The competitive effect of a bank megamerger on credit supply

被引：19

作者：

Fraisse, Henri ^{[1
]}

Hombert, Johan ^{[2
,3
]}

Le, Mathias ^{[1
]}

机构：

[1] Banque France Autorite Controle Prudentiel & Reso, Paris, France

[2] HEC Paris, 1 Rue Liberat, F-78350 Jouy En Josas, France

[3] HEC, CEPR, 1 Rue Liberat, F-78350 Jouy En Josas, France

来源：

JOURNAL OF BANKING & FINANCE | 2018年 / 93卷

关键词：

Bank mergers; Megabanks; Credit supply; SMEs; CONSOLIDATION; MERGERS; INDUSTRY; IMPACT; FIRMS; SIZE;

D O I：

10.1016/j.jbankfin.2018.06.011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the effect of a merger between two large banks on credit market competition. We identify the competitive effect of the merger using matched loan-level and firm-level data and exploiting variation in the merging banks' market overlap across local lending markets. On the credit market side, we find a reduction in lending, in particular through termination of relationships. In the average market, bank credit decreases by 2.7%. On the real side, firm exit increases by 4%, whereas firms that do not exit and firms that start up experience no adverse real effect on investment and employment. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：151 / 161

页数：11

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