Financial Integration Through Benchmarks
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Financial Integration Through Benchmarks
| Author | : G. A. Moerman |
| Publisher | : |
| Total Pages | : 33 |
| Release | : 2011 |
| Genre | : |
| ISBN | : |
European banking regulation has been harmonized to a high degree over the last few decades. Nevertheless, the European banking industry remains fragmented as shown by the relatively high market shares of banks in their home countries. In this paper we concentrate on the integration process of European bank share prices. We develop a parsimonious model that is able to detect different integration (correlation) regimes. The model is applied to a set of 41 European banks that have a continuous share price listing over the period January 1990 ndash; March 2003. Our main finding is that the correlation between larger banks in Europe has increased substantially over this period, whereas the correlation between smaller banks has become lower. A reason for this result could be that investors perceive that the activities of bigger banks get more integrated. Another reason may be that as a result of institutional and other larger investors turning their investment strategies towards a European sector-based approach, investors are tracking indices of the European banking sector. These indices are typically constructed from the stock prices of the larger banks. This would create an incentive for large banks to become more integrated with other large banks.
Real and Financial Integration in Asia
| Author | : Shandre Thangavelu |
| Publisher | : Routledge |
| Total Pages | : 226 |
| Release | : 2012 |
| Genre | : Business & Economics |
| ISBN | : 0415686431 |
First Published in 2012. Routledge is an imprint of Taylor & Francis, an informa company.
Financial Integration in the European Union
| Author | : Roman Matoušek |
| Publisher | : Routledge |
| Total Pages | : 281 |
| Release | : 2012-03-15 |
| Genre | : Business & Economics |
| ISBN | : 1136339701 |
This edited collection assesses the level of financial integration in the European Union (EU) and the differences across the countries and segments of the EU financial system. Progress in financial integration is key to the EU’s economic growth and competitiveness and although it has advanced substantially, the process is still far from completion. This book focuses on the pace of financial integration in the EU with special emphasis on the new EU Member States and investigates their progress in comparison with ‘old’ EU countries. The book is the first of its kind to include and evaluate the effects of the global financial crisis on the process of EU financial integration. In particular, the book’s contributors address the issue of whether a high degree of financial integration contributed to the intensification of the financial crisis, or whether a low level of integration prevented countries and financial industries from some of the negative effects of the crisis. Although most of the chapters apply contemporary econometric tools, the technical part is always reduced to indispensable minimum and the emphasis is given to economic interpretation of the results. The book aims to offer an up to date and insightful examination of the process of financial integration in the EU today.
Toward an Integrative Explanation of Corporate Financial Performance
| Author | : N. Capon |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 428 |
| Release | : 1996-12-31 |
| Genre | : Business & Economics |
| ISBN | : 9780792398318 |
This volume is a milestone on our journey toward developing a more comprehensive understanding of the underpinnings of corporate financial performance. Weare concerned with both the factors that cause the financial performance of some firms to be better than others at a point in time and those factors that influence the trajectory of firm financial performance over time. In addressing these issues, we consider theoretical and empirical work on financial performance, drawn from several literatures, as well as present the results from our own empirical study. The review of the theoretical and empirical work is contemporary; the major portion of data comprising the empirical study was collected in the early 1980s as part of the Columbia Business School project on corporate strategic planning, but some data sequences extend into the mid-1980s and early 1990s. Our goals are to improve understanding of firm financial performance by developing a more integrated framework and to develop a research agenda based on what we have learned. This volume consists of four chapters, 12 appendices that provide detailed technical support and development for various portions of the discussion and an extensive set of references. It interweaves results from published literature in various fields with our original empirical work and develops an integrative approach to the study of firm fmancial performance.
Financial Integration, Corporate Governance, and the Performance of Multinational Companies
| Author | : Mitsuhiro Fukao |
| Publisher | : Brookings Institution Press |
| Total Pages | : 168 |
| Release | : 2000-07-26 |
| Genre | : Business & Economics |
| ISBN | : 0815791437 |
Cross-country differences in institutions of corporate governance and corporate finance tend to be undermined by the increasing internationalization of financial markets. This book discusses the key issues involved in harmonizing the differences in national systems. A volume of Brookings' Integrating National Economies Series
Financial Integration and Firm Performance
| Author | : Mariassunta Giannetti |
| Publisher | : |
| Total Pages | : 53 |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
While the positive growth effects of financial integration are extensively documented, little is known of its impact on small and young firms. This paper aims to fill this void relying on a panel of 60,000 firm-year observations on listed and unlisted companies in Eastern European economies to assess the differential impact of foreign bank lending on firm growth and financing. Foreign lending stimulates growth in firm sales, assets, and use of financial debt even though the effect is dampened for small firms. More strikingly, young firms benefit most from foreign bank presence, while businesses connected to domestic banks or to the government suffer. Overall, our findings suggest that foreign banks can help to mitigate connected-lending problems and to improve capital allocation.
