Effect of Bank Mergers on Client Firms: Evidence from the Credit Supply Channel

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2017-09-25 DOI:10.1111/jere.12157

Heather Montgomery, Yuki Takahashi

引用次数: 5

Abstract

This study investigates the effects of bank mergers on client firms. A rich panel of data detailing firm borrowing from individual banks enables controls for demand-side effects to isolate the effect of bank mergers on the supply of credit. The impact of bank mergers on other firm outcomes (growth in total borrowing, distance to default and investment) is also examined. A merger announcement by a firm's main bank results in a contraction in credit supply from the merging bank. Firms are not able to compensate for the reduced credit supply from the main bank, so overall borrowing also declines.

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银行并购对客户公司的影响:来自信贷供给渠道的证据

本研究探讨银行合并对客户公司的影响。详细说明企业从单个银行借款的丰富数据面板可以控制需求侧效应，从而隔离银行合并对信贷供应的影响。银行合并对其他企业结果(总借款增长、违约距离和投资)的影响也进行了研究。公司主要银行的合并公告会导致合并银行的信贷供应收缩。企业无法弥补主银行信贷供应的减少，因此总体借款也会下降。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.