題目：Interstate Banking, Bank Information, and Corporate Acquisitions
主講： John Kose, NYU Stern, The Charles William Gerstenberg Professor of Banking and Finance
時間：2016年6月16日 9:00-10:30
Abstract: Using staggered interstate bank deregulation in the US during the 1980s and 1990s as an exogenous expansion to banks’ information boundaries, we show that the information acquired
by banks in the lending process helps firms identify targets to acquire. We find that the
likelihood that a firm becomes the target in an out-of-state acquisition increases after the state is
deregulated, and more so in a state with a larger number of out-of-state loans, and a larger
number of out-of-state bank (or bank asset) acquisitions. This effect is stronger for firms that are
subject to more asymmetric information problems, such as young, small, unrated or private firms.
Acquirers of out-of-state targets (particularly private targets) receive significantly higher
announcement returns after the deregulation. Overall, our findings suggest that financial sector
deregulation has the potential to improve investment efficiency by alleviating information
asymmetry in the real economy.
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