The Value of Bank Durability: Borrowers as Bank Stakeholders
研究银行持久性对借款企业的价值，以大陆伊利诺伊银行事实倒闭及FDIC救助为案例，发现银行濒临破产对客户企业股价有负面影响，而救助有正面影响，表明借款人是银行的利益相关者。
ABSTRACT We examine the value of bank durability to borrowing firms. The analysis is based on theoretical models of the asset services view of intermediation which imply that private information and associated relationship‐specific activities are intrinsic to bank lending. We analyze share price effects on firms with lending relationships with Continental Illinois Bank during its de facto failure and subsequent FDIC rescue. We find the bank's impending insolvency had negative effects and the FDIC rescue positive effects on client firm share prices. We conclude that borrowers incur significant costs in response to unanticipated reductions in bank durability and thus are bank stakeholders.