Table 3 Open in new tab Summary...

	Fraction of debt
A. All areas
Level 1 (34,068)	46,303	35,698	24.65	30.48	0.046	0.116	0.066	0.083
Level 2 (17,139)	70,231	48,438	25.27	52.53	0.039	0.105	0.074	0.073
Level 3 (2,872)	85,918	57,944	17.94	35.20	0.024	0.083	0.078	0.067
B. Metropolitan areas
Level 1	90,169	60,584	13.65	14.89	0.034	0.107	0.084	0.067
Level 2	87,127	59,267	13.31	13.76	0.034	0.104	0.081	0.078
Level 3	92,702	63,363	12.06	15.27	0.022	0.083	0.080	0.071

	Fraction of debt
A. All areas
Level 1 (34,068)	46,303	35,698	24.65	30.48	0.046	0.116	0.066	0.083
Level 2 (17,139)	70,231	48,438	25.27	52.53	0.039	0.105	0.074	0.073
Level 3 (2,872)	85,918	57,944	17.94	35.20	0.024	0.083	0.078	0.067
B. Metropolitan areas
Level 1	90,169	60,584	13.65	14.89	0.034	0.107	0.084	0.067
Level 2	87,127	59,267	13.31	13.76	0.034	0.104	0.081	0.078
Level 3	92,702	63,363	12.06	15.27	0.022	0.083	0.080	0.071

Table 3

Summary statistics: Cross-section

	Fraction of debt
	Mean loan amount		# of borrowers		del. within a year		Return on loans
Branch level (# Obs)	Mean	SD	Mean	SD	Mean	SD	Mean	SD
A. All areas
Level 1 (34,068)	46,303	35,698	24.65	30.48	0.046	0.116	0.066	0.083
Level 2 (17,139)	70,231	48,438	25.27	52.53	0.039	0.105	0.074	0.073
Level 3 (2,872)	85,918	57,944	17.94	35.20	0.024	0.083	0.078	0.067
B. Metropolitan areas
Level 1	90,169	60,584	13.65	14.89	0.034	0.107	0.084	0.067
Level 2	87,127	59,267	13.31	13.76	0.034	0.104	0.081	0.078
Level 3	92,702	63,363	12.06	15.27	0.022	0.083	0.080	0.071

	Fraction of debt
	Mean loan amount		# of borrowers		del. within a year		Return on loans
Branch level (# Obs)	Mean	SD	Mean	SD	Mean	SD	Mean	SD
A. All areas
Level 1 (34,068)	46,303	35,698	24.65	30.48	0.046	0.116	0.066	0.083
Level 2 (17,139)	70,231	48,438	25.27	52.53	0.039	0.105	0.074	0.073
Level 3 (2,872)	85,918	57,944	17.94	35.20	0.024	0.083	0.078	0.067
B. Metropolitan areas
Level 1	90,169	60,584	13.65	14.89	0.034	0.107	0.084	0.067
Level 2	87,127	59,267	13.31	13.76	0.034	0.104	0.081	0.078
Level 3	92,702	63,363	12.06	15.27	0.022	0.083	0.080	0.071

This table reports branch-quarter summary statistics of new individual loans across organizational designs. Panel A considers all geographic areas, and panel B considers only metropolitan areas. The variable Branch level is a number between 1 and 3, where the lowest value (level 1) and the highest value (level 3) characterize the least hierarchical branches and the most hierarchical branches, respectively. We report the mean and the standard deviation for all the variables.

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