Has the U.S. Finance Industry Become Less Efficient? on the Theory and Measurement of Financial Intermediation

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Fintech, regulatory arbitrage, and the rise of shadow banks (2018, unknown): “Philippon (2015) documents that advances in financial technology have failed to reduce intermediation costs.”
The FinTech Opportunity (2016, unknown): “past 130 years (Philippon 2015); Bazot (2017) finds similar unit costs in other major countries (Germany, UK, France).”
BigTech and the changing structure of financial intermediation (2019, background): “Where the unit cost of finance is high (see Philippon, 2015), this may make entry by challengers, including BigTech firms, particularly attractive.”
Law, Trust, and the Development of Crowdfunding (2019, unknown): “The first, public choice theory (Stigler, 1971) argues that incumbents in an industry lobby for regulations to keep out competitors and create rents for themselves.”
Finance and Misallocation: Evidence from Plant-Level Data (2014, unknown): “5 See Jeong and Townsend (2007) who also study the role of financing frictions in preventing the flow of resources from the traditional to the modern sector, and Jeong and Kim (2006) for a taxonomy of different occupations into the two sectors.”