Banks open more branches and make more lending near their CEOs’ childhood hometowns. The effects are stronger among informationally opaque borrowers and among CEOs who spend more time in their childhood hometowns. Furthermore, loans originated near CEOs’ hometowns contain more soft information and have lower ex post default rates, implying that hometown loans are more informed. Hometown lending does not affect aggregate bank outcomes, suggesting that credit is being reallocated from regions located farther away to regions proximate to bank CEOs’ hometowns.

中文翻译：

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家乡贷款

银行在 CEO 儿时的家乡附近开设更多分行并提供更多贷款。在信息不透明的借款人以及在童年故乡度过更多时间的 CEO 中，这种影响更为强烈。此外，来自CEO家乡附近的贷款包含更多的软信息，并且具有较低的事后违约率，这意味着家乡贷款更加知情。家乡贷款不会影响银行的总体结果，这表明信贷正在从更远的地区重新分配到靠近银行 CEO 家乡的地区。