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The Effects of Banking Mergers on Loan Contracts
Open accessAbstract
This paper studies the effects of banking mergers on individual business borrowers. Using information on individual loan contracts between banks and companies, I analyze the effect of banking consolidation on banks' credit policies. I find that inmarket mergers benefit borrowers if these mergers involve the acquisition of banks with small market shares. Interest rates charged by the consolidated banks decrease, but as the local market share of the acquired bank increases, the efficiency effect is offset by market power. Mergers have different distributional effects across borrowers. When banks become larger, they reduce the supply of loans to small borrowers.
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Citations
Cites
Financial intermediation and delegated monitoring
Diamond, D. W. (1984) · The Review of Economic Studies · doi:10.2307/2297430 · Cited by 8,476
Cited by
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848
Berger, A. N., Miller, N. H., Petersen, M. A., Rajan, R. G., & Stein, J. C. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.06.003 · Cited by 1,888
Entrepreneurship and bank credit availability
Black, S. E., & Strahan, P. E. (2002) · The Journal of Finance · doi:10.1111/1540-6261.00513 · Cited by 1,140
Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets
CETORELLI, N., & STRAHAN, P. E. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00841.x · Cited by 920
Should Banks Be Diversified? Evidence from Individual Bank Loan Portfolios*
Acharya, V. V., Hasan, I., & Saunders, A. (2006) · The Journal of Business · doi:10.1086/500679 · Cited by 699
Metadata
- Authors
- Sapienza, P.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2002-02
- Volume
- 57
- Issue
- 1
- Pages
- 329-367
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2103888639
- Cited by
- 623
- References
- 1
- FWCI
- 39.34
- Type
- journal article
- Language
- en
- Open access
- green
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
