343 research outputs found
Trading activity and Overconfidence: First Evidence from a large European Database
No full textWe investigate the presence of overconfidence for 43 958 individual investors using a large brokerage account database between 1999 and 2006. We employ three methodologies to gauge overconfidence and our main results show that independently of the methodology considered, individual investors are subject to overconfidence and consequently trade too frequently. Securities investors are buying are systematically underperforming those they are selling on follow-up periods; investors are clearly not making profitable trades.
How Corruption Affects Bank Lending in Russia
No full textThe aim of this study is to investigate the impact of corruption on bank lending in Russia. This issue is of major interest in order to understand the causes of financial underdevelopment and the effects of corruption in Russia. We use regional measures of corruption and bank-level data to perform this investigation. Our main estimations show that corruption hampers bank lending in Russia. We investigate whether this negative role of corruption is influenced by the degree of bank risk aversion, but find no effect. The detrimental effect of corruption is only observed for loans to households and firms, in opposition to loans to government. Additional controls confirm the detrimental impact of corruption on bank lending. Therefore, our results provide motivations to fight corruption to favor bank lending in Russia.Corruption, Bank, Russia, Financial Development, Economic Transition.
Do Islamic Banks Have Greater Market Power ?
No full textThe aim of this paper is to investigate whether Islamic banks have greater market power than conventional banks. Indeed Islamic banks may benefit from a captive clientele, owing to religious principles, which would be charged greater prices. To measure market power, we compute Lerner indices on a sample of banks from 17 countries in which Islamic and conventional banks coexist over the period 2000-2007. Comparison of Lerner indices shows no significant difference between Islamic banks and conventional banks. When including control variables, regression of Lerner indices even suggests that Islamic banks have a lower market power than conventional banks. A robustness check with the Rosse-Panzar model confirms that Islamic banks are not less competitive than conventional banks. The lower market power of Islamic banks can be explained by their different norms and their different incentives.Islamic banks, Lerner index, Bank Competition.
Better borrowers, fewer banks?
No full textWe investigate the relationship between borrower quality and the structure of the pool of banks. First, we develop a theoretical model where the size of the banking pool is a credible signal of firm quality. We argue that better borrowers seek to disclose their quality in a credible way through the structure of the banking pool involving fewer banks. Second, we test our prediction using a sample of more than 3,000 loans from 19 European countries. We perform regressions of the number of bank lenders on various proxies of borrower quality. Our empirical tests corroborate the theoretical redictions. The size of the banking pool is a signal of borrower quality. Hence, good quality firms have fewer lenders in their banking pools.Bank lending, borrower quality, multiple banking, number of lenders, signaling, Europe.
Asymmetric Information and Loan Spreads in Russia: Evidence from Syndicated Loans
No full textThe objective of this paper is to investigate whether the participation of local banks exerts an impact on the spreads of syndicated loans in Russia. Following Berger, Klapper and Udell (2001), we aim to test whether local banks possess a superior ability to solve information asymmetries. In this aim, we use a sample of 528 syndicated loans to Russian borrowers. We perform regressions of the spread on a set of variables including information on the participation of local banks, loan and borrower characteristics. Unlike former papers, we consider separately foreign banks with and without a local presence, as this presence may influence their monitoring ability and their information. We observe no significant impact of the participation of local banks in syndicated loans on the spread. We also do not find any significant influence of the presence of domestic-owned banks or foreign-owned banks on the spread. Additional estimations considering subsamples for which information asymmetries are exacerbated provide similar results. Therefore our conclusion is that local banks do not benefit from an advantage in monitoring ability and in information in Russia.Bank, Information asymmetry, Loan, Syndication, Russia.
Concentration in corporate bank loans. What do we learn from European comparisons?
No full textThe aim of this paper is to empirically investigate the determinants of creditor concentration in the use of bank loans by firms in a European cross-country framework. We analyze the influence of loan and borrower characteristics but also banking market structure and legal enforcement country-specific variables that are expected to influence the financial and strategic decision relative to the number of bank lenders. We find that firms tend to diversify sources of financing by reducing bank concentration when their level of quality is higher and both asymmetric information and the risk of early liquidation are minimal (larger, older, transparent, liquid and profitable firms). Furthermore, lenders’ monitoring appears to be an important feature of lending concentration, particularly in order to prevent private benefits extraction by insiders in legal environment where shareholders benefit from better protections.Financial intermediation, bank lending, creditor concentration, information asymmetry, Europe.
Small business groups enhance performance and promote stability, not expropriation. Evidence from French SMEs
No full textThis paper investigates the influence of a firm’s distance from control on its performance, using a unique firm level data set on small business ownership, as well as balance sheet information. This study fills a gap in the empirical governance literature by investigating whether or not there is an expropriation of minority shareholders in small business groups. Contrary to what is usually observed for large business groups, results show a positive relationship between the separation of control from ownership and firm performance. Results also underline that tunneling is used to promote controlling shareholders’ profit stability rather than profit maximization in small business groups.Ownership, Control, Tunneling, Small Business, Performance.
Nota sul Silio 'politico' negli epigrammi di Marziale
No full textIn Martial’s epigrams Silius Italicus is portrayed as a man of learning, author of the Punica and admirer of Vergil’s works, but also as a public figure and a former consul of Rome. My paper focuses on the epigrams devoted to the ‘political’ Silius, and suggests to relate them mainly to a certain stage in Silius Italicus’ life and to a specific communication strateg
La lima e il testo da Ovidio a Marziale: poetica e comunicazione
No full textIn the poetic texts from the Imperial age (from exiled Ovid to Martial and Statius) the metaphor of poetic lima undergoes
a deep transformation: the lima is no longer in the hands of the poet, who polishes his verses for years and years, but
(often) in those of a cultivated patron, requested by the author to correct the book before publication.
In the Flavian age the lima is then placed within the complex communication system of literary patronage, where it
becomes an element of homage and compliment. However, the metaphor never loses its original poetological meaning:
both Martial and Statius use it differently, in relation to themselves and in relation to intellectual patrons, thus subtly
reaffirming their own different and higher commitment to literature
Un'idea di Marziale : a proposito di un recente commento al V libro degli epigrammi
No full textThe article discusses some aspects of the fifth book of Martial's epigrams, starting from the new commentary by A Canobbio (Naples 2011). The structure of the book's prefatory section (epigr. 1-20) is particularly interesting because it creates a complex strategy of communication to the audience princepy, patrons, anonymous lector) and of self-fashioning of the author. The intertextual relationship with poetic authorities of the Augustan age, especially Horace and Ovid, is strongly present here while in the corpus of the book the dialogue with Catullus and the theater of Plautus becomes more evident - As Canobbio shows in relation to the 'cycle' of the subsellia. The fifth book proves to be a complex poetic text which enacts a multi-level dialogue with the Roman public and with the Latin literary tradition
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