Claudia Girardone

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This paper compares parametric and non-parametric estimates of productivity change in European banking between 1994 and 2000. Productivity growth has also been further decomposed into technological change, or change in best practice, and efficiency change. Both the parametric and non-parametric approaches consistently identify those systems that have(More)
Consolidation in the global banking industry has resulted in the emergence of financial conglomerates that conduct an extensive range of businesses with a group structure. To date, however, few studies have investigated the performance features of such groups. This study aims to extend the literature by evaluating the cost characteristics (scale, scope and(More)
This paper investigates the dynamics between bank regulatory and supervisory policies associated with Basel II’s three pillars and various aspects of banks’ cost efficiency and performance. Specifically we rely on frontier analysis as well as traditional accounting ratios and focus on a selected sample of EU commercial banks over the period 2000-2006. In(More)
This paper investigates the main determinants of Italian banks’ cost efficiency over the period 1993-96, by employing a Fourier-flexible stochastic cost frontier in order to measure X-efficiencies and economies of scale. Quality and riskiness of bank outputs are explicitly accounted for in the cost function and their impact on cost efficiency levels are(More)
Investment banks’ core functions expose them to a wide array of risks. This paper analyses cost and profit efficiency for a sample of investment banks for the G7 countries (Canada, France, Germany, Italy, Japan, UK and US) and Switzerland prior to the recent financial crisis. We follow Coelli et al. (1999)’s methodology to adjust the estimated cost and(More)
Contextual factors usually assume an important role in determining firms’ productive efficiencies. Nevertheless, identifying them in a regression framework might be complicated. The problem arises from the efficiencies being correlated with each other when estimated by Data Envelopment Analysis (DEA), rendering standard inference methods invalid. Simar and(More)
We analyze the takeover premiums paid for a sample of European bank mergers between 1997 and 2007. We find that acquiring banks value profitable, high-growth and low risk targets. We also find that the strength of bank regulation and supervision as well as deposit insurance regimes in Europe have measurable effects on takeover pricing. Stricter bank(More)
Since the mid-1990s the banking sector in the Latin American emerging markets has experienced profound changes due to financial liberalisation, a significant increase in foreign investments and greater mergers activities often occurring following financial crises. The wave of consolidation and the rapid increase in market concentration that took place in(More)