scholarly journals Credit Rationing in the U.S. Mortgage Market: Evidence from Variation in FHA Market Shares

2002 ◽  
Vol 51 (2) ◽  
pp. 272-294 ◽  
Author(s):  
Brent W. Ambrose ◽  
Anthony Pennington-Cross ◽  
Anthony M. Yezer
Keyword(s):  
Credit Rationing ◽  
Mortgage Market ◽  
Market Shares ◽  
The U.S

Dimensione e concentrazione dei gruppi bancari italiani nell'ultimo decennio

2009 ◽  
pp. 21-39
Author(s):  
Vittoria Cerasi ◽  
Lisa Crosato
Keyword(s):  
Mergers And Acquisitions ◽  
Size Distribution ◽  
Small Firms ◽  
Credit Rationing ◽  
Substitution Effect ◽  
Jel Classification ◽  
Steady Increase ◽  
Credit Supply ◽  
Market Shares

- The paper analyzes the change in the size distribution of Italian banking groups over the period 1999 to 2007 following a wave of M&As among large banks. Had this process increased the degree of concentration we would have expected greater credit rationing for small firms, given the central role of Italian banks in financing small firms. We measure this change through widely used measures of concentration on branches. First, we observe a steady increase in concentration that can be captured only by looking at the overall size distribution. Other measures do not perceive this change until the year 2007, when the very large banks merged. Second, by focusing on the banking groups that have been active players in M&As we do see a decline in concentration, since smaller players have caught up with the larger ones in terms of rate of size increase. This contrasts with the role of the new entries and the disappearance of banks following mergers, that has increased the dispersion of market shares. The implications are that: i) there is a credit termination risk due to the rise in active players' size, but ii) credit rationing may not occur due to a substitution effect in credit supply from new entries. Keywords: bank market structure; size distribution of banks; measures of concentration; credit rationing of SME; mergers and acquisitions Parole chiave: struttura dell'industria bancaria; distribuzione per dimensione delle banche; misure della concentrazione; razionamento del credito alle PMI; fusioni e acquisizioni Jel Classification: G21 - L11

scholarly journals Mortgage Securitization and Shadow Bank Lending

2020 ◽  
Author(s):  
Pedro Gete ◽  
Michael Reher
Keyword(s):  
Cross Section ◽  
Financial Stability ◽  
Bank Lending ◽  
Mortgage Market ◽  
Secondary Market ◽  
Market Prices ◽  
Coverage Ratio ◽  
Regulatory Status ◽  
Mortgage Securitization ◽  
The U.S

Abstract We show how securitization affects the size of the nonbank lending sector through a novel price-based channel. We identify the channel using a regulatory spillover shock to the cross-section of mortgage-backed security prices: the U.S. liquidity coverage ratio. The shock increases secondary market prices for FHA-insured loans by granting them favorable regulatory status once securitized. Higher prices lower nonbanks’ funding costs, prompting them to loosen lending standards and originate more FHA-insured loans. This channel accounts for 22% of nonbanks’ growth in overall mortgage market share over 2013–2015. While the shock creates risks for financial stability, homeownership also increases.

scholarly journals Third-Country Effects on the Market Shares of U.S. Wheat in Asian Countries

2004 ◽  
Vol 36 (3) ◽  
pp. 797-813 ◽  
Author(s):  
Hyun J. Jin ◽  
Guedae Cho ◽  
Won W. Koo
Keyword(s):  
Exchange Rates ◽  
Import Demand ◽  
Demand Model ◽  
Asian Countries ◽  
Panel Estimation ◽  
Explanatory Variables ◽  
Market Shares ◽  
Australian Wheat ◽  
The U.S ◽  
Country Effect

An import demand model, augmented with third-country effect variables, is developed to examine the effects of strong U.S. dollar, volatility of the U.S. dollar, and competition among the exporting countries on the shares of U.S. wheat in Asian markets. In the empirical model, the dependent variable is the market shares of U.S. wheat. Explanatory variables include wheat prices of exporting countries, exchange rates between the importing and exporting countries, and volatilities of the exchange rates. Panel estimation results show that the U.S. currency value and volatility, Australian wheat price, and the volatilities of Canadian and Australian currency values have significant effects on U.S. market shares.

An empirical test of credit rationing in the mortgage market

1991 ◽  
Vol 29 (2) ◽  
pp. 218-234 ◽  
Author(s):  
John V. Duca ◽  
Stuart S. Rosenthal
Keyword(s):  
Empirical Test ◽  
Credit Rationing ◽  
Mortgage Market

scholarly journals Convergence Of Market Shares In The U.S. Cigarette Industry

2011 ◽  
Vol 19 (4) ◽  
Author(s):  
Craig A. Gallet
Keyword(s):  
Market Share ◽  
Unit Root ◽  
Short Paper ◽  
Cigarette Industry ◽  
Long Run ◽  
Market Shares ◽  
The U.S

Many studies examine the degree of rivalry in an industry by utilizing measures of market share instability, with greater (lesser) volatility of market shares coinciding with greater (lesser) rivalry. This short paper extends this line of research by addressing long run instability of market shares. In particular, we test for the convergence of market shares in the U.S. cigarette industry using unit root procedures. Our finding that market shares for pairs of firms rarely converge suggests that market shares are unstable in the long run. Hence, rivalry has remained quite intact in the cigarette industry.

scholarly journals Regional Redistribution Through the U.S. Mortgage Market

2015 ◽  
Author(s):  
Erik Hurst ◽  
Benjamin Keys ◽  
Amit Seru ◽  
Joseph Vavra
Keyword(s):  
Mortgage Market ◽  
The U.S ◽  
Regional Redistribution
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