Three Essays On Industrial Organization And International Finance
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Three Essays On Industrial Organization And International Finance
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Author : Mohammad Hossein Rahmati
language : en
Publisher:
Release Date : 2012
Three Essays On Industrial Organization And International Finance written by Mohammad Hossein Rahmati and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
What motivates mergers in banking? The data show that merger activity is concentrated among very large banks. A large literature on the banking structure has studied this question by estimating cost functions and has provided mixed evidence. A crucial assumption is the exogeneity of input prices. If this assumption fails, result may be biased. This paper adopts the production function method proposed by Levinsohn and Petrin (2003) to separate the impact of productivity from scale economies in banking. To avoid this bias, I use recovery rates of non-performing loans, charge off rates, and cash holdings as proxies for productivity. The proxy method illustrates that the industry operates with significant diseconomies of scale, while the OLS method generates opposite results. Therefore, this finding supports the view that improvements in productivity cause mergers, which is also consistent with data. Finally, I introduce the Quantile Proxy Method to capture the impacts of both input endogeneity and size heterogeneity. This method reveals that medium size banks have largest diseconomies of scale, while top 5% experience somewhat extensive economies of scale. This result sheds light on the fact why many mergers occur among large banks: large parties involved in a consolidation benefit from both productivity improvements and scale economies.
Three Essays On Industrial Organization
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Author : Yi-Heng Karen Chen
language : en
Publisher:
Release Date : 1992
Three Essays On Industrial Organization written by Yi-Heng Karen Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Industrial organization (Economic theory) categories.
Three Essays In Industrial Organization
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Author : Steven Robert Postrel
language : en
Publisher:
Release Date : 1988
Three Essays In Industrial Organization written by Steven Robert Postrel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.
Three Essays On Industrial Organization
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Author : Haiwen Zhou
language : en
Publisher:
Release Date : 2002
Three Essays On Industrial Organization written by Haiwen Zhou and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Industrial organization (Economic theory) categories.
Essays In Industrial Organization And Finance
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Author : Thomas Rutford Covert
language : en
Publisher:
Release Date : 2014
Essays In Industrial Organization And Finance written by Thomas Rutford Covert and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This dissertation consists of two essays on the behavior of traders in opaque financial markets and one on the behavior of firms while they are learning to use a new technology.
Three Essays In The Theory Of Industrial Organization
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Author : Philippe M. Aghion
language : en
Publisher:
Release Date : 1987
Three Essays In The Theory Of Industrial Organization written by Philippe M. Aghion and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Industrial organization (Economic theory) categories.
Three Essays In Industrial Organization
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Author : Yong Cai
language : en
Publisher:
Release Date : 2002
Three Essays In Industrial Organization written by Yong Cai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Industrial organization (Economic theory) categories.
Competition Efficiency And Welfare
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Author : Dennis C. Mueller
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Competition Efficiency And Welfare written by Dennis C. Mueller and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Competition, Efficiency and Welfare contains a collection of papers in honor of Manfred Neumann. This collection was prepared as a tribute to a teacher and scholar, whose accomplishments have enriched various fields of economics. The magnitude of his interests is reflected in the breadth of topics covered in this volume: industrial economics, competition policy and related topics. However, if one unifying principle runs through Manfred Neumann's work, it is the belief in the power of competition. Born on May 16, 1933, Manfred Neumann studied economics at the University of Cologne. He graduated in 1960. In 1969 Manfred Neumann was appointed Professor of Economics at Nürnberg University. He was Dean of the Faculty of Economics and Social Sciences of the University of Erlangen-Nürnberg, President of the European Association for Research in Industrial Economics (EARIE) and Chairman of Industrial Organization Study Group of the Verein für Sozialpolitik. Most of his professional career has been spent at Nürnberg, where he has helped to make the Economic Institute one of the leading research centers in Industrial Organization. He has also been involved in various advisory activities. The volume contains 18 essays. The first twelve are grouped into four categories: Innovation and R&D (Part I), Cartels (Part II), Mergers and Merger Policy (Part III), and Methodological Issues in Industrial Organization (Part IV). These papers fall within the bounds of industrial economics, which has been Manfred Neumann's primary research interest throughout his career. Part V includes two papers on theories of international trade, which has been a recurring topic of interest for Manfred Neumann through the years. The last three papers look at broader policy and macroeconomic issues. Contributors to this volume include Karl Aiginger, David B. Audretsch, Paul A. Geroski, Stephen Martin and Dennis Mueller.
Essays In Development Economics And Industrial Organization
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Author : Diego Javier Jimenez Hernandez
language : en
Publisher:
Release Date : 2021
Essays In Development Economics And Industrial Organization written by Diego Javier Jimenez Hernandez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
This dissertation contains three essays in development economics and industrial organization. In the first chapter, coauthored with Enrique Seira, we study a nationwide welfare program in Mexico in which the government, in an effort to eliminate hunger, sells milk to households at subsidized rates via a network of thousands of specialized ``ration stores.'' Existing in many countries, such direct-provision programs often appear puzzling to economists, as it seems unlikely that the government would have any comparative advantage over the private market in procuring and distributing milk. To understand direct provision, we develop and estimate an equilibrium model of the market, then use the model to compare this program against natural (budget-neutral) alternatives, such as milk vouchers or unrestricted cash transfers. Using rich household-level panel data and the variation generated by the staggered introduction of new government stores, we show that market power by private milk suppliers is an important concern and that government-sold and privately-sold milk are close (though imperfect) substitutes. Consequently, direct provision plays an important role in the milk market in Mexico by disciplining private-milk prices. Indeed, our results suggest that in the absence of government milk, private market prices would be 3% higher. Moreover, direct provision generates 4% more gains in consumer welfare relative to milk vouchers and 2% more relative to unrestricted cash transfers.In the second chapter, co-authored with Sara G. Castellanos, Aprajit Mahajan, and Enrique Seira, we study expanding financial access (particularly borrowing) to underserved populations. Credit card debt is increasingly common among poor and inexperienced borrowers -- thus de facto a financial inclusion product. However, it remains relatively under-studied. We use detailed card level data and a product that accounted for 15% of all first-time formal loans in Mexico and show that default rates are high and ex-ante unpredictable for new borrowers -- suggesting an important role for ex-post contract terms in limiting risk. However, using a large nationwide experiment we find that default is unresponsive to minimum payment increases, a commonly proposed policy remedy. We provide evidence that the zero result is driven by the offsetting effects of tightened liquidity constraints and lower debt burdens. Surprisingly, we also find muted default responses to large experimental changes in interest rates -- suggesting a limited role for ex-post moral hazard in our context. Finally, we use job displacements to document large effects of unemployment on default, highlighting the centrality of idiosyncratic shocks as a barrier to the expansion of formal credit among poorer populations.In the third and last chapter, coauthored with Joshua J. Kim and Aleksandr Shirkhanyan, we study savings in Armenia, particularly focusing on a unique problem that households in the developing world often face: how to safely store their assets when the value of their local currency is unstable. This instability leads to several complicated decisions households must make, such as how much to save and which currencies to save in. These choices are especially important for households during periods of macroeconomic volatility such as currency depreciations. In this paper, we study how households make such savings decisions following a large currency depreciation in Armenia.
Three Essays In Industrial Organization
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Author : Sang-Hoo Bae
language : en
Publisher:
Release Date : 2003
Three Essays In Industrial Organization written by Sang-Hoo Bae and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Industrial organization (Economic theory) categories.