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Price Competition, Innovation and Profitability: Theory and UK Evidence
Symeonidis, George - C.E.P.R. Discussion Papers - 2001
This Paper examines the effect of price competition on innovation, market structure and profitability in R … counts and profitability over 1952-77. The econometric results suggest that the introduction of restrictive practices …&D-intensive manufacturing industries, while it caused a significant rise in concentration in these industries. In the short run profitability …
Persistent link: https://www.econbiz.de/10005666839
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Public Disclosure and Bank Failures
Cordella, Tito; Levy Yeyati, Eduardo - C.E.P.R. Discussion Papers - 1998
This paper analyses the impact of public disclosure of banks’ risk exposure on banks’ risk taking incentives and its implications in terms of soundness of the banking system. We find that, when banks have a complete control over the volatility of their loan portfolio, public disclosure...
Persistent link: https://www.econbiz.de/10005123714
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Financial Opening, Deposit Insurance and Risk in a Model of Banking Competition
Cordella, Tito; Levy Yeyati, Eduardo - C.E.P.R. Discussion Papers - 1998
This paper studies the impact of competition on the determination of interest rates, and on banks’ risk taking behaviour, under different assumptions about deposit insurance and the dissemination of financial information. We find that lower entry costs foster competition in deposit rates and...
Persistent link: https://www.econbiz.de/10005124322
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The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
Acharya, Viral V; Steffen, Sascha - C.E.P.R. Discussion Papers - 2013
This paper argues that the European banking crisis can in part be explained by a “carry trade” behavior of banks. Factor loading estimates from multifactor models relating equity returns to GIPSI (Greece, Ireland, Portugal, Spain and Italy) and German government bond returns suggest that...
Persistent link: https://www.econbiz.de/10011084468
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Innovation and Market Structure: An Empirical Evaluation of the 'Bounds Approach' in the Chemical Industry
Uribe, Marín; Luis, Pedro; Siotis, Georges - C.E.P.R. Discussion Papers - 2002
This Paper empirically tests the ‘bounds approach’ to industry structure proposed by Sutton ((1991), (1998)). To carry out this task, we focus on the chemical industry. Part of the novelty in this exercise is that we work on the finest possible level of disaggregation. Also, we identify...
Persistent link: https://www.econbiz.de/10005656233
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Market Structure and Market Performance in E-Commerce
Hackl, Franz; Kummer, Michael E; Winter-Ebmer, Rudolf; … - C.E.P.R. Discussion Papers - 2012
from Austria's largest online site for price comparisons with retail data on wholesale prices provided by a major hardware … instrumenting is particularly important for estimating the effect of competition on the markup of the price leader. …
Persistent link: https://www.econbiz.de/10011083898
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Innovating Firms and Aggregate Innovation
Klette, Tor Jakob; Kortum, Samuel S - C.E.P.R. Discussion Papers - 2002
We develop a parsimonious model of innovating firms rich enough to confront firm-level evidence. It captures the dynamic behaviour of individual heterogeneous firms, describes the evolution of an industry with simultaneous entry and exit, and delivers a general equilibrium model of technological...
Persistent link: https://www.econbiz.de/10005788918
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An Applied Econometrician's View of Large Company Performance
Geroski, Paul A - C.E.P.R. Discussion Papers - 1998
This paper contains a brief survey of recent empirical work on the performance of large companies. It tries to pull together the literature in the form of six stylized facts, illustrating them with data drawn from a single sample. The paper concludes by highlighting the issues which are thrown...
Persistent link: https://www.econbiz.de/10005789166
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The Impact of Organizational Structure and Lending Technology on Banking Competition
Degryse, Hans; Laeven, Luc; Ongena, Steven - C.E.P.R. Discussion Papers - 2007
Recent theoretical models argue that a bank’s organizational structure reflects its lending technology. A hierarchically organized bank will employ mainly hard information, whereas a decentralized bank will rely more on soft information. We investigate theoretically and empirically how bank...
Persistent link: https://www.econbiz.de/10005136523
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Rules versus Discretion in Loan Rate Setting
Cerqueiro, Geraldo; Degryse, Hans; Ongena, Steven - C.E.P.R. Discussion Papers - 2007
We propose a heteroscedastic regression model to identify the determinants of the dispersion in interest rates on loans granted to small and medium sized enterprises. We interpret unexplained deviations as evidence of the banks’ discretionary use of market power in the loan rate setting...
Persistent link: https://www.econbiz.de/10005067359