Degl’Innocenti, Marta and Girardone, Claudia and Torluccio, Giuseppe (2014) 'Diversification, multimarket contacts and profits in the leasing industry.' Journal of International Financial Markets, Institutions and Money, 31 (1). pp. 231-252. ISSN 1042-4431
Full text not available from this repository.Abstract
This paper examines the competitive dynamics and multimarket characteristics of the Italian leasing industry. We employ a GMM-system estimator for dynamic panel analysis using a unique dataset over 2002-2008. Our main findings suggest that there is no evidence of tacit collusion in the Italian leasing sector thus rejecting the hypothesis that mutual forbearance affects market conditions through greater multimarket contact. The study offers no support to the assumption that similarity among firms facilitates collusive behaviour. Finally, the analysis reveals that on average the most profitable leasing firms are less diversified and have a better risk profile. © 2014 Elsevier B.V.
Item Type: | Article |
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Uncontrolled Keywords: | Diversification; Multimarket contact; Leasing industry; Dynamic panel data; Lerner Index of monopoly power |
Subjects: | H Social Sciences > HG Finance |
Divisions: | Faculty of Social Sciences Faculty of Social Sciences > Essex Business School |
SWORD Depositor: | Elements |
Depositing User: | Elements |
Date Deposited: | 11 Nov 2014 12:04 |
Last Modified: | 18 Aug 2022 11:05 |
URI: | http://repository.essex.ac.uk/id/eprint/11195 |
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