Bank Performance, Risk and Firm Financing by P. Molyneux

By P. Molyneux

This article contains a variety of papers that provide state-of-the-art insights into bank functionality, probability and company financing publish drawback that have been awarded on the ecu organization of collage academics of Banking and Finance convention (otherwise referred to as the Wolpertinger convention) held at Bangor college, Wales, 2010.

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The Hausman test indicates that this specification is preferable to that of random effects. 5. The result is similar to that obtained in Fernández de Guevara et al. (2005) for an international sample. On the other hand, for the specific case of Spanish banks, the result is the opposite: as size increases, market power decreases, with a non-linear relationship. 6. See European Central Bank (2010). 7. Jiménez et al. (2010) analyse the relationship between market power and banking risk by estimating Lerner indices corrected by the influence of risk.

In order to analyse in greater detail the importance of each of the explanatory variables, it is necessary to take into account the sample range of variation of each one of them. With this objective, we calculated what the variation of the Lerner index would be if it were calculated starting from an observation situated at the value of the 25th percentile of each of the independent variables and increasing up to the value defined by the 75th percentile. 3, we find that the greatest effect on market power is generated by size, since the growth from the 25th percentile to the 75th percentile would signify an 83 per cent growth of market power.

According to this result, the deregulation process of recent years and the measures implemented to increase competition may have negatively affected financial stability. Therefore, the results shown here posit a dilemma that society has to resolve. On the one hand, strictly from the point of view of economic efficiency, financial markets have to be as competitive as possible to prevent the losses of welfare associated with situations of imperfect competition (Maudos and Fernández de Guevara, 2007) and for the financial sector to make its full contribution to economic growth (Maudos and Fernández de Guevara, 2007; Fernández de Guevara and Maudos, 2009).

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