Bank Performance, Risk and Firm Financing by P. Molyneux

By P. Molyneux

This article includes a variety of papers that provide state-of-the-art insights into bank functionality, probability and enterprise financing submit predicament that have been awarded on the eu organization of collage lecturers of Banking and Finance convention (otherwise often called the Wolpertinger convention) held at Bangor college, Wales, 2010.

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At the same time, although the elasticity of per capita GDP was the highest, if its sample range of variation is taken into account the impact on the Lerner index is less than the effect of size, representing a fall of 73 per cent in market power in relation to the level of the 25th percentile. The impact of the variations of the rest of the variables are notably lower, only the case of GDP growth standing out. Specifically, the growth of GDP from the value of the 25th percentile to that of the 75th percentile implies a growth of market power of 12 per cent from the value of the 25th percentile.

Therefore, in estimating the determinants of market power we control for the effect of specialization. In particular, the importance of retail activity is proxied by the weight of loans in total assets (loans / total assets). Efficiency in management is also a determinant of market power that has been analysed in other studies. Some test the influence of market power on efficiency, in order to test the so-called quiet life hypothesis. But in our case the direction of causality is just the opposite, as Bank Size, Market Power and Financial Stability 15 we want to analyse whether efficiency in management ends up being passed on to the client in the form of lower margins or whether the bank takes advantage of that efficiency to raise its profitability.

The results were obtained within the context of research projects SEC2007–60320 and ECO2010–17333 of the Ministerio de Educación y Ciencia-FEDER and project PROMETEO/2009/066 of the Generalitat Valenciana. Notes A previous version of this chapter was published in Spanish in Perspectivas del Sistema Financiero (FUNCAS). 1. See Fernández de Guevara et al. (2007). 2. For this we use the stochastic frontier approach proposed by Aigner et al. (1977) and Meeusen and van den Broeck (1977). This approach modifies the standard costs function by assuming that inefficiency forms part of the error term of the regression.

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