1,720,984 research outputs found
Il nesso tra dimensione e performance nelle banche commerciali europee. Un’analisi empirica
No full textLa ricerca analizza le determinanti della performance, espressa in termini di redditività, di un ampio campione di banche europee orientate all'intermediazione creditizia tradizionale, ma caratterizzate da dimensioni differenti. L’obiettivo è indagare quali caratteristiche specifiche delle banche, con particolare attenzione alla dimensione, siano associate a livelli di performance migliori. L’analisi evidenzia che l’appartenenza a una determinata classe dimensionale non aumenta la probabilità di essere top performer. Indipendentemente dalla classe di appartenenza, efficienza e qualità del credito risultano essere i principali fattori associati a livelli di redditività elevati
How banks respond to NPLs. Evidence from the Euro area
Full text linkWe study how deterioration in asset quality influenced the way euro area banks adjusted their balance sheets in 2010-2015. Fixed-effect analysis finds strong evidence of a negative correlation between asset quality and the growth in assets and lending. To determine the direction of causality, we exploit the 2014 ECB Asset Quality Review exercise in a diff-in-diff framework. We uncover a strong direct negative effect of higher NPLs on banks' credit supply. AQR banks plagued by high levels of problem loans reacted more sharply than reviewed banks with a low level of troubled assets
Determinants of bank lending in Europe and the United States: Evidence from crisis and post crisis years
No full textWe investigate bank lending patterns and their determinants in Europe and the United States
over 2008-2014. Specifically, we relate bank characteristics prior to the financial crisis to their
lending behaviour during and after the crisis period. Our analysis confirms the existence of a
bank lending channel. This channel seems stronger in Europe than in the United States,
especially if we look at corporate loans rather than at the whole loan portfolio
Financial frictions and corporate investment in bad times. Who cut back most?
No full textWe explore the differential impact of leverage and debt maturity structure on investment in European firms belonging to different countries and industries during the financial and sovereign crisis period. We find that in crisis years (i) leverage exerts a strong and negative effect on the level of investment and (ii) firms with more long-term debt invest less. We also uncover heterogeneous reactions to the crisis due to the level of debt and its maturity by sorting firms by country-specific and firm-specific characteristics. We find that firms who cut back most investment in crisis years (conditional on the level of leverage and maturity) (i) are located in Eurozone periphery countries, and (ii) are featured by a small-scale. Factors that help firms alleviate financial frictions and shield investment are being able to rely on multiple bank relationships and the ability to generate internal resources (cash flows). We find no evidence of a positive nexus between cash and investment, and only little evidence of a positive effect on investment of access to capital markets, to mitigate the negative impact of debt in crisis years
Bad loans and resource allocation in crisis years: evidence from European banks
No full textThe aim of this study is to explore the relation between loan portfolio quality and lending in European banks over 2005-2014. We focus on lending behavior of banks from distressed countries since the Euro sovereign debt crisis. Our results confirm the existence of a negative nexus between poor loan quality and lending, since a higher NPL ratio explains a reduced loan growth and a lower allocation to loans at the advantage of government debt (as a percentage of total assets). Such an impact on lending and reallocation effect are strong and consistent across specifications and over and above other factors that may affect credit supply
Determinants of bank lending in Europe and the United States. Evidence from crisis and post-crisis years
No full textWe investigate bank lending patterns and their determinants in Europe and the United States over 2008-2014. Specifically, we relate bank characteristics prior to the financial crisis to their lending behaviour during and after the crisis period. Our analysis confirms the existence of a bank lending channel. This channel seems stronger in Europe than in the United States, especially if we look at corporate loans rather than at the whole loan portfolio
NPLs and resource allocation in crisis and post crisis years: Evidence from European banks
No full textThe aim of this study is to explore the relation between loan portfolio quality and lending in European banks over 2005-2014. We focus on lending behavior of banks from distressed countries since the Euro sovereign debt crisis. Our results confirm the existence of a negative nexus between poor loan quality and lending, since a higher NPL ratio explains a reduced loan growth and a lower allocation to loans at the advantage of government debt (as a percentage of total assets). Such an impact on lending and reallocation effect are strong and consistent across specifications and over and above other factors that may affect credit supply
Tax incentives and household investment in complementary pension insurance: some recent evidence from the Italian experience
Full text linkWe show, by a simple difference-in-difference methodology that, contrary to prior research, robustly raising the deductibility limit associated to pension fund holdings in Italy did not succeed in boosting households’ contributions to this form of savings. Some other empirical finding also suggest that this policy measure may have not even increased the average amount of first time contributors to such funds. In view of the specific features of the Italian market for complementary insurance (relatively young and less developed), these empirical results might be of interest to policymakers acting in countries with similar features (for instance, some of the more recent EU members)
Age effects in primary education:A double disadvantage for second‐generation immigrants
No full textThe immigrant background is an acknowledged source of disadvantage. We study whether this background interacts with absolute and relative age effects generating additional barriers—that is, a double disadvantage—for second‐generation immigrant children in the Italian primary school. To identify these effects we exploit the variation given by the heterogeneity in children's birthdates and the fact that the test is given at two different points in time. We do find evidence of a double disadvantage that, relative to the average native, reduces scores in Italian by 3.2% and in Math by 3.4%. This suggests that controlling for age effects in class composition criteria can be used to promote integration because it delivers extra benefits to second‐generation immigrant children
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