NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Do Loan Officers' Incentives Lead to Lax Lending Standards?

Sumit Agarwal, Itzhak Ben-David

NBER Working Paper No. 19945
Issued in February 2014

---- Acknowledgements -----

We are grateful to Tobias Berg, Harrison Hong (NBER discussant), Naveen Khanna (WFA discussant), Evgeny Lyandres, Mitchell Petersen (NBER discussant), Rich Rosen, Kasper Roszbach, Antoinette Schoar, Amit Seru, René Stulz, Greg Udell , and Luigi Zingales for helpful comments. We wish to thank seminar participants at University of California at Berkeley, FIRS 2012 , The Fisher College of Business at The Ohio State University, the School of Public Affairs at The Ohio State University, National University of Singapore, the NBER Behavioral Economics meeting, the NBER Risk of Financial Institutions meeting, the SIFR Conference on Real Estate and Mortgage Finance (Stockholm), University of Indiana, University of Maryland, Tel-Aviv University Finance Conference, Dartmouth University, University of Florida, Wharton School of Business, CEPR EBC Conference, National University of Singapore, the Western Finance Association Meetings 2012, the ABFER Conference in Singapore, the Federal Reserve Bank of New York, and the Federal Reserve Bank of Chicago for comments. Also, we thank Tom Wessels of Fortner, Bayens, Levkulich & Garrison, P.C. for helpful background data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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