects of Second-Generation
State Takeover Legislation.” Journal of Financial Economics 25 (2):291{322.

Karpoff, Jonathan M. and Michael D. Wittry. 2018. \Institutional and Legal Context in Natural
Experiments: The Case of State Antitakeover Laws.” The Journal of Finance 73 (2):657{714.

Kerr, William R. and Ramana Nanda. 2009. \Democratizing Entry: Banking Deregulations,
Financing Constraints, and Entrepreneurship.” Journal of Financial Economics 94 (1):124{

King, Robert G. and Ross Levine. 1993a. \Finance and Growth: Schumpeter Might Be Right.”
The Quarterly Journal of Economics 108 (3):717{737.

King, Robert G and Ross Levine. 1993b. \Finance, Entrepreneurship and Growth.” Journal of
Monetary Economics 32 (3):513{542.

Kroszner, Randall S. and Philip E. Strahan. 1999. \What Drives Deregulation? Economics
and Politics of the Relaxation of Bank Branching Restrictions.” The Quarterly Journal of
Economics 114 (4):1437{1467.

Levine, Ross. 2005. \Chapter 12 Finance and Growth: Theory and Evidence.” In Handbook of
Economic Growth, vol. 1, edited by Philippe Aghion and Steven N. Durlauf. Elsevier, 865{934.

Levine, Ross, Norman Loayza, and Thorsten Beck. 2000. \Financial Intermediation and Growth:
Causality and Causes.” Journal of Monetary Economics 46 (1):31{77.

Long, Joseph C. 1979. \State Securities Regulation{An Overview.” Oklahoma Law Review

Loss, Louis. 1957. \The Conflict of Laws and the Blue Sky Laws.” Harvard Law Review (2):209{

Loss, Louis and Edward M Cowett. 1958. Blue sky law. Little, Brown and Company, 1 ed.
Macey, Jonathan R. and Geoffrey P. Miller. 1991. \Origin of the Blue Sky Laws.” Texas Law
Review (2):347{398.

Mahoney, Paul G. 2003. \The Origins of the Blue-Sky Laws: A Test of Competing Hypotheses.”
The Journal of Law & Economics 46 (1):229{251.

Mofsky, James S. 1969. \Blue Sky Restrictions on New Business Promotions.” Duke Law Journal

Porta, Rafael La, Florencio Lopez-De-Silanes, Andrei Shleifer, and Robert W. Vishny. 1997.
\Legal Determinants of External Finance.” The Journal of Finance 52 (3):1131{1150.

Porta, Rafael La, Florencio Lopez-de Silanes, Andrei Shleifer, and RobertWVishny. 1998. \Law
and finance.” Journal of political economy 106 (6):1113{1155.

Rajan, Raghuram G. 2012. \Presidential Address: The Corporation in Finance.” The Journal
of Finance 67 (4):1173{1217.

Rajan, Raghuram G. and Luigi Zingales. 1998. \Financial Dependence and Growth.” The
American Economic Review 88 (3):559{586.

Rajan, Raghuram G and Luigi Zingales. 2003. \The Great Reversals: The Politics of Financial
Development in the Twentieth Century.” Journal of Financial Economics 69 (1):5{50.

Rice, Tara and Philip E. Strahan. 2010. \Does Credit Competition Affect Small-Firm Finance?”
The Journal of Finance 65 (3):861{889.

Robb, Alicia M and David T Robinson. 2014. \The capital structure decisions of new  rms.”
The Review of Financial Studies 27 (1):153{179.

Sargent, Mark A. 1986. \Report on State Merit Regulation of Securities O erings.” The Business
Lawyer 41 (3):785{852.

Stigler, George J. 1971. \The theory of economic regulation.” The Bell journal of economics
and management science 2 (1):3{21.

Stiglitz, Joseph E. and Andrew Weiss. 1981. \Credit Rationing in Markets with Imperfect
Information.” The American Economic Review 71 (3):393{410.

Strahan, Philip E. 2002. \The Real Effects of U.S. Banking Deregulation.” Center for Financial
Institutions Working Paper, Wharton School Center for Financial Institutions, University of

US Securities and Exchange Commission. 2019. \Concept Release on Harmonization of Securities
Offering Exemptions.” Tech. rep.

Warren, Manning Gilbert III. 2000. \Reflections on Dual Regulation of Securities: A Case for
Reallocation of Regulatory Responsibilities F. Hodge O’Neal Corporate and Securities Law
Symposium: The Changing Structure of Securities Regulation.” Washington University Law
Quarterly (2):497{512.

Warren III, Manning Gilbert. 1983. \Reflections on Dual Regulation of Securities: A Case
Against Preemption.” BCL Rev. 25:495.