| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4949 |
| DP4949 Do Locational Spillovers Pay? Empirical Evidence from German IPO Data | |
| David Audretsch; Erik E Lehmann | |
| 发表日期 | 2005-03-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We examine the informational effects of M&As by investigating whether bank mergers improve banks? ability to screen borrowers. By exploiting a dataset in which we observe a measure of a borrower?s default risk that the lenders observe only imperfectly, we find evidence of these informational improvements. Mergers lead to a closer correspondence between interest rates and individual default risk: after a merger, risky borrowers experience an increase in the interest rate, while non-risky borrowers enjoy lower interest rates. These informational benefits appear to derive from improvements in information processing resulting from the merger, rather than from explicit information sharing on individual customers among the merging parties. Our evidence suggests that part of these informational improvements stem from the consolidated banks using ?hard? information more intensively. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Mergers Banking Asymmetric information |
| URL | https://cepr.org/publications/dp4949 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533848 |
| 推荐引用方式 GB/T 7714 | David Audretsch,Erik E Lehmann. DP4949 Do Locational Spillovers Pay? Empirical Evidence from German IPO Data. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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