Winners or Losers? The Effects of Banking Consolidation on Corporate Borrowers
Winners or Losers? The Effects of Banking Consolidation on Corporate Borrowers
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赢家还是输家？
DOI：
10.1111/j.1540-6261.2007.01220.x
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发表时间：
2007
影响因子：
8
通讯作者：
G. Gobbi
中科院分区：
文献类型：
--
作者：
Emilia Bonaccorsi di Patti;G. Gobbi
我们估计的影响，银行并购（M& A）的未偿信贷，信贷额度，投资现金流的敏感性，使用大样本的意大利企业借款人。我们区分的公司，经历了关系终止的结果，银行并购和那些没有。我们的研究结果是一致的，银行并购对信贷产生不利影响，特别是当并购后，关系终止。这种影响持续3年，然后被吸收，这表明企业能够补偿负面冲击。版权所有2007年由美国金融协会。
We estimate the impact of bank mergers and acquisitions (M&As) on outstanding credit, credit lines, and the sensitivity of investment to cash flow using a large sample of Italian corporate borrowers. We distinguish between firms that experienced relationship termination as a consequence of bank M&As and those that did not. Our findings are consistent with bank M&As having an adverse effect on credit, particularly when the M&A is followed by relationship termination. The effect persists 3 years and then is absorbed, suggesting that firms are able to compensate for the negative shock. Copyright 2007 by The American Finance Association.