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PREFACE .

CHAPTER 1
NEW APPROACHES TO SIZE AND EFFICIENCY IN BANKING;
by Santiago Carbó and Francisco Rodríguez

1.1. SIZE AND EFFICIENCY IN EUROPEAN BANKING: CONCENTRATION, PERFORMANCE AND SPECIALIZATION .
1.1.1. Strategies for bank growth: the role of mergers .
1.1.2. Financial integration and consolidation .
1.1.3. Efficiency and size: institutional diversity and social implications .
1.2. SIZE, EFFICIENCY AND NATIONAL CHAMPIONS .
1.2.1. National champions and bank costs: deconstructing the influences
1.2.2. National champions and efficiency: business environmental and internal productivity influences .
1.3. CONCLUSIONS .
REFERENCES .

CHAPTER 2
UNDER/OVERREACTION: AN INNATE BEHAVIOUR
OF THE FINANCIAL INVESTOR
by Valentín Azofra, Beatriz Fernández and Eleuterio Vallelado

2.1. INTRODUCTION .
2.2. UNDER/OVERREACTION IN THE MARKET AND INVESTOR RATIONALITY .
2.3. THE EXPERIMENT .
2.4. RESULTS .
2.5. CONCLUSIONS .
REFERENCES .

CHAPTER 3
MANAGERIAL DETERMINANTS OF BANK RISK TAKING.
THE INFLUENCE OF CEO AFFECTIVE TRAITS;
by Juan Manuel de la Fuente, Juan Bautista Delgado and Esther de Quevedo

3.1. INTRODUCTION .
3.2. HYPOTHESES: IMPACT OF CEO AFFECTIVE TRAITS ON RISK TAKING .
3.3. METHOD .
3.3.1. Independent variables .
3.3.2. Control variables .
3.3.3. Measures of bank risk .
3.4. RESULTS .
3.5. DISCUSSION .
REFERENCES .

CHAPTER 4
ANALYSIS OF BANKING EFFICIENCY
OF SPANISH FINANCIAL INSTITUTIONS
by Roberto Rey and Laura Páramo

4.1. INTRODUCTION .
4.2. MAIN FACTORS OF THE EVOLUTION OF THE EFFICIENCY .
4.3. PROGRESS ON THE EFFICIENCY RATIO IN BANKS AND SAVINGS BANKS .
4.4. CONCLUSIONS .

CHAPTER 5
THE ULTIMATE CONTROLLING OWNER OF SPANISH COMMERCIAL BANKS: A DESCRIPTIVE ANALYSIS (1996-2004)
by Valentín Azofra and Marcos Santamaría

5.1. INTRODUCTION .
5.2. THE PROBLEM OF CORPORATE GOVERNANCE AND THE ULTIMATE CONTROLLING OWNER .
5.3. WHAT’S DIFFERENT ABOUT BANKS? .
5.4. THE METHODOLOGY OF CONTROL CHAINS .
5.5. THE ULTIMATE CONTROLLING OWNER OF SPANISH COMMERCIAL BANKS .
5.6. CONCLUSIONS .
REFERENCES .

CHAPTER 6
BANK STRUCTURE AND PERFORMANCE IN UK
by Shelagh Heffernan and Xiaoqing (Maggie) Fu

6.1. INTRODUCTION .
6.2. THE ECONOMETRIC MODELS .
6.3. DESCRIPTION OF THE DATA SET .
6.4. EMPIRICAL RESULTS .
6.5. CONCLUSIONS .
REFERENCES .
APPENDIX A: COST X-EFFICIENCY AND SCALE EFFICIENCY .
APPENDIX B: ESTIMATION RESULTS .

CHAPTER 7
PRICING IN PAYMENT NETWORKS - A CASE STUDY OF SWEDISH SAVINGS BANKS AND THE SHARING OF FIXED COSTS
IN TWO-SIDED NETWORKS
by Magnus Willesson

7.1. INTRODUCTION .
7.2. THE CASE: SWEDISH SAVINGS BANKS’ PAYMENT AGREEMENTS .
7.3. A THEORETICAL CONTEXT OF INTERCHANGE FEES IN TWO-SIDED NETWORKS .
7.3.1. Benefit and pricing in two-sided networks .
7.3.2. Network profit in a two-sided network .
7.4. A MODEL FOR ANALYSING FIXED COSTS BETWEEN AN INVESTOR BANK AND A USER BANK .
7.5. USING THE MODEL FOR ANALYSING CONSEQUENCES OF FIXED COSTS IN THE RELATION BETWEEN THE LARGE BANK AND THE SMALL BANK .
7.5.1. The large bank’s decisions .
7.5.2. The small bank’s decisions .
7.6. CONCLUSIONS .
REFERENCES .

CHAPTER 8
TESTING FOR MARKET DISCIPLINE
IN THE TURKISH BANKING INDUSTRY
by H. Saduman Okumus and Yener Altunbas

8.1. INTRODUCTION .
8.2. BACKGROUND OF THE ISSUE .
8.2.1. A Historical Approach to Turkish Financial Sector .
8.2.2. Basel-II and the Implementation of Basel-II for Turkish Banking .
8.2.3. The Deposit Insurance Scheme in Turkey .
8.2.4. Market discipline .
8.3. METHODOLOGY .
8.3.1. Explanatory Variables .
8.4. EMPIRICAL RESULTS .
8.5. CONCLUDING REMARKS .
REFERENCES .

CHAPTER 9
USING M&AS TO RESOLVE BANK CRISES.
THE CASE OF ITALY, 1992-2004
by Elisabetta Montanaro and Mario Tonveronachi

9.1. INTRODUCTION .
9.2. STRUCTURAL WEAKNESSES OF THE ITALIAN BANKING SECTOR AT THE END OF THE 1980S .
9.3. THE ITALIAN BANKING SECTOR IN THE 1990S .
9.4. THE BANK OF ITALY’S MANAGEMENT OF BANKING DISTRESS IN THE 1990S BY MEANS OF M&AS .
9.5. BANKING GROUPS AND CONSOLIDATION .
9.6. ALTERNATIVE SUPERVISORY STRATEGIES AND CONCLUSION .
REFERENCES .

FINAL REMARKS .

ABOUT THE AUTHORS .