Staying, Dropping, or Switching: The Impacts of Bank Mergers on Small Firms
Staying, Dropping, or Switching: The Impacts of Bank Mergers on Small Firms
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留下、放弃还是转换：银行合并对小企业的影响
DOI：
10.1093/rfs/hhp126
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发表时间：
2009
期刊：
影响因子：
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通讯作者：
Janet Mitchell
中科院分区：
文献类型：
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作者：
H. Degryse;Nancy Masschelein;Janet Mitchell
评估银行合并对小企业的影响，需要区分借款人与单一或多个银行关系，并区分三种选择的“留”，“降”，“切换”的关系。在合并后“切换”到另一家银行的单一关系借款人受到的伤害将小于那些关系“下降”而没有被取代的借款人。使用比利时的数据，我们发现，目标银行的单一关系借款人比其他借款人更有可能被丢弃。我们跟踪合并后的表现，并表明，许多下降的目标银行借款人受到合并。多重关系的借款人受到的伤害较小，因为他们可以更好地对冲关系中断。作者2011。由牛津大学出版社代表金融研究学会出版。All rights reserved.如欲查询，请电邮至：journals.permissions@oxfordjournals.org。北京：清华大学出版社.
Assessing the impacts of bank mergers on small firms requires separating borrowers with single versus multiple banking relationships and distinguishing the three alternatives of "staying," "dropping," and "switching" of relationships. Single-relationship borrowers who "switch" to another bank following a merger will be less harmed than those whose relationship is "dropped" and not replaced. Using Belgian data, we find that single-relationship borrowers of target banks are more likely than other borrowers to be dropped. We track postmerger performance and show that many dropped target-bank borrowers are harmed by the merger. Multiple-relationship borrowers are less harmed, as they can better hedge against relationship discontinuations. The Author 2011. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.