Winners or Losers? The Effects of Banking Consolidation on Corporate Borrowers
利用意大利企业数据，发现银行合并会减少企业信贷，尤其是当合并导致银企关系终止时，这种负面效应持续三年后消失，表明企业能逐渐弥补冲击。
ABSTRACT 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.