Did TARP Banks Get Competitive Advantages?
研究了问题资产救助计划（TARP）是否给接受银行带来竞争优势，发现它们确实增加了市场份额和市场力量，主要源于安全感知提升，但成本劣势部分抵消了这种优势，且提前还款的银行效应更显著。
Abstract We investigate whether the Troubled Assets Relief Program (TARP) gave recipients competitive advantages. Using a difference-in-difference (DID) approach, we find that: i) TARP recipients received competitive advantages and increased both their market shares and market power; ii) results may be driven primarily by the safety channel (TARP banks may be perceived as safer), which is partially offset by the cost-disadvantage channel (TARP funds may be relatively expensive); and iii) these competitive advantages are primarily or entirely due to TARP banks that repaid early. These results may help explain other findings in the literature, and yield important policy implications.