The effects of bank mergers and acquisitions on small business lending
利用美国6000多起银行并购数据，首次将并购对中小企业贷款的影响分解为静态效应和动态效应，并估计其他银行的动态反应。研究发现，合并的静态效应会减少中小企业贷款，但其他银行的反应以及合并机构自身的调整大多能抵消这一影响。
We examine the effects of bank M&As on small business lending using data on over 6000 recent U.S. bank M&As. We are the first to decompose the impact of M&As into the static effects from simply melding the antecedent institutions and the dynamic effects associated with post-M&A refocusing of the consolidated institution. We are also the first to estimate the dynamic reactions of other local banks. We find that the static effects of consolidation reduce small business lending, but are mostly offset by the reactions of other banks, and in some cases also by refocusing efforts of the consolidating institutions themselves.