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- W2332138502 abstract "Using a unique dataset of non-listed …rms that identi…es the banks that …rms transact with, we examine the eects of the merger between Bank of Tokyo-Mitsubishi (BTM) and UFJ Bank (UFJ) in 2005 -the largest-ever bank merger in the world at the time in terms of assets -on …rms through their …rm-bank relationships. Speci…cally, we examine whether there are any dierences in how the availability of loans and ex-post performance evolved over time for …rms that prior to the merger transacted with both, one, or none of the merged banks. We …nd the following: (1) Firms that had transacted with both BTM and UFJ saw their borrowing costs increase by 29bp relative to those that had transacted with neither of them. (2) Firms that transacted with one of the two banks saw their borrowing costs increase by a smaller but still signi…cant margin of 15bp relative to those that had transacted with neither bank. And (3) we do not …nd a signi…cant dierence in the extent that borrowing costs increased between …rms that transacted with the acquiring bank (BTM) and those that transacted with the acquired bank (UFJ). These results are robust even after controlling for the merger-induced change in market concentration and the ex-post termination/continuation of relationships with the merged bank. The …ndings indicate that the bank merger increased …rms'borrowing costs partly through the exogenous decrease in the number of …rm-bank relationships and partly through changes in the management of the merged bank." @default.
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- W2332138502 date "2015-01-01" @default.
- W2332138502 modified "2023-09-27" @default.
- W2332138502 title "The Eects of a Megabank Merger on Firm-Bank Relationships and Loan Availability" @default.
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