Regulatory Risk Perception and Small Business Lending

The authors received many helpful comments from discussants Tim Eisert, Manasa Gopal, Jordan Neyland, and Fan Zhang; from Naveen Daniel, Balbinder Singh Gill, Sabrina Howell, Ron Kaniel, Michelle Lowry, Torin McFarland, Ed Nelling, Jeff Netter, Philipp Schnabl, Kate Waldock, and David Yermack; and from seminar and conference participants at Northwestern University, New York University, the Office of the Comptroller of the Currency, the Financial Intermediation Research Society, the Midwest Finance Association, Frontiers in International Finance and Banking, the Philly Five, the Conference on Empirical Legal Studies, and the Boca Corporate Finance Conference. The authors thank the Small Business Administration for providing access to their employment records and for granting background interviews, the Center for Global Economy and Business for financial support, and Jason Chen for excellent research assistance.