Regional treatment intensity, firm-level take-up propensity, and actual take-up

This figure plots regression coefficients and 95% confidence intervals of regressing actual guarantee take-up, Guarantee (1/0), on the regional exposure to the 2009–2010 loan guarantee program, Guarantee$region,09−10$⁠, interacted with quintiles of firm-level predicted take-up propensity. We estimate take-up propensity using observable firm characteristics (logarithm of assets, ROA, logarithm of firm age, dividend/sales, PPE/assets, debt/assets, credit risk and two-digit industry fixed effects) measured in 2008.