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RSFAS Seminar | Thao Hoang | Bank Concentration

RSFAS Seminar | Thao Hoang | Bank Concentration

Bank Concentration and Corporate Investment

Co-authored with Dr Kentaro Asai and Professor Takeshi Yamada.

The study examines real effects of bank concentration on borrowers’ capital investment. In an effort to maximize debt value, a bank may facilitate coordination between competing borrowers through corporate investment. Employing bank M&As in Japan from 1995 to 2004, we find that bank concentration reduces corporate investment and that investments of competing firms borrowing from the same relationship bank are negatively correlated. Also, we find that banks affect corporate investment through sending people to the boards of borrowers. Furthermore, the investment shrinkage impact is smaller for more efficient firms than less efficient firms. Overall, our findings support the argument of anti-competitive effect induced by common lenders.

This session is for CBE staff and HDRs only.

Updated:   4 May 2020 / Responsible Officer:  CBE Communications and Outreach / Page Contact:  College Web Team