References of "Journal of Banking and Finance"
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See detailDoes bank competition alleviate credit constraints in developing countries?
Leon, Florian UL

in Journal of Banking and Finance (2015), 57

Whether competition helps or hinders firms’ access to finance, particularly in the developing world, is in itself a much debated question in the economic literature and in policy circles. This paper ... [more ▼]

Whether competition helps or hinders firms’ access to finance, particularly in the developing world, is in itself a much debated question in the economic literature and in policy circles. This paper considers the consequences of bank competition on credit constraints using firm level data covering 69 developing and emerging countries. In addition to the classical concentration measure, competition is assessed by computing three non-structural measures (Boone indicator, Lerner index and H-statistic). The results show that bank competition alleviates credit constraints and that bank concentration measure is not a robust predictor of a firm’s access to finance. The study highlights that bank competition not only leads to less severe loan approval decisions but also reduces borrower discouragement. [less ▲]

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See detailThe Market Microstructure of the European Climate Exchange
Otsubo, Yoichi UL; Mizrach, Bruce

in Journal of Banking and Finance (2014), 39

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See detailUncertainty avoidance, risk tolerance and corporate takeover decisions
Frijns, Bart; Gilbert, Aaron; Tourani Rad, Ali Reza et al

in Journal of Banking and Finance (2013), 37

In this paper, we examine the role of national culture in corporate takeover decisions, by arguing that managerial risk tolerance (a combination of risk aversion and risk perception), at the national ... [more ▼]

In this paper, we examine the role of national culture in corporate takeover decisions, by arguing that managerial risk tolerance (a combination of risk aversion and risk perception), at the national level, is a cultural trait and affects the expected net synergies CEOs require. We propose a theoretical framework that links CEO risk tolerance to the expected net synergies. We empirically show that CEOs of firms located in countries with lower levels of risk tolerance, measured by Hofstede’s (1980, 2001) uncertainty avoidance score, require higher premiums on takeovers, and show that uncertainty avoidance plays a greater role in relatively large takeovers. Additional testing reveals that CEOs from high uncertainty avoiding nations engage less in cross-border/cross-industry takeovers, suggesting that uncertainty avoidance captures more the CEO’s risk perception than his/her risk aversion. [less ▲]

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See detailFinancial Contagion and Depositor Monitoring
Van Bommel, Jos UL; Samartín, M.; Hasman, A.

in Journal of Banking and Finance (2013), 37

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See detailThe Dark side of global integration: increasing tail dependance
Cosma, Antonio UL; Beine, Michel UL; Vermeulen, Robert John Gerard UL

in Journal of Banking and Finance (2010), 34(1), 184-192

We measure stock market coexceedances using the methodology of Cappiello, Gerard and Manganelli <br />(2005, ECB Working Paper 501). This method enables us to measure comovement at each point of the <br ... [more ▼]

We measure stock market coexceedances using the methodology of Cappiello, Gerard and Manganelli <br />(2005, ECB Working Paper 501). This method enables us to measure comovement at each point of the <br />return distribution. First, we construct annual coexceedance probabilities for both lower and upper tail <br />return quantiles using daily data from 1974–2006. Next, we explain these probabilities in a panel gravity <br />model framework. Results show that macroeconomic variables asymmetrically impact stock market <br />comovement across the return distribution. Financial liberalization significantly increases left tail comovement, <br />whereas trade integration significantly increases comovement across all quantiles. Decreasing <br />exchange rate volatility results in increasing lower tail comovement. The introduction of the euro <br />increases comovement across the entire return distribution, thereby significantly reducing the benefits <br />of portfolio diversification within the euro area. [less ▲]

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See detailExploring the nexus between banking sector reform and performance: Evidence from newly acceded EU countries
Papanikolaou, Nikolaos UL; Brissimis, Sophocles; Delis, Manthos

in Journal of Banking and Finance (2008), 32(12), 2674-2683

The aim of this study is to examine the relationship between banking sector reform and bank performance –measured in terms of efficiency, total factor productivity growth and net interest margin– ... [more ▼]

The aim of this study is to examine the relationship between banking sector reform and bank performance –measured in terms of efficiency, total factor productivity growth and net interest margin– accounting for the effects through competition and bank risk-taking. To this end, we develop an empirical model of bank performance, which is consistently estimated using recent econometric techniques. The model is applied to bank panel data from ten newly acceded EU countries. The results indicate that both banking sector reform and competition exert a positive impact on bank efficiency, while the effect of reform on total factor productivity growth is significant only toward the end of the reform process. Finally, the effect of capital and credit risk on bank performance is in most cases negative, while it seems that higher liquid assets reduce the efficiency and productivity of banks. [less ▲]

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