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.

中文翻译：

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监管强度和特定公司的风险敞口

在行政数据和机器学习模型的基础上，我制定了一个针对公司的监管强度衡量标准：遵守所有联邦文书工作法规的成本。监管强度增加了商品销售成本和间接费用 (SGA)。它还会激励公司减少资本投资、雇用更少的员工并更多地进行游说。这种影响在财务受限的公司和那些拥有不可逆转的投资机会的公司中尤为强烈，这表明监管通过预算压力和不确定性增加来影响公司。调查结果突出了监管的实际影响和潜在机制。