Rise of the Machines: The Impact of Automated Underwriting

The authors thank the management team at the firm that provided the data for this research. For helpful comments, the authors also thank Tobias Berg, Itzhak Ben-David, Isil Erel, Andreas Fuster, John Griffin, Raghavendra Rau, Christine Parlour, Matt Ringgenberg, and René M. Stulz, as well as seminar and conference participants at Adam Smith Workshop, the Cambridge Centre for Alternative Finance, China International Conference in Finance, International Banking, Economics, and Finance Association Summer Meeting, Northeastern University, the Ohio State University, Red Rock Finance Conference, Society for Financial Studies Cavalcade North America, the University of Utah, and Western Finance Association. The paper was formally entitled “Human vs. Machine: Underwriting Decisions in Finance.”