Merger andAcquisition Activity as Driver of Spatial Clustering: The Spatial Evolution of theDutch Banking Industry, 1850–1993
基于1850-1993年荷兰所有银行的数据，研究发现并购活动而非区位优势推动了银行业在阿姆斯特丹的空间集聚，因为阿姆斯特丹的银行更积极收购外地银行，并购经验提高了其生存概率。
Abstract This article investigates the extent to which merger and acquisition ( M & A ) activity contributed to the spatial clustering of the D utch banking industry in A msterdam. This analysis is based on a unique database of all banks in the N etherlands that existed in the period 1850–1993. We found that spatial clustering of the D utch banking industry was not driven by the fact that banks performed better in the A msterdam region: being located in A msterdam decreased rather than increased the survival chances of banks. However, banks in A msterdam were disproportionally active in acquiring other banks outside A msterdam. Experience in M & A s accumulated mainly in the Amsterdam region, which in turn had a positive impact on the survival chances of banks located there. Our findings suggest that M & A activity was a driving force behind the spatial clustering of the D utch banking industry between 1850 and 1993.