The Impact of Bank Consolidation on Commercial Borrower Welfare
利用挪威上市公司数据，发现银行合并公告导致目标银行借款人股票价值损失约0.8%，而收购银行借款人获得正异常收益，表明合并通过战略调整影响借款人福利。
ABSTRACT We estimate the impact of bank merger announcements on borrowers' stock prices for publicly traded Norwegian firms. Borrowers of target banks lose about 0.8% in equity value, while borrowers of acquiring banks earn positive abnormal returns, suggesting that borrower welfare is influenced by a strategic focus favoring acquiring borrowers. Bank mergers lead to higher relationship exit rates among borrowers of target banks. Larger merger‐induced increases in relationship termination rates are associated with less negative abnormal returns, suggesting that firms with low switching costs switch banks, while similar firms with high switching costs are locked into their current relationship.