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Capital Market Regimes and Bank Competition in Europe

By Ronald E. Shrieves, Drew Dahl and Michael F. Spivey


Abstract. We hypothesize that national differences in capital market regimes influence competitive outcomes in banking. Using bank-level data from 13 European countries, 1998 to 2004, we find that equity market development and shareholder protection are related to bank capitalization and that publicly listed independent banks utilize higher equity capitalization than their respective unlisted counterparts. Such factors also stimulate bank asset growth and influence banks ' allocations of assets between customer lending and wholesale activities. This suggests the existence of complementarities between bank-based and marketbased financial systems that previous research has overlooked

Topics: Key words, international banking, market integration, shareholder protection
Year: 2007
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