This regression measures the impact of the log change in competition (measured in # competitior banks) on the difference in average bank-level outcomes (in this case change in loans). The paper states (looking at Column 1, marked in yellow) that "a 1-standard-deviation increase in the growth in the average number of LICUs within a 5-mile radius of a bank after the letter is associated with about a 0.16 percentage point, or 0.04 standard deviation, decline in average lending growth."

How did the author come to the 0.16 pp decline? why is it not a 0.567 percentage point decline? Array