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Figure 1: An example of (K; N ) for a given K (we suppress the dependence on K). N is estimation on number of entering …rms, and (K; N ) is the resulting number of entering …rms given estimation N
Figure 2: Finding consistent N . The two pictures on the left correspond to the case where N is an integer
Table 1: Descriptive Statistics — Market Level
Table 2 reports the summary statistics of the bank-level information. The incumbents’ mean size of assets is much smaller than that of potential entrants at $198.2 million
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