The Impact of Bank Consolidation on Commercial Borrower Welfare
The Impact of Bank Consolidation on Commercial Borrower Welfare
复制标题
银行合并对商业借款人福利的影响
DOI：
10.2139/ssrn.244071
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发表时间：
2004
期刊：
影响因子：
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通讯作者：
David C. Smith
中科院分区：
文献类型：
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作者：
Jason Karceski;S. Ongena;David C. Smith
我们估计的银行合并公告对借款人的股票价格的影响，公开上市的挪威公司。此外，我们还分析了银行并购如何影响借款人关系终止行为，并将终止倾向与借款人超额收益联系起来。我们得到四个主要结果。首先，当借款人的银行被宣布为合并目标时，他们的股票价值平均损失约1%。目标银行的小借款人在两家大银行的合并中受到的伤害尤其严重，他们平均损失约3%。小型目标借款人不会因为小型银行的合并而受到损害，甚至似乎还会从中获益。第二，银行合并导致更高的关系退出率为三年后，银行合并，和小银行合并导致更大的增加，在退出率比大合并。第三，目标借款人的异常回报率与并购前退出率呈正相关，这表明，企业发现更容易转换银行时，他们的银行合并受到的伤害较小。第四，我们发现薄弱的证据表明，目标借款人与大型合并引起的退出率的增加更负面的影响，银行合并公告，这表明，目标借款人可以被迫退出的关系，并遭受福利损失，由于银行合并。
We estimate the impact of bank merger announcements on borrowers' stock prices for publicly traded Norwegian firms. In addition, we analyze how bank mergers influence borrower relationship termination behavior and relate the propensity to terminate to borrower abnormal returns. We obtain four main results. First, on average borrowers lose about 1 percent in equity value when their bank is announced as a merger target. Small borrowers of target banks are especially hurt in mergers between two large banks, where they lose an average of about 3 percent. Small target borrowers are not harmed, and appear to even gain, from mergers between small banks. Second, bank mergers lead to higher relationship exit rates for three years after a bank merger, and small bank mergers lead to larger increases in exit rates than large mergers. Third, target borrower abnormal returns are positively related to pre-merger exit rates, indicating that firms that find it easier to switch banks are less harmed when their bank merges. Fourth, we find weak evidence that target borrowers with large merger-induced increases in exit rates are more negatively affected by bank merger announcements, suggesting that target borrowers can be forced out of relationships and suffer welfare losses as a result of bank mergers.