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Essays on empirical banking

Giannetti, Caterina (2008) Essays on empirical banking. Advisor: Gallo, Prof. Giampiero M.. pp. 111. [IMT PhD Thesis]

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Abstract

The thesis is structured in three articles which develop microeconometric analysis on the Italian banking industry. The first two articles investigate, relying on different theoretical frameworks and techniques, the degree of competition in the retail segment whereas the third article examines the effects of relationship banking on firm innovativeness. The first article is entitled "Intensity of Competition and Market Structure in the Italian Banking Industry". The aim of this work is to empirically test Sutton’s predictions for industry with exogenous sunk costs in the Italian banking industry. In particular, I focus my attention only on the retail segment since products are rather standardized and there is a limited scope for cost-decreasing or quality increasing investments. The second article is entitled "Unit Roots and the Dynamic of Market Shares". In this article I rely on panel unit roots tests in order to infer the degree of competition in the industry. The main idea is to verify if market shares of the first five banks contain unit roots. If so, it is possible to infer that there is the chance for competitors to displace permanently the leader. On the contrary, if share are mean reverting, it is reasonable to infer that the industry is rather stable, and actors reached positions difficult to overcome. The third article is entitled "Relationship lending and Firm innovativeness: New Empirical Evidence". The aim of this study is to test the effect of firm-bank ties on the degree of firm innovativeness using data on a sample of Italian manufacturing firms. In particular, this article departs from previous microeconometric works since it distinguishes the discovery phase from the introduction phase of new technologies.

Item Type: IMT PhD Thesis
Subjects: H Social Sciences > HB Economic Theory
PhD Course: Economics, Markets, Institutions
Identification Number: 10.6092/imtlucca/e-theses/41
Date Deposited: 11 Jul 2012 10:39
URI: http://e-theses.imtlucca.it/id/eprint/41

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