复旦：会计论坛系列讲座之一百二十六

　　主持人: 倪晨凯 副教授

　　演讲嘉宾：林宇鹏 (新加坡国立大学)

　　Title：Sharing the surplus with clients: Evidence from the protection of bank proprietary information

　　Abstract：We examine the effect of an increased protection of banks’ proprietary information on bank–borrower relationships. Our identification strategy relies on the passage of the inevitable disclosure doctrine (IDD), which prevents a bank’s former employees from leaking proprietary information to rivals. We show that, after the passage of the IDD, banks offer loans with lower interest rates and longer time to maturity, and the loan interest rate is further lowered for bank-borrower pairs that have a prior lending relationship. Moreover, IDD adoptions result in a prolonged lending relationship. Further results show that banks whose trade secrets are protected by the IDD can sell loans at higher loan bidding prices and lower bid-ask spreads in the secondary loan market. Our findings suggest that the protection of proprietary information increases the value of establishing long-run lending relationships for banks; in response, banks share part of the surplus with their borrowers in the primary loan market.

　　更多精彩内容，请关注MBA智库商学院微信公众平台： mbalib-mba 。