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

IF 1.5 4区经济学 Q2 ECONOMICS

Japanese Economic Review 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

Japanese Economic Review ECONOMICS-

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Started in 1950 by a group of leading Japanese economists under the title The Economic Studies Quarterly, the journal became the official publication of the Japanese Economic Association in 1959. As its successor, The Japanese Economic Review has become the Japanese counterpart of The American Economic Review, publishing substantial economic analysis of the highest quality across the whole field of economics from researchers both within and outside Japan. It also welcomes innovative and thought-provoking contributions with strong relevance to real economic issues, whether political, theoretical or policy-oriented.