A Theory of Banks' Industry Expertise, Market Power, and Credit Risk

References

• Acharya V. V., Bharath S. T., Srinivasan A. Understanding the recovery rates on defaulted securities. (2004) . Working paper, London Business School, London, UKGoogle Scholar
• Acharya V. V., Hasan I., Saunders A. Should banks be diversified? Evidence from individual bank loan portfolios. (2002) . Working paper, London Business School, London, UKGoogle Scholar
• Adam T., Dasgupta S., Titman S. Financial constraints, competition, and hedging in industry equilibrium. (2005) . Working paper, Hong Kong University of Science and Technology, Hong KongGoogle Scholar
• Allen L., Saunders A. A survey of cyclical effects in credit risk measurement models. (2002) . Working paper, New York University, New YorkGoogle Scholar
• Altman E. I., Resti A., Sironi A. Analyzing and explaining default recovery rates. (2001) . Report submitted to The International Swaps & Derivatives Association, New YorkGoogle Scholar
• Anand B. N., Galetovic A. Information, nonexcludability, and financial market structure. J. Bus. (2000) 73(3):357–402Crossref, Google Scholar
• Basel Committee on Banking Supervision The New Basel Capital Accord. (2001) . Bank for International Settlements, Basel, SwitzerlandGoogle Scholar
• Berger A. N., Udell G. F. The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. J. Banking Finance (1998) 22(6–8):613–673Crossref, Google Scholar
• Bertrand M., Schoar A. S., Thesmar D. Banking deregulation and industry structure: Evidence from the French banking reforms of 1985. (2004) . Working paper, Centre for Economic Policy Research, Washington, D.C.Google Scholar
• Bhattacharya S., Chiesa G. Proprietary information, financial intermediation, and research incentives. J. Financial Intermediation (1995) 4:328–357Crossref, Google Scholar
• Black S. E., Strahan P. E. Entrepreneurship and bank credit availability. J. Finance (2002) 57:2807–2833Crossref, Google Scholar
• Bonaccorsi di Patti E., Dell'Ariccia G. Bank competition and firm creation. J. Money, Credit, Banking (2004) 36(2):225–252Crossref, Google Scholar
• Boot A. W. A. Relationship banking: What do we know? J. Financial Intermediation (2000) 9(1):7–25Crossref, Google Scholar
• Boot A. W. A., Thakor A. V. Can relationship banking survive competition? J. Finance (2000) 55(2):679–713Crossref, Google Scholar
• Cerasi V., Daltung S. The optimal size of a bank: Costs and benefits of diversification. Eur. Econom. Rev. (2000) 44(9):1701–1726Crossref, Google Scholar
• Cestone G., White L. Anti-competitive financial contracting: The design of financial claims. J. Finance (2003) 58(5):2109–2142Crossref, Google Scholar
• Cetorelli N. Does bank concentration lead to concentration in industrial sectors? (2001) . Working paper, Federal Reserve Bank of Chicago, Chicago, ILGoogle Scholar
• Cetorelli N., Strahan P. E. Finance as a barrier to entry: Bank competition and industry structure in local U.S. markets. J. Finance (2006) 61(1):437–461Crossref, Google Scholar
• Degryse H., Ongena S. Bank-firm relationships and the structure and integration of international banking markets. (2001) . Working paper, Tilburg University, Tilburg, The NetherlandsGoogle Scholar
• Degryse H., Ongena S. Distance, lending relationships and competition. J. Finance (2004) . ForthcomingGoogle Scholar
• Diamond D., Verecchia R. Information aggregation in a noisy rational expectations economy. J. Financial Econom. (1981) 9:221–235Crossref, Google Scholar
• Elsas R., Krahnen J. P. Is relationship-lending special? Evidence from credit-file data in Germany. J. Banking Finance (1998) 22:1283–1316Crossref, Google Scholar
• Fischer K. Hausbankenbeziehungen als Instrument der Bindung zwischen Banken und Unternehmen. (1990) . Unpublished doctoral dissertation, University of Bonn, Bonn, GermanyGoogle Scholar
• Freixas X., Rochet J. C.Microeconomics of Banking (1997) (MIT Press, Cambridge, MA) Google Scholar
• Gehrig T., Bagella M., Hasan I., Szego G. Screening, market structure, and the benefits from integrating loan markets. Banking Concentration, Financial Markets and Interest Rates (1998) (Elgar Publishing)Google Scholar
• Gerschenkron A.Economic Backwardness in Historical Perspective (1962) (Harvard University Press, Cambridge, MA) Google Scholar
• Grunert J., Weber M. Recovery rates of bank loans: Empirical evidence for Germany. (2005) . Working paper, University of Mannheim, Mannheim, GermanyGoogle Scholar
• Hauswald R., Marquez R. Competition and strategic focus in lending relationships. (2000) . Working paper, University of Maryland, College Park, MDGoogle Scholar
• Hellwig M. The aggregation of information in competitive markets. J. Econom. Theory (1980) 22:477–498Google Scholar
• Hellwig M. Allowing for risk choices in Diamond's financial intermediation as delegated monitoring. (1998) . Working paper, University of Mannheim, Mannheim, GermanyGoogle Scholar
• Hu Y., Perraudin W. The dependence of recoveries and defaults. (2002) . Working paper, Bank of England and Birkbeck College, London, UKGoogle Scholar
• Kroszner R. S., Strahan P. E. Bankers on boards: Monitoring, conflicts of interest, and lender liability. J. Finance Econom. (2001) 62(3):415–452Crossref, Google Scholar
• Maksimovic V., Zechner J. Debt, agency costs and industry equilibrium. J. Finance (1991) 1619–1645Crossref, Google Scholar
• Maksimovic V., Stomper A., Zechner J. Capital structure, information acquisition and investment decisions in industry equilibrium. Eur. Finance Rev./Rev. Finance (1999) 2:251–271Crossref, Google Scholar
• Mester L. J., Nakamura L. I., Renault M. Checking accounts and bank monitoring. (2001) . Working paper, Federal Reserve Bank of Philadelphia, Philadelphia, PAGoogle Scholar
• Ongena S., Smith D. C., Harker P., Zenios S. A. Bank relationships: A review. The Performance of Financial Institutions: Efficiency, Innovation, Regulation (2000) (Cambridge University Press, Cambridge, UK) Google Scholar
• Parlour C. A., Rajan U. Competition in loan contracts. Amer. Econom. Rev. (2001) 91(5):1311–1328Crossref, Google Scholar
• Petersen M. A., Rajan R. G. The effect of credit market competition on lending relationships. Quart. J. Econom. (1995) 407–443Crossref, Google Scholar
• Phelps J. M. W., Hughes S. C., Bowling W. B., Stallings P. R. Metropolitan Atlanta construction and development lending trends. FDIC Outlook (1998) . http://www.fdic.gov/bank/analytical/bank/bt_9806.htmlGoogle Scholar
• Sapienza P. The effect of banking mergers on loan contracts. J. Finance (2002) 57:329–368Crossref, Google Scholar
• Sharpe S. A. Asymmetric information, bank lending and implicit contracts: A model of customer relationships. J. Finance (1990) 45:1069–1087Google Scholar
• Spagnolo G. Banks as collusive devices. (2003) . Working paper, Stockholm School of Economics, Stockholm, SwedenGoogle Scholar
• Stomper A. A theory of banks’ industry expertise, market power, and credit risk. (2004) . Working paper, University of Vienna, Vienna, Austria. http://ssrn.com/abstract=295568Google Scholar
• Tilly R. Universal banking in historical perspective. J. Institutional Theoret. Econom. (1998) 154(1Google Scholar
• Von Thadden E. L. Asymmetric information, bank lending and implicit contracts: The winner's curse. (1998) . Working paper, University of Lausanne, Lausanne, SwitzerlandGoogle Scholar
• Winton A. Competition among financial intermediaries when diversification matters. J. Financial Intermediation (1997) 6:307–346Crossref, Google Scholar
• Winton A. Don't put all your eggs in one basket? Diversification and specialization in lending. (1999) . Working paper, University of Minnesota, Twin Cities, MNGoogle Scholar
• Yafeh Y., Yosha O. Industrial organization of financial systems and strategic use of relationship banking. Eur. Finance Rev. (2001) 5(1–2):63–78Crossref, Google Scholar
• Yanelle M. O. The strategic analysis of intermediation. Eur. Econom. Rev. (1989) 33(2/3):294–301Crossref, Google Scholar
• Yosha O. Information disclosure costs and the choice of financing source. J. Financial Intermediation (1995) 4:3–20Crossref, Google Scholar