The Causal Impact of Distance on Bank Lending

The authors thank Claire Celerier, Sergio Correia, Rüdiger Fahlenbrach, Alexander Ljungqvist, Katrine Holm Reiso, Gonzalo Maturana, Steven Ongena, Anthony Saunders, Glenn Schepens, Philipp Schnabl, Christian Thomann, Zhaoxia Zu, and participants at the University of Zurich, the German Finance Association Annual Meeting 2015, Norwegian School of Economics Bergen, University of Bonn, University of Bern, Asian Finance Association Meeting 2018, and the European Finance Association Meeting 2016 for helpful comments. Ida Aanes and Karl Fredrik Schjøtt-Pedersen provided excellent research assistance. The confidential tax data have been made available to us by the Norwegian Tax Directorate (Skattedirektoratet), and approval is gratefully received by sequential letters, the most recent dated February 2, 2020. The authors are indebted to Jan Kristian Jensen of the Norwegian Public Roads Administration for help in accessing official Norwegian infrastructure archives. The views expressed in this article are personal and do not necessarily represent those of Directorate-General for Financial Stability, Financial Services and Capital Markets Union or of the European Commission.