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Are Sovereign Wealth Funds contrarian investors?
Ciarlone, Alessio; Miceli, Valeria - Banca d'Italia - 2014
This paper investigates the determinants of the investment activity of Sovereign Wealth Funds (SWFs) at a macro level, with special emphasis on the possible reaction to a financial crisis in a potential target economy. The analysis relies upon a specially built proprietary database, which...
Persistent link: https://www.econbiz.de/10011099703
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The portfolio allocation strategies of sovereign wealth funds and the financial crisis
Ciarlone, Alessio; Miceli, Valeria - Banca d'Italia - 2013
This paper analyzes the investment choices of sovereign wealth funds (SWFs) by country and industry in the last twenty years. Assets under management increased from $500 billion in 1995 to $4.7 trillion at end-2011. Based on a specially constructed data set, comprising 2,740 equity deals...
Persistent link: https://www.econbiz.de/10011100392
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The Effects of Bank Consolidation and Market Entry on Small Business Lending
Patti, Emilia Bonaccorsi di; Gobbi, Giorgio - Banca d'Italia - 2001
Consolidation in the banking industry of many countries has reduced the number of small banks and led to significant shifts in market shares; deregulation has fostered entry in local credit markets and branch expansion, which in turn have increased competition. Small businesses are believed to...
Persistent link: https://www.econbiz.de/10005111563
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Are Mergers Beneficial to Consumers? Evidence from the Market for Bank Deposits
Focarelli, Dario; Panetta, Fabio - Banca d'Italia - 2002
The general conclusion of the empirical literature is that in-market consolidation generates adverse price changes, harming consumers. Previous studies, however, look only at the short-run pricing impact of consolidation, ignoring all effects that take longer to materialize. Using a database...
Persistent link: https://www.econbiz.de/10005113523
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Why Do Banks Merge?
Focarelli, Dario; Panetta, Fabio; Salleo, Carmelo - Banca d'Italia - 1999
acquired bank; improved lending policies result in higher profits. …
Persistent link: https://www.econbiz.de/10005113557
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Consolidation and efficiency in the financial sector: a review of the international evidence
Amel, Dean; Barnes, Colleen; Panetta, Fabio; Salleo, Carmelo - Banca d'Italia - 2002
In response to fundamental changes in regulation and technology, the financial industry around the world is undergoing …
Persistent link: https://www.econbiz.de/10005770770
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Credit supply, flight to quality and evergreening: an analysis of bank-firm relationships after Lehman
Albertazzi, Ugo; Marchetti, Domenico J. - Banca d'Italia - 2010
This paper analyzes the effects of the financial crisis on credit supply by using highly detailed data on bank … borrowers’ risk, by exploiting multiple lending. We find evidence of a contraction of credit supply, associated to low bank …' productivity and interest rates at bank-firm level. …
Persistent link: https://www.econbiz.de/10008509918
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Why do Banks Merge?.
Focarelli, D.; Panetta, F.; Salleo, C. - Banca d'Italia - 1999
The banking industry is consolidating at an accelerating pace, yet not conclusive results have emerged on the benefits of mergers and acquisitions. We analyze the Italian market, which is similar to other main European countries.
Persistent link: https://www.econbiz.de/10005486704
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The effects of bank mergers on credit availability: evidence from corporate data
Patti, Emilia Bonaccorsi di; Gobbi, Giorgio - Banca d'Italia - 2003
A large literature on the effects of bank consolidation focuses on direct efficiency gains for participating banks and … generated by bank consolidation. In particular, borrowers that depend on relationship-based lending may face a reduction in … investigate the full effect of bank mergers on the availability of credit for corporate borrowers by examining a large sample of …
Persistent link: https://www.econbiz.de/10005609374
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Bank Competition and Regulatory Reform: The Case of the Italian Banking Industry
Angelini, Paolo; Cetorelli, Nicola - Banca d'Italia - 2000
contributed to improve bank competition. …
Persistent link: https://www.econbiz.de/10005609378