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

The role of boutique financial advisors in mergers and acquisitions

2018 ◽  
Vol 44 (2) ◽  
pp. 212-247 ◽  
Author(s):  
Anna Loyeung
Keyword(s):  
Mergers And Acquisitions ◽  
Information Asymmetry ◽  
Abnormal Returns ◽  
Jel Classification ◽  
Financial Advisors ◽  
Acquisition Performance ◽  
Cumulative Abnormal Returns ◽  
Acquiring Firms ◽  
Target Firms

This study examines the choice of boutique financial advisors in mergers and acquisitions, and the consequences of this choice on deal outcomes and post-acquisition performance. Boutique advisors often specialize in a particular industry and focus exclusively on providing advice in mergers and acquisitions. The results suggest that boutique financial advisors are preferred when the deal is considered complex and when information asymmetry is high. The study finds that the benefits of hiring a boutique advisor flow to both the acquirers and the target firms. Acquiring firms benefit in terms of improved post-merger performance, while target firms benefit in terms of higher completion of value-enhancing deals and positive cumulative abnormal returns. Overall, these results provide support for the growing popularity of boutique financial advisors in the Australian market. JEL classification: G24, G34

The Demand for California Wine Grapes

2012 ◽  
Vol 7 (2) ◽  
pp. 192-212 ◽  
Author(s):  
Kate B. Fuller ◽  
Julian M. Alston
Keyword(s):  
Demand Response ◽  
Jel Classification ◽  
System Model ◽  
High Price ◽  
Wine Grapes ◽  
Economic Issues ◽  
Market Shares ◽  
Flexible Form ◽  
Production Value

AbstractWine grapes contribute significantly to the economy of California, with a gross production value of more than $2 billion in 2010. Studies on economic issues in the industry require measures of demand response to price, but despite the economic importance of this industry, estimates of elasticities of demand for wine grapes have not been published. We use a flexible-form inverse demand system model to estimate elasticities of demand for wine grapes from three grape-growing regions in California, representing three different quality (price) categories. The resulting estimates of own-price elasticities are high, ranging from −2.6 for grapes in the low-price region to −9.5 for grapes in the high-price region. Such high elasticities are plausible given the role of international trade in wine, and they are consistent with synthetic estimates that we computed based on a combination of economic theory, data on market shares, estimates of some pertinent parameters in the literature, and informed guesstimates of values for other parameters. (JEL Classification: Q11, Q12, Q13)

Revisiting control aversion: the role of financiers in connecting entrepreneurs to the marketplace

2015 ◽  
Vol 22 (3) ◽  
pp. 417-432 ◽  
Author(s):  
Lars Silver ◽  
Nicolaus Lundahl ◽  
Björn Berggren
Keyword(s):  
Small Business ◽  
Small Businesses ◽  
Structural Equation ◽  
Small Firms ◽  
Market Failure ◽  
Credit Rationing ◽  
Chief Executive ◽  
Content Type ◽  
The Impact

Purpose – The purpose of this paper is to investigate the effects of small business entrepreneurs’ relinquishment of control aversion and the impact of their interaction with external financiers on market connection. Design/methodology/approach – Questionnaires were sent to the chief executive officers of small businesses in the manufacturing and professional services sectors. A total of 459 valid responses were analyzed in a structural equation model. Findings – The attitude of small business entrepreneurs in relying on financiers’ advice is marked by control aversion. This fear of losing control creates information asymmetry, which in itself leads to decreased financing opportunities for small business entrepreneurs. The results of the study suggest that small firms seeking the aid of financiers will be provided with substantial additional information about the market. Issues pertaining to supply seem to be less relevant than those relating to demand, thus indicating that greater focus should be placed on the investment readiness of small businesses. Originality/value – This study emphasizes the importance of the role of attitudes among SMEs in understanding capital market failure and credit rationing.

Russia’s Market of Mergers and Acquisitions: Stages, Features and Prospects

2009 ◽  
pp. 23-45 ◽  
Author(s):  
A. Radygin
Keyword(s):  
Open Access ◽  
Mergers And Acquisitions ◽  
Corporate Control ◽  
Active Role ◽  
Data Bases ◽  
2008 Financial Crisis ◽  
Legal Norms ◽  
Role Of The State ◽  
Access Data

The article deals with key tendencies in the development of Russia’s market of mergers and acquisitions in the first decade of the 21st century. Quantitative parameters are analyzed by using available in the open access data bases for the years 2003-2008 taking into consideration new tendencies relating to 2008 financial crisis. An active role of the state played in the market of corporate control represents an important factor. Special attention is given to issues of development of Russia’s system of legal norms regulating the market of mergers and acquisitions.

Reward Prediction Errors Drive Declarative Learning Irrespective of Agency

2020 ◽  
Author(s):  
Kate Ergo ◽  
Luna De Vilder ◽  
Esther De Loof ◽  
Tom Verguts
Keyword(s):  
Learning Theory ◽  
Learning Effect ◽  
Steady Increase ◽  
Prediction Errors ◽  
Experimental Paradigm ◽  
Reward Prediction ◽  
Declarative Learning

Recent years have witnessed a steady increase in the number of studies investigating the role of reward prediction errors (RPEs) in declarative learning. Specifically, in several experimental paradigms RPEs drive declarative learning; with larger and more positive RPEs enhancing declarative learning. However, it is unknown whether this RPE must derive from the participant’s own response, or whether instead any RPE is sufficient to obtain the learning effect. To test this, we generated RPEs in the same experimental paradigm where we combined an agency and a non-agency condition. We observed no interaction between RPE and agency, suggesting that any RPE (irrespective of its source) can drive declarative learning. This result holds implications for declarative learning theory.

Improvement of the System of Statistical Indicators of the State and Development of the Fuel and Energy Complex of the Russian Federation

2019 ◽  
Vol 26 (12) ◽  
pp. 27-38
Author(s):  
M. R. Еfimova ◽  
N. A. Korolkova
Keyword(s):  
Oil Production ◽  
The State ◽  
Production Costs ◽  
Energy Resources ◽  
Oil Refining ◽  
Steady Increase ◽  
Development Trends ◽  
Energy Complex ◽  
Statistical Indicators

The article proposes an improved system of statistical indicators for assessing the state and development of the fuel and energy complex of Russia, which defines a methodological approach to identifying factors and trends in its development. The introduction highlights the relevance of modernization of information and methodological support for reaching decisions on new tasks, including those related to the digitalization of the economy and implementation of the national projects’ portfolio. The body of the article critically examines the current configuration of official and departmental statistical information, based on which the authors selected 85 key indicators reflecting the state and development level of the fuel and energy complex of Russia. All of them can be delineated by sectors and analysis tasks. This evaluation system includes 7 blocks: general block characterizing the role of the fuel and energy complex in the economic system; key industry performance indicators; indicators of the production structure by industry; technological indicators of industries; prices for fuel and energy resources; production costs by industry; distribution indicators of fuel and energy resources. The paper analyses development trends in the fuel and energy sectors for 2008-2018. In particular, the authors’ research showed that modern oil production is characterized by a change in the territorial structure, as well as the reinstatement of the role of vertically integrated companies in the development of oil production. The article presents findings on the technological upgrading of Russian oil refining. However, the authors’ research proved that oil refining depth has ceased to be a reliable indicator of the level of technological equipment and modernization level of oil refineries. With regard to the development of the gas industry, there has been a steady increase in gas production, which is supported by maintaining a steady increase in demand for Russian gas in the domestic and foreign markets. The all-time high domestic consumer demand for gas fuel, associated with the Russian Regions Gasification Program implemented by the Ministry of Energy of Russia, was recorded. At the same time, the authors identified the main risk factors in the development of the industry related to Gazprom (a backbone of the energy sector) activities. The persistent positive growth dynamics in commodity production of associated petroleum gas was established. It was also noted that the highest percentage of its beneficial use is characteristic of operators of production sharing agreements. As for the results of the analysis of the coal industry, a matter of interest is the growth of domestic prices for coal products and related derivative trends. Particular attention is paid to the development of the possibilities of using over-the-counter coal price indicators. Replacement of coal with natural gas at a thermal power station in most regions of the country is of interest within the identified development trends of the electric power industry in Russia, which is explained by the environmental friendliness of electricity generation.

Leading Professionals

2017 ◽  
Author(s):  
Laura Empson
Keyword(s):  
Mergers And Acquisitions ◽  
Distributed Leadership ◽  
Investment Banks ◽  
Professional Organizations ◽  
Power Dynamics ◽  
Consulting Firms ◽  
Complex Power ◽  
Plural Leadership ◽  
External Stimuli

This book analyses the complex power dynamics and interpersonal politics that lie at the heart of leadership in professional organizations, such as accounting, law, and consulting firms, investment banks, hospitals, and universities. It is based on scholarly research into many of the world’s leading professional organizations across a range of sectors, including interviews with over 500 senior professionals in sixteen countries. Drawing on the latest academic theory to analyse exactly how professionals in organizations come together to create ‘leadership’, it provides new insights into how leaders lead when there is no traditional hierarchy to support them, their own authority is contingent, and they must constantly renegotiate relationships with relatively autonomous professional peers. It explores how leaders persuade highly intelligent, educated, and opinionated professionals to work together; how change happens within professional organizations; and why leaders so often fail. Part I introduces the concept of plural leadership, analysing how leaders establish and maintain their positions within leadership constellations, and the implications for governance in the context of collective or distributed leadership. Part II examines the complex, challenging relationships between professionals as they seek to influence their organizations, including the phenomena of leadership dyads, insecure overachievers, social control, and the rise of the management professional. Part III examines the shifts in the locus of power as professional organizations grow, adapt, and react to external stimuli such as mergers and acquisitions and economic crises. The conclusion identifies the paradoxes inherent in professional organizations and examines the role of leaders in attempting to reconcile them.

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