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Essays on financial integration.

Correa, Ricardo.

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Essays on financial integration.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on financial integration./
作者:	Correa, Ricardo.
面頁冊數:	144 p.
附註:	Source: Dissertation Abstracts International, Volume: 67-04, Section: A, page: 1460.
Contained By:	Dissertation Abstracts International67-04A.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3213495
ISBN:	9780542637087

Essays on financial integration.
Correa, Ricardo.

Essays on financial integration. - 144 p.

Source: Dissertation Abstracts International, Volume: 67-04, Section: A, page: 1460.

Thesis (Ph.D.)--Columbia University, 2006.

For the last 15 years the international financial system has experienced significant changes that have reshaped its structure and exposure to global shocks. An important issue in this trend has been the increasing presence of foreign banks in developed and developing countries. These series of essays analyze the impact of financial integration at the micro-level with a particular emphasis on bank performance and firm financing.

ISBN: 9780542637087Subjects--Topical Terms:

626650
Economics, Finance.

Essays on financial integration.
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300 $a 144 p.
500 $a Source: Dissertation Abstracts International, Volume: 67-04, Section: A, page: 1460.
500 $a Adviser: Charles W. Calomiris.
502 $a Thesis (Ph.D.)--Columbia University, 2006.
520 $a For the last 15 years the international financial system has experienced significant changes that have reshaped its structure and exposure to global shocks. An important issue in this trend has been the increasing presence of foreign banks in developed and developing countries. These series of essays analyze the impact of financial integration at the micro-level with a particular emphasis on bank performance and firm financing.
520 $a The first chapter uses data on publicly-traded firms in the U.S. to analyze the effect of interstate bank integration on the financial constraints borrowers face. A firm-level investment equation is estimated in order to test if bank integration reduces the sensitivity of capital expenditures to the level of internal funds. The staggered deregulation of cross-state bank acquisitions that took place in the U.S. between 1978 and 1994 helps estimate the model. Integration decreases financing constraints on average, with small firms benefiting the most. These findings are robust to controlling for bank concentration and to the use of different estimation techniques.
520 $a In the second chapter, the investment model detailed in the previous section is used to study the effect of foreign bank entry liberalization on firm financing constraints in 18 emerging economies. Bank entry deregulation decreases the sensitivity of capital expenditures to internal funds for publicly-traded firms on average. Foreign bank presence and not banking liberalization per se, reduces the restrictions on access to credit during banking crises.
520 $a The final chapter uses a unique database that includes M&A and bank balance sheet information for 223 cross-border deals between 1994 and 2003 to analyze the characteristics and performance effects of international takeovers on target banks. A discrete choice estimation shows that banks are more likely to get acquired in a cross-border deal if they are large, bad performers, when the host economy is growing and when the bank sector is concentrated. Post-acquisition performance for the median target bank does not improve in the first two years. These results are caused by a decrease in net interest margins and an increase in overhead costs.
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