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Papers by Dario Focarelli

Research paper thumbnail of Where Do Banks Expand Abroad? An Empirical Analysis

Social Science Research Network, 2002

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Research paper thumbnail of The Patterns of Cross-Border Bank Mergers and Shareholdings in OECD Countries

Social Science Research Network, 2002

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Research paper thumbnail of (ANIA and Università di Roma “La Sapienza”)

This paper presents some new evidence on the conflict of interest that may arise when banks under... more This paper presents some new evidence on the conflict of interest that may arise when banks underwrite corporate securities and sell them to their customers. Two alternative views are confronted: a) that commercial banks possess private information on the financial condition of their clients and so perform better screening (the certification hypothesis); and b) that commercial banks might convert loans to firms in financial difficulties into bonds marketed to unsuspecting clients (the ‘naïve investor ’ hypothesis). The empirical analysis compares the default rates between 2000 and 2002 of a sample of more than 5,000 securities issued from 1991 to 1999. Our results show that, on average, securities underwritten by investment houses and by commercial banks had the same probability of default. However, investment-grade issues underwritten by commercial banks had a lower probability of default than those underwritten by investment houses, while the reverse was true for non-investment-gr...

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Research paper thumbnail of Better Underwriters? Evidence from the Last Days of the Glass-Steagall Act 1

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Research paper thumbnail of Secured Lending and Borrowers' Riskiness

SSRN Electronic Journal, 2002

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Research paper thumbnail of Are Universal Banks Better Underwriters? Evidence from the Last Days of the Glass-Steagall Act

SSRN Electronic Journal, 2010

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Research paper thumbnail of Cross-border M&As in the financial sector: Is banking different from insurance?

Journal of Banking & Finance, 2008

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Research paper thumbnail of Conflicts of Interest in Financial Markets-Evidence from Bond Underwriting in the Nineties

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Research paper thumbnail of Banking Industry

Palgrave Macmillan UK eBooks, 2018

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Research paper thumbnail of Banking Industry

Banking Crises, 2016

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Research paper thumbnail of La responsabilità civile automobilistica. Strategie, innovazione e normativa nei modelli di offerta

Economia Dei Servizi, 2013

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Research paper thumbnail of L'impatto degli International Accounting Standards sul mercato assicurativo

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Research paper thumbnail of Il ruolo delle imprese di assicurazione nella crisi finanziaria: Solvency II è una risposta adeguata?

This paper analyses the performance of the international insurance industry during the financial ... more This paper analyses the performance of the international insurance industry during the financial crisis and examines the importance of insurance to systemic financial market stability, emphasizing the need for correct assessment of the characteristics of insurance companies, such as their relative immunity to runs, their extremely low level of short-term financial debt, and their absence from the interbank market. The increasing participation of the insurance companies in the financial markets, recently emphasized by Trichet (2009), makes the debate on how regulation might dampen the natural pro-cyclicality of the financial sector extremely relevant for the insurance industry. Against this background, the paper describes the innovative provisions of the European Solvency II Directive approved in 2009, but proper evaluation of its effectiveness will have to wait until the implementing measures are known.

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Research paper thumbnail of Are mergers beneficial to consumers

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Research paper thumbnail of Banking Industry

The New Palgrave Dictionary of Economics, 2012 Version, 2012

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Research paper thumbnail of Banking Industry

The New Palgrave Dictionary of Economics, 2008

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Research paper thumbnail of Where Do Banks Expand Abroad? An Empirical Analysis

This paper investigates the determinants of the pattern of banks' foreign investment. We exte... more This paper investigates the determinants of the pattern of banks' foreign investment. We extended previous analyses in three directions. First, we use a unique database that includes information on 260 large banks from OECD countries and all their foreign branches and subsidiaries in each one of the other OECD countries. Second, we consider explicitly the role of institutional and regulatory

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Research paper thumbnail of The demand for bank loans in Italy at national and macro-regional level (1984-96)

Bank lending expanded rapidly in Italy in the second half of the 1980s and early 1990s. By contra... more Bank lending expanded rapidly in Italy in the second half of the 1980s and early 1990s. By contrast, in the four years 1993-96 it rose moderately, and in real terms it diminished. The paper addresses some questions in the light of these trends: Was there a structural change in firms’ demand for credit after 1993? Are there systematic differences in

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Research paper thumbnail of Conflicts of Interest in Financial Markets - Evidence from Bond Underwriting in the Nineties

This paper presents some new evidence on the conflict of interest that may arise when banks under... more This paper presents some new evidence on the conflict of interest that may arise when banks underwrite corporate securities and sell them to their customers. Two alternative views are confronted; a) that commercial banks possess private information on the financial condition of their clients and so perform better screening (the certification hypothesis); and b) that commercial banks might convert loans

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Are Mergers Beneficial to Consumers? Evidence from the Market for Bank Deposits

The general conclusion of the empirical literature is that in-market consolidation generates adve... more The general conclusion of the empirical literature is that in-market consolidation generates adverse price changes, harming consumers. Previous studies, however, look only at the short-run pricing impact of consolidation, ignoring all effects that take longer to materialize. Using a database that includes detailed information on the deposit rates of individual banks in local markets for different categories of depositors, we

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Research paper thumbnail of Where Do Banks Expand Abroad? An Empirical Analysis

Social Science Research Network, 2002

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The Patterns of Cross-Border Bank Mergers and Shareholdings in OECD Countries

Social Science Research Network, 2002

Bookmarks Related papers MentionsView impact

Research paper thumbnail of (ANIA and Università di Roma “La Sapienza”)

This paper presents some new evidence on the conflict of interest that may arise when banks under... more This paper presents some new evidence on the conflict of interest that may arise when banks underwrite corporate securities and sell them to their customers. Two alternative views are confronted: a) that commercial banks possess private information on the financial condition of their clients and so perform better screening (the certification hypothesis); and b) that commercial banks might convert loans to firms in financial difficulties into bonds marketed to unsuspecting clients (the ‘naïve investor ’ hypothesis). The empirical analysis compares the default rates between 2000 and 2002 of a sample of more than 5,000 securities issued from 1991 to 1999. Our results show that, on average, securities underwritten by investment houses and by commercial banks had the same probability of default. However, investment-grade issues underwritten by commercial banks had a lower probability of default than those underwritten by investment houses, while the reverse was true for non-investment-gr...

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Research paper thumbnail of Better Underwriters? Evidence from the Last Days of the Glass-Steagall Act 1

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Secured Lending and Borrowers' Riskiness

SSRN Electronic Journal, 2002

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Are Universal Banks Better Underwriters? Evidence from the Last Days of the Glass-Steagall Act

SSRN Electronic Journal, 2010

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Cross-border M&As in the financial sector: Is banking different from insurance?

Journal of Banking & Finance, 2008

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Conflicts of Interest in Financial Markets-Evidence from Bond Underwriting in the Nineties

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Banking Industry

Palgrave Macmillan UK eBooks, 2018

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Banking Industry

Banking Crises, 2016

Bookmarks Related papers MentionsView impact

Research paper thumbnail of La responsabilità civile automobilistica. Strategie, innovazione e normativa nei modelli di offerta

Economia Dei Servizi, 2013

Bookmarks Related papers MentionsView impact

Research paper thumbnail of L'impatto degli International Accounting Standards sul mercato assicurativo

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Il ruolo delle imprese di assicurazione nella crisi finanziaria: Solvency II è una risposta adeguata?

This paper analyses the performance of the international insurance industry during the financial ... more This paper analyses the performance of the international insurance industry during the financial crisis and examines the importance of insurance to systemic financial market stability, emphasizing the need for correct assessment of the characteristics of insurance companies, such as their relative immunity to runs, their extremely low level of short-term financial debt, and their absence from the interbank market. The increasing participation of the insurance companies in the financial markets, recently emphasized by Trichet (2009), makes the debate on how regulation might dampen the natural pro-cyclicality of the financial sector extremely relevant for the insurance industry. Against this background, the paper describes the innovative provisions of the European Solvency II Directive approved in 2009, but proper evaluation of its effectiveness will have to wait until the implementing measures are known.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Are mergers beneficial to consumers

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Banking Industry

The New Palgrave Dictionary of Economics, 2012 Version, 2012

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Banking Industry

The New Palgrave Dictionary of Economics, 2008

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Where Do Banks Expand Abroad? An Empirical Analysis

This paper investigates the determinants of the pattern of banks' foreign investment. We exte... more This paper investigates the determinants of the pattern of banks' foreign investment. We extended previous analyses in three directions. First, we use a unique database that includes information on 260 large banks from OECD countries and all their foreign branches and subsidiaries in each one of the other OECD countries. Second, we consider explicitly the role of institutional and regulatory

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The demand for bank loans in Italy at national and macro-regional level (1984-96)

Bank lending expanded rapidly in Italy in the second half of the 1980s and early 1990s. By contra... more Bank lending expanded rapidly in Italy in the second half of the 1980s and early 1990s. By contrast, in the four years 1993-96 it rose moderately, and in real terms it diminished. The paper addresses some questions in the light of these trends: Was there a structural change in firms’ demand for credit after 1993? Are there systematic differences in

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Conflicts of Interest in Financial Markets - Evidence from Bond Underwriting in the Nineties

This paper presents some new evidence on the conflict of interest that may arise when banks under... more This paper presents some new evidence on the conflict of interest that may arise when banks underwrite corporate securities and sell them to their customers. Two alternative views are confronted; a) that commercial banks possess private information on the financial condition of their clients and so perform better screening (the certification hypothesis); and b) that commercial banks might convert loans

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Are Mergers Beneficial to Consumers? Evidence from the Market for Bank Deposits

The general conclusion of the empirical literature is that in-market consolidation generates adve... more The general conclusion of the empirical literature is that in-market consolidation generates adverse price changes, harming consumers. Previous studies, however, look only at the short-run pricing impact of consolidation, ignoring all effects that take longer to materialize. Using a database that includes detailed information on the deposit rates of individual banks in local markets for different categories of depositors, we

Bookmarks Related papers MentionsView impact