In 2014, the Austrian bank Hypo Group Alpe Adria was purchased by the American banking group Advent International, and the European Bank for Reconstruction and Development (EBRD) and re-branded as Addiko bank. In this paper, I explore how this purchase of Addiko Bank by an international multilateral development bank (MDB) affected exporting firms in Croatia. Using a difference-in-differences specification to investigate whether there was a meaningful effect of this turnover on firm performance, I find that the turnover of Addiko bank led to a $160,000 decrease in loans taken out by firms. However, this effect seems to occur immediately after the turnover, and vanishes over time. This effect is seen among domestically-owned firms and non-manufacturing firms, but not multinational affiliates and manufacturing firms. Additionally, I find no effect of this turnover on firm revenues. These results indicate that after an initial period of turmoil, the intervention by EBRD and Advent International had no lasting negative effects on firms in Croatia. The intervention by a MDB can help reform a financial sector and will not necessarily lead to detrimental effects at the micro-level.

中文翻译：

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破产与国际干预：Addiko 银行案例

2014年，奥地利Hypo Group Alpe Adria银行被美国银行集团Advent International和欧洲复兴开发银行（EBRD）收购，并更名为Addiko银行。在本文中，我探讨了国际多边开发银行 (MDB) 对 Addiko 银行的收购对克罗地亚出口公司的影响。使用双重差分规范来调查这种营业额是否对公司业绩产生有意义的影响，我发现 Addiko 银行的营业额导致公司发放的贷款减少了 160,000 美元。然而，这种效应似乎在更替后立即发生，并随着时间的推移而消失。这种效应在国内企业和非制造企业中可见，但在跨国子公司和制造企业中却没有。此外，我发现这种营业额对公司收入没有影响。这些结果表明，在经历了最初的动荡时期后，欧洲复兴开发银行和 Advent International 的干预并未对克罗地亚企业产生持久的负面影响。多边开发银行的干预有助于金融部门改革，但不一定会在微观层面产生有害影响。