Regulatory Intensity and Firm-Specific Exposure
利用行政数据和机器学习模型，构建了企业层面的监管强度指标，发现监管强度会增加销售成本和管理费用，促使企业减少资本投资和雇佣，并增加游说活动，尤其对财务受限和投资不可逆的企业影响更大。
Abstract Building on administrative data and machine-learning models, I develop a firm-specific measure of regulatory intensity: cost of compliance with all federal paperwork regulations. Regulatory intensity increases the cost of goods sold and overhead spending (SGA). It also incentivizes companies to reduce capital investment, hire fewer employees, and lobby more. The effects are particularly strong among financially constrained firms and those with irreversible investment opportunities, suggesting that regulation affects companies through budgetary pressures and heightened uncertainty. The findings highlight the real effects of regulation and the underlying mechanisms. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.