The Financial Consequences of Online Review Aggregators: Evidence from Yelp Ratings and SBA Loans

The author thanks Gustavo Manso (the editor), an associate editor, two anonymous referees, Rajesh Aggarwal, Heitor Almeida, Allen Berger, Bo Bian, James Brau, Sudipto Dasgupta, David Denis, Nuri Ersahin, Umit Gurun, John Hackney, Gerald Hoberg, Jiekun Huang, Timothy Johnson, Charles Kahn, José Liberti, Chen Lin, James Linck, Baixiao (Tony) Liu, Ping Liu, Erik Mayer, George Pennacchi, Joshua Pollet, Tarun Ramadorai, Jay Ritter, Anthony Saunders, David Skeie, Philip Strahan, Scott Weisbenner, Yufeng Wu, Yuhai Xuan, and Mao Ye as well as seminar participants at Auburn University, Cheung Kong Graduate School of Business, Chinese University of Hong Kong, Florida State University, Fordham University, Hong Kong University, Lehigh University, Northeastern University, Oklahoma State University, Queens University, San Diego State University, Southern Methodist University, Temple University, University at Buffalo, University of Central Florida, University of Florida, University of Illinois at Urbana-Champaign, University of Pittsburgh, University of South Carolina, University of Sydney, University of Texas at Dallas, University of Utah, the 2018 London Business School Trans-Atlantic Doctoral Conference, the 2018 Financial Intermediation Research Society annual meeting, and the 2018 Northern Finance Association annual meeting for helpful discussions and comments.