题 目：Sharing surplus with clients: Evidence from the protection of bank proprietary information
演讲人：张子龙 助理教授 香港城市大学商学院
摘要：We examine the effect of protecting banks’ proprietary information on the dynamics of lending relationship. In particular, after banks’ trade secrets are protected by the Inevitable Disclosure Doctrine (IDD), banks offer loans with lower interest rates and longer maturities to borrowers. The existence of this ex ante surplus sharing is explained by the fact that a relationship bank, once protected by IDD, is more likely to be chosen as a lead arranger and extract surplus ex post. Further analyses reveal that the surplus sharing is more pronounced when borrowers are opaque or have a stable management team and when banks face high competition from potential entrants. Finally, banks whose trade secrets are better protected take a larger stake in the loan syndication.