Bank Branching Deregulation and the Syndicated Loan Market
研究1994年《里格尔-尼尔州际银行及分行效率法》如何通过放松银行跨州设立分支的管制，导致银团贷款减少而双边贷款增加，揭示了监管变化对信贷分配的影响。
How do changes in banking regulation affect the syndicated loan market? Because branch networks and loan syndication both enable banks to diversify geographical credit risk, we investigate the staggered implementation of the Riegle–Neal Interstate Branching and Banking Efficiency Act of 1994. Exploiting that the act only changed the legal framework for out-of-state commercial banks, we find that branching deregulation decreased syndicated loan issuance but spurred bilateral lending to corporations. Consistent with a supply-driven substitution effect, this shift is also reflected in interest rate spreads. Our results suggest that changes to banking regulation can substantially alter credit allocation across loan types.