Regulatory Risk Perception and Small Business Lending

Joseph Kalmenovitz, Siddharth Vij
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引用次数: 3

Abstract

We study how Small Business Administration (SBA) employees respond to salient defaults. Using novel data to identify employees transferring across SBA offices, we find that defaults on SBA loans in their previous workplace reduce SBA loans in their current workplace. The effect is independent of local risk conditions and the informational content of the non-local defaults, consistent with a mechanical updating of risk perceptions among local SBA employees and inconsistent with rational learning. The local SBA loan market becomes geographically clustered and concentrated among fewer borrowers and lenders, especially those who have prior relationships with the SBA, suggesting higher barriers for participation.
监管风险认知与小企业贷款
我们研究了小企业管理局(SBA)员工对显著违约的反应。使用新颖的数据来识别跨SBA办公室的员工,我们发现在他们以前的工作场所拖欠SBA贷款会减少他们目前工作场所的SBA贷款。这种效应与本地风险条件和非本地违约的信息内容无关,与本地小企业管理局雇员对风险认知的机械更新一致,与理性学习不一致。当地小企业管理局贷款市场在地理上变得集群,集中在少数借款人和贷款人中,特别是那些与小企业管理局有过关系的人,这表明参与的障碍更高。
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