The effects of bank mergers and acquisitions on small business lending

• 成果类型: Article
• 署名作者: Berger, AN; Saunders, A; Scalise, JM; Udell, GF
• 署名单位: Federal Reserve System - USA; University of Pennsylvania; New York University; University of Pennsylvania; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(98)00036-1
• 发表日期: 1998
• 页码: 187-229
• 关键词: bank; mergers; Small business

摘要

We examine the effects of bank M&As on small business lending using data on over 6000 recent U,S. bank M&As. We are the first to decompose the impact of M&As into the static effects from simply melding the antecedent institutions and the dynamic effects associated with post-M&A refocusing of the consolidated institution. We are also the first to estimate the dynamic reactions of other local banks. We find that the static effects of consolidation reduce small business lending, but are mostly offset by the reactions of other banks, and in some cases also by refocusing efforts of the consolidating institutions themselves. (C) 1998 Elsevier Science S.A. All rights reserved.