for comments. Laurence O'Brien and Igor Kuznetsov provided excellent research assistance. João Granja gratefully acknowledges support from the Jane and Basil Vasiliou Faculty Scholarship and from the Booth School of Business at the University of Chicago. Yannelis and Zwick gratefully acknowledges financial support from the Booth School of Business at the University of Chicago. We are grateful to the Small Business Administration, Womply, and Homebase for providing data. This draft is preliminary and comments are welcome. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online at http://www.nber.org/papers/w27095.ack NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

for comments. Laurence O'Brien and Igor Kuznetsov provided excellent research assistance. João Granja gratefully acknowledges support from the Jane and Basil Vasiliou Faculty Scholarship and from the Booth School of Business at the University of Chicago. Yannelis and Zwick gratefully acknowledge financial support from the Booth School of Business at the University of Chicago. We are grateful to the Small Business Administration, Homebase, Womply, and Opportunity Insights for data, and to the CDBA for helping us understand the institutional background. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online at http://www.nber.org/papers/w27095.ack NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

Rob Vishny, and seminar participants at Chicago Booth and the NBER for helpful suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

No abstract

I exploit variation in the adoption of disclosure and supervisory regulation across U.S. states to examine their impact on the development and stability of commercial banks. The empirical results suggest that the adoption of state-level requirements to report financial statements in local newspapers is * Booth School of Business, The University of Chicago.Accepted by Stephen Ryan. I thank the members of my dissertation committee for their support and help: