Winners or Losers ? The Effects of Banking Consolidation on Corporate Borrowers  

Oleh:

Patti, Emilia Bonaccorsi Di ; Gobbi, Giorgio

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 62 no. 2 (Apr. 2007), page 669-696.
Topik: CORPORATE; studies; bank acquisitions & mergers; impact analysis; estimating techniques; credit
Fulltext: p 669.pdf (135.75KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We estimate the impact of bank mergers and acquisitions (M & As) on outstanding credit, credit lines, and the sensitivity of investment to cash flow using a large sample of Italian corporate borrowers. We distinguish between firms that experienced relationship termination as a consequence of bank M & As and those that did not. Our findings are consistent with bank M & As having an adverse effect on credit, particularly when the M&A is followed by relationship termination. The effect persists 3 years and then is absorbed, suggesting that firms are able to compensate for the negative shock.

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