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The Italian Banking Structure in the 1990s: Testing the Multimarket Contact Hypothesis 总被引:1,自引:0,他引:1
The multimarket contact hypothesis holds that more contacts between firms competing in the same markets may induce more collusion. This paper tests the hypothesis for the Italian banking market, analysing the behaviour of the largest Italian banks from 1990 to 1996. Market rivalry is gauged by changes in loan market shares and interest rates in each Italian province. We estimate the effects of increasing multimarket contacts, concentration indicators, banks' costs and loan demand on variations in market shares and interest rates. No support is found for the multimarket contact hypothesis. Geographical overlap in banking is positively correlated with changes in market shares, confirming the thesis of an overall increase in competition within the Italian banking system. Greater multimarket links also seem to correspond to lower lending rates.
(J.E.L.:G21, C33, L40.) 相似文献
(J.E.L.:G21, C33, L40.) 相似文献
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Björn Sven Ivens Catherine Pardo Annalisa TunisiniAuthor vitae 《Industrial Marketing Management》2009,38(8):851-856
The article is the introductory paper to the special issue on “Organizing and Integrating Marketing and Purchasing in Business markets”. It analyses the different organizational issues in the marketing and purchasing interfaces by an extensive analysis of the literature. It introduces the different contributions to the special issue and draw some reflections on further research steps. 相似文献
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Chiara Coluzzi Annalisa Ferrando Carmen Martinez-Carrascal 《European Journal of Finance》2015,21(10-11):773-790
This paper investigates the determinants of financing obstacles (FOs) and their impact on firm growth. For this purpose, we rely on both balance sheet data and survey data for a sample of non-financial firms in the euro area. The latter allows us to devise a direct measure of the firms’ probability of facing FOs. First, our results indicate that FOs are linked to characteristics such as the age of the firm, its size, its sales level or the sector in which it operates. Second, we find that, though based on few variables, our measure of FOs appears to be relevant in explaining firm growth in four out of the five countries considered; likewise, growth is found to be positively linked to cash flow. 相似文献
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Veugelers Reinhilde Ferrando Annalisa Lekpek Senad Weiss Christoph T. 《Intereconomics》2019,54(6):369-377
Intereconomics - Using large scale EIB Investment Survey evidence for 2016 covering 8,900 non-financial firms from all size and age classes across all sectors and all EU member states, the authors... 相似文献
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The underpricing of initial public offerings is a well-documented phenomenon in the financial literature. The purpose of this paper is to show how this empirical regularity could be solved by an appropriate choice of financing instruments, namely, by an intelligent mix of common stocks and put options. The latter additional instrument, modeled in this paper as a lump sum paid by insiders of the firm to outsiders, helps alleviate the asymmetry of information existing between insiders and outsiders of the corporation, allowing good firms to sell the package they offer at the full information value. 相似文献
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The increasing amount of data and video traffic carried by mobile networks has recently risen the demand for enhanced network capacity, more efficient use and more effective management of spectrum. Cognitive radio technologies candidate to respond to these urgent needs by allowing a near simultaneous band sharing. The regulation plays a crucial role in promoting the adoption of these technologies, in order to overcome the traditional paradigms of authorizations for exclusive spectrum usage. The article outlines spectrum management regimes where the implementation of frequency sharing technologies, including cognitive technologies, is foreseeable and brings them back to a comprehensive taxonomy of dynamic spectrum access and sharing models, in the effort to reconcile partially diverging approaches and nomenclatures suggested in literature. Theoretic analysis is supported by a number of illustrations and practical experiments with shared spectrum usage. Based on suggested taxonomy, the research aims at showing the evolutionary path toward the introduction and spreading of cognitive and other spectrum sharing technologies, pointing out relevant trends and instruments made available by the reform of EU Telecom Package, as well as at outlining the status of regulation, policy and standardization in Europe. 相似文献
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Annalisa Prencipe 《Review of Accounting Studies》2012,17(3):688-699
Dyreng, Hanlon, and Maydew examine the geographical location of earnings management within US multinational firms. The paper addresses an interesting topic and partially fills a gap in the literature. This discussion presents additional empirical evidence on issues related to the research question raised by Dyreng et al. In particular, the discussion provides answers to the following preliminary questions: do US multinational firms manage earnings differently from domestic firms? If so, to what extent are they different? Surprisingly, these issues have been overlooked by prior studies. Indeed, the results below show that US multinational firms manage earnings less than domestic companies. The discussion also raises a number of additional questions on earnings management in multinational firms and calls for further research on the topic. 相似文献
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Small Business Economics - We analyze whether young entrepreneurial ventures backed by different types of venture capital firms, i.e., private (PVCs) vs. government-owned (GOVCs), experience higher... 相似文献
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Anna Battauz Stefano Gatti Annalisa Prencipe Luca Viarengo 《European Financial Management》2021,27(5):981-1024
Earnout agreements link part of the payment for an acquired company to its future performance. Despite their option-like features, they cannot be valued using vanilla option-pricing methods. Two peculiar sources of risk affect these contracts: Bidder default before the earnout expiration (default risk) and potential litigation associated with earnouts (litigation risk). We developed an option-pricing model that encompasses these sources of risk, showing that counterparty and litigation risk can have a remarkable impact on earnout values. Our model's relevance is further enhanced by recent accounting standards that require contingent payments to be valued at fair value. 相似文献