We study local loan conditions when banks close branches. In places where branch closures do not take place, firms that purposely switch banks receive a sixty-three basis points (bps) discount. However, after the closure of nearby branches of their credit-granting banks, firms that locally and hurriedly transfer to other banks receive no such discount. Yet, the loan default rate for the latter (more expensive) transfer loans is on average a full percentage point lower than that for the former (cheaper) switching loans. This suggests that transfer firms are of “better” quality than switching firms. In sum, even if local markets remain competitive, when banks close branches, firms lose.

中文翻译：

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“对不起，我们关门了”银行分行关闭、贷款定价和信息不对称

当银行关闭分行时，我们会研究当地的贷款情况。在没有关闭分支机构的地方，故意转换银行的公司会获得 63 个基点( bps) 的折扣。然而，他们的信用附近关闭分行后-授予银行，即本地和匆匆转移到其他银行没有收到这样的折扣了公司。然而，后者（更昂贵）转移贷款的贷款违约率平均比前者（更便宜）转换贷款低整整一个百分点。这表明转移公司的质量比转换公司“更好”。总而言之，即使当地市场仍然具有竞争力，当银行关闭分支机构时，企业也会遭受损失。