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We examine the impact of the international diversification by banks on the value of their advice in 1,705 cross-border merger and acquisition transactions. We find that bidders engaging internationally diversified advisors face lower announcement returns. A one standard deviation increase in...
Persistent link: https://www.econbiz.de/10013039052
We interview 361 European bank CEOs to identify their banks' main competitors. We then provide evidence on the drivers … of bilateral bank competition, construct a novel competition measure at the locality level, and assess how well it … explains variation in firms' credit constraints. We find that banks identify another bank as a main competitor in small …
Persistent link: https://www.econbiz.de/10012911776
competition on bank orientation - i.e., the choice of relationship based versus transactional banking. We empirically investigate … the impact of interbank competition on bank branch orientation. We employ a unique data set containing detailed … information on bank-firm relationships. We find that bank branches facing stiff local competition engage considerably more in …
Persistent link: https://www.econbiz.de/10014055846