Information Intermediaries: How Commercial Bankers Facilitate Strategic Alliances
研究发现，从同一银行家借款或通过银行家网络间接关联的企业更可能结成战略联盟，且这种中介作用对信息不透明的企业更强，联盟能带来正向公告收益，银行家也更容易获得后续承销业务。
Abstract We investigate how bankers use information from lending relationships to help borrowers find partners for strategic alliances. Firms that have borrowed from the same banker or share an indirect connection through a network of bankers are significantly more likely to enter an alliance. Consistent with bankers overcoming informational frictions, their ability to facilitate alliances decreases with banker-network distance, and is stronger for opaque borrowers. Firms connected to more potential partners via banker networks enter more alliances. These alliances are associated with positive announcement returns, and brokering banks are more likely to receive future underwriting mandates.