The effects of bank mergers on listed U.S. borrowers
研究了美国银行合并对上市借款人的影响，发现目标银行借款人获得更低利差，收购方借款人获得更多贷款，且这些好处仅在借款人与非合并银行有议价能力时出现。
Abstract We examine the effects of U.S. bank mergers on listed U.S. borrowers. Target bank borrowers receive lower loan spreads and no change in loan amount post‐merger in comparison to pre‐merger. In contrast, acquiring bank borrowers receive an increase in loan amount and a relatively small decrease in loan spread in the post‐merger period. Analysis shows that these benefits are available only when borrowers have bargaining power through lending relationships with non‐merging banks. We examine how borrower size, merger type, bank size, and borrower relationship intensity affect our results. Overall, our analysis suggests that efficiency gains from bank consolidation outweigh market power effects.