Bank Competition and its Determinants: Evidence from Indian Banking

Abstract

This paper measures the degree of bank competition in India using a sample of 70 commercial banks over the period 1996–2016. To assess the degree of competition, we estimate the market power of each bank in our sample employing three nonstructural measures: the Lerner index, the adjusted Lerner index, and the Boone indicator. Bank-wise and year-wise estimates of the marginal cost required in all these measures are obtained using the semi-parametric method. The paper further attempts to undertake a comprehensive assessment of competition in Indian banking and identifies various bank-specific, macroeconomic, structural, and contestability indicators, which are supposed to explain level and variation of the degree of competition over time. Empirical findings reveal that public-sector banks in India exercise a relatively higher degree of bank competition compared to private and foreign-sector banks. However, aggregate results support that the Indian banking system is competitive in general. Unlike the structure-conduct-performance paradigm, which advocates that a concentrated banking system impairs competitiveness, our findings reveal that concentration measures hardly exert any effect on bank competition. Rather, contestability measures play a significant role in the determination of bank competition.     

对中国股票市场费雪效应及相关“波动性假说”的检验

本文利用我国1991年1月到2007年12月的月度数据对我国股票市场实际通货膨胀与股票收益的关系进行了实证分析,结果发现:与费雪效应相反,我国通货膨胀率与股票收益呈负相关关系,而且在对解释这种负相关关系的波动性假说(the Variability Hypothesis)的检验中,发现该假说能够解释我国股市股票收益与通货膨胀之间所呈现的这种负相关关系。     

中国股市价值反转投资策略有效性实证研究

本文以中国深沪A股股票市场为考察对象 ,分析了价值反转投资策略的有效性。作者通过实证分析发现 :在中国深沪A股股票市场上 ,以帐面价值与市场价值比 (B M)、B M GS等指标构造的价值反转投资策略可以产生显著的超额收益率 ,并且其显著程度因持有期不同而不同。接着 ,作者利用CAPM模型、Fama French三因素模型并引入了协偏度 (coskewness)和协峰度 (cokurtosis) ,构造出多风险因子模型来解释价值反转投资策略超额收益率。我们发现 :在经过传统风险因素调整后 ,价值反转投资策略效果依然明显 ;CAPM模型无法解释价值反转投资策略超额收益率 ;Fama French三因素模型对价值反转投资策略超额收益率的解释能力最为显著 ,但对于有些价值投资策略 ,在Fama French三因素基础上加上协偏度和协峰度因子后 ,模型的解释能力有所提高     

"空间失配"假设及对中国城市问题研究的启示

对美国学者在"空间失配"假设方面的研究及其对政策的影响进行了回顾,提出在研究中应重点关注在中国城市就业、城市交通规划、土地利用规划和城市改造拆迁四个方面应用"空间失配"假设的可能性和必要性.     

人民币外汇市场弱式有效性的鞅差分检验

外汇市场弱式有效是受到国际学术界广泛关注的一个研究课题,因为它不同于其他市场的有效性,它直接关系到套汇、国际收支、外汇储备、汇率制度和货币政策等各个方面。但是市场弱式有效的数学表述及其检验方法一直都有分歧,本文采用近年来比较常用的鞅差分检验,并用Kuan and Lee(2004)的方法来检验人民币外汇市场的弱式有效性,实证结果表明人民币对美元和港币外汇市场没有达到弱式有效,对其他货币外汇市场弱式有效性值得怀疑,人民币汇率形成机制还存在一些问题需要解决。     

20年来国内凯瑟琳·安·波特研究综述

凯瑟琳·安·波特是美国南方女性作家的杰出代表。国内对波特小说的研究已有二、三十年时间,主要的研究方向是波特小说中所体现的女性意识、南方意识、宗教观点等。在综述了国内近年来波特研究成果的基础上,探讨了波特小说今后的研究趋势。     

The effects of agglomeration externalities on urban green total-factor productivity in China

For China's urban industrial layout and green development, determining which types of agglomeration externalities are most advantageous to the rise of green total-factor productivity has both theoretical and practical relevance. This research experimentally studies the effects of three types of agglomeration externalities on urban green total-factor productivity using the data of 285 Chinese cities from 2003 to 2018. The findings demonstrate that urban green total-factor output is rising, albeit with certain differences during different time periods. Both the Jacobs externality and the Porter externality are favorable for increasing urban green total-factor production when all cities are evaluated together, although the latter has a stronger promoting influence. The effect of the Marshall-Arrow-Romer externality, on the other hand, is not significant. Furthermore, these effects also depend on the stage of economic development and population size.     

基于自由现金流量假说的盈余管理动因研究——来自中国上市公司的经验证据

基于代理成本理论及自由现金流量假说分析框架,研究了我国上市公司自由现金流量引发的盈余管理行为,并以2004~2006年我国A股上市公司为样本,运用面板数据分析方法进行了相应的实证研究。研究发现,自由现金流的代理成本是激发我国上市公司管理者进行盈余管理的重要原因;企业债务对自由现金流引发的盈余管理行为具有一定的抑制作用,但债务的软约束现象仍然存在。