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Conference Paper
Why do banks merge? some empirical evidence from Italy
Journal Article
Will a common European monetary policy have asymmetric effects?
This article reviews the evidence on differences in the transmission of monetary policy across European countries. The authors argue that the existing evidence, based almost exclusively on macroeconomic data, does not allow one to decide whether a common monetary policy will have asymmetric effects. A first peek at microeconomic data suggests this may be a promising route for further work.
Conference Paper
Do mergers improve information? evidence from the loan market
We examine the informational effects of M&As by investigating whether bank mergers improve banks? abilities to screen their borrowers. By exploiting a dataset in which we observe a measure of a borrower?s default risk which the lenders observe only imperfectly, we find evidence of these informational improvements. Mergers lead to a closer correspondence between the default risk of each borrower and the interest rate on its loan: after a merger, risky borrowers experience an increase in the interest rate, while non-risky borrowers enjoy lower interest rates. This finding is robust with respect ...
Working Paper
Consolidation and efficiency in the financial sector: a review of the international evidence
In response to fundamental changes in regulation and technology, the financial industry around the world is undergoing an unprecedented wave of consolidation. A growing body of empirical literature has attempted to measure the efficiency gains from M&As; however there is little sense of how the results might depend on the country, industry and time period analysed. In this paper we review critically works that cover the main sectors of the financial industry (commercial and investment banks, insurance and asset management companies) in the major industrialised countries over the last twenty ...