1,721,020 research outputs found
Bancassurance in Europe: what are the efficiency gains?
Full text linkNel corso degli ultimi venti anni, l’industria dei servizi finanziari ha mostrato una forte tendenza all’integrazione e al consolidamento: in Europa il fenomeno della bancassicurazione ha conosciuto un particolare successo, sollecitando l’interesse del mondo accademico e professionale. Come sottolineato da Chen et al. (2008), la maggior parte degli studi sulla bancassicurazione presenta carattere descrittivo e analizza in modo qualitativo i vantaggi e gli svantaggi per le imprese finanziarie coinvolte. Le poche verifiche empiriche dei benefici derivanti dalla bancassicurazione risultano concentrate sulla riduzione del rischio ottenibile grazie alla combinazione di due attività non perfettamente correlate fra loro. I benefici in termini di efficienza, derivanti da sinergie di costo e di ricavo, rimangono invece un tema poco esplorato, nonostante le economie di scopo sia uno dei più validi motivi economici per la diversificazione delle banche nel settore assicurativo. L’obiettivo della tesi è quindi quello di valutare se le iniziative di bancassicurazione consentano la realizzazione di economie di costo e di ricavo, sia dal punto di vista delle banche che delle compagnie di assicurazione. I risultati dell’analisi di frontiera condotta nel settore bancario forniscono solo deboli evidenze a favore della bancassicurazione. L’analisi del settore assicurativo mostra come la vendita di polizze vita tramite sportelli bancari sia una valida strategia distributiva, pur evidenziando come i prodotti a elevato contenuto finanziario, caratteristici della bancassicurazione, siano meno onerosi da gestire, ma anche meno profittevoli, soprattutto nelle fasi di mercato meno euforiche. Il mix di prodotti, quindi, deve essere continuamente rivisto per rispondere ai mutamenti nelle esigenze della clientela e nell’andamento dei mercati finanziari. Alla luce di tali considerazioni, le banche dovrebbero scegliere attentamente il proprio modello di bancassicurazione, considerando anche le alternative più flessibili, come la sigla di accordi di distribuzione o di alleanze strategiche non equity.During the last 20 years, financial services industry has experimented a general trend of integration and consolidation: in Europe the combination between the banking and the insurance activities, named “bancassurance”, has become particularly successful, catching the attention of managers and academia.
As outlined in Chen et al. (2008), most studies dealing with bancassurance have only been descriptive in nature, providing a broad insight into economic rationales, advantages and drawbacks for all the institutions involved. Only few authors have provided quantitative findings, focussing on the potential risk diversification benefits associated with bank expansion into the insurance industry, while potential efficiency gains are still a poorly investigated issue, even if cost and revenue synergies are commonly recognised as the most valid economic rationale. The aim of this thesis is to provide a comprehensive analysis of the phenomenon assessing if bancassurance results in efficiency gains from both the banking and the insurance sides. Results from the Stochastic Frontier Analysis (SFA) on the banking side show only weak evidence in favour of entering the life business. Investigating the insurance side, we find that the competitive viability of bancassurance as a distribution channel is relevant and consolidated, especially from the cost side, while insurance products with an high financial content appear less profitable than traditional protection insurance. As a consequence the mix of products should be continuously revised in the light of customers’ needs and financial markets evolution; then banks should carefully choose the most convenient bancassurance model, considering also the alternative of flexible and reversible forms of cooperation, such as cross selling agreements and non equity financial alliances
What are the Efficiency Gains of Bancassurance? A two-side Analysis: The Banking and The Insurance Standpoind
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Efficacia dell'azione di vigilanza: impatto dele sanzioni amministrative sulla performance e sul rischio degli intermediari finanziari
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Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Environmental engagement and stock price crash risk: Evidence from the European banking industry
No full textThis paper investigates the impact of banks’ environmental engagement on their future stock price crash risk.
Given the strong commitment of European institutions towards a low carbon economy, we focus on European
banks, which are expected to be crucial actors in driving this challenge. Using a sample of 447 bank-year observations across 22 European countries from 2015 to 2021, we find a negative relationship between banks’
environmental engagement and future stock price crash risk, in accordance with the signalling theory, suggesting that a high level of environmental engagement corresponds to high ethical standards of bank managers and high levels of financial transparency
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