Banking Market Liberalization and Bank Performance: the Role of Entry Modes

This paper analyzes the evolution in bank performance following the removal of legal restrictions on the entry of foreign banks in three transition economies: the Czech Republic, Hungary, and Poland. Two modes of foreign bank entry are considered: entry by Greenfield investments, and by foreign mergers and acquisitions of domestic banks. For this purpose, we construct a panel data of banks from the three countries over the period 1994-2004. We determine the dates on which liberalization occurred in each country. Bank performance is reflected by accounting measures of profitability, net interest margin, and operating costs. The results show a very limited effect of the entry of Greenfield banks on domestic banking market in the early transition period. In contrast, the foreign entry by mergers and acquisitions of domestic banks exerts significant impacts on bank performance. Indeed, we observe significant declines in banks' profits and net interest margins, and a significant increase in operating costs. Our results have important policy implications for those emerging and transition economies still hesitant to liberalize their banking markets.http://deepblue.lib.umich.edu/bitstream/2027.42/64408/1/wp948.pd

Banking Market Liberalization and Bank Performance: the Role of Entry Modes

This paper analyzes the evolution in bank performance following the removal of legal restrictions on the entry of foreign banks in three transition economies: the Czech Republic, Hungary, and Poland. Two modes of foreign bank entry are considered: entry by Greenfield investments, and by foreign mergers and acquisitions of domestic banks. For this purpose, we construct a panel data of banks from the three countries over the period 1994-2004. We determine the dates on which liberalization occurred in each country. Bank performance is reflected by accounting measures of profitability, net interest margin, and operating costs. The results show a very limited effect of the entry of Greenfield banks on domestic banking market in the early transition period. In contrast, the foreign entry by mergers and acquisitions of domestic banks exerts significant impacts on bank performance. Indeed, we observe significant declines in banks' profits and net interest margins, and a significant increase in operating costs. Our results have important policy implications for those emerging and transition economies still hesitant to liberalize their banking markets.Banking, Transition Economies, Foreign Bank Entry, Greenfield Investment, Mergers and Acquisitions, Bank Performance.

Does the Entry Mode of Foreign Banks Matter for Bank Efficiency? Evidence from the Czech Republic,Hungary, and Poland

This paper investigates the impact of specific modes of entry of foreign banks, i.e. greenfield investment versus merger and acquisition, on bank performance in three transition economies ñ the Czech Republic, Hungary, and Poland. We use stochastic frontier analysis to model and measure the cost efficiency of banks. We adopt a maximum likelihood approach to estimation in which the variance of the one-sided error term is modeled jointly with the cost frontier, thus enabling us to retrieve efficiency scores, as well as estimating the various determinants of X-inefficiency. We first find that foreign banks are generally more cost efficient than their domestic counterparts, a result that confirms those of the existing empirical literature. We then turn our focus to comparative performance of greenfield banks versus merger and acquisition banks (M & As), and of M & As versus domestic banks. The results show that on average, M & As are surpassed in terms of efficiency by greenfields banks, but no cost efficiency difference is apparent between M & As and domestic banks. However, we find a strong age effect with respect to M & As which suggests that the evolution of M & Así efficiency follows an inverse U-shape, that means M & As tend to get more inefficient following the acquisition, but approximately 4 years and a haft later, their efficiency starts to improve.http://deepblue.lib.umich.edu/bitstream/2027.42/64431/1/wp925.pd

A COMPARISON OF THE LIFE CYCLE RITUALS OF THE MNONG ETHNIC GROUP IN DAM RONG DISTRICT (LAM DONG PROVINCE) AND DAK SONG DISTRICT (DAK NONG PROVINCE)

The Mnong are an ethnic minority of the Central Highlands concentrated in Dak Nong, Dak Lak, and Lam Dong provinces. In their long residence in these regions and with continuous creativity, the Mnong have created cultural characteristics shown in their customs, beliefs, and festivals. Life cycle rituals are one of them. From a comparative perspective, this article delves into the spiritual beliefs in two areas where many Mnong live, Dam Rong District (Lam Dong) and Dak Song District (Dak Nong), to find similarities and differences in the beliefs and expressions of their life cycle rituals. On that basis, some solutions are proposed to help preserve their ethnic identities through the life cycle rituals with the purpose of preserving the cultural diversity of the Mnong residents in the Central Highlands.The Mnong are an ethnic minority of the Central Highlands concentrated in Dak Nong, Dak Lak, and Lam Dong provinces. In their long residence in these regions and with continuous creativity, the Mnong have created cultural characteristics shown in their customs, beliefs, and festivals. Life cycle rituals are one of them. From a comparative perspective, this article delves into the spiritual beliefs in two areas where many Mnong live, Dam Rong District (Lam Dong) and Dak Song District (Dak Nong), to find similarities and differences in the beliefs and expressions of their life cycle rituals. On that basis, some solutions are proposed to help preserve their ethnic identities through the life cycle rituals with the purpose of preserving the cultural diversity of the Mnong residents in the Central Highlands

Development of soft tissue regenerative scaffold with antibacterial activity

With increasingly aging and sedentary populations, and with the rising incidence of diabetes and the associated diabetic ulcers, chronic wounds have been reported to be approaching pandemic proportions. Accumulation of wound bacteria forms a biofilm that can inhibit wound healing and the action of antibiotics. Conventional skin grafts can readily harbor bacterial and fungal cells while excluding penetration of larger immune cells and essential neo-vascularization. Soft tissue regenerative scaffolds with highly interconnected porosity have been developed for wound healing. In this research, scaffolds were fabricated with bioactive components to impart antibacterial activity. The interconnective porosity of the scaffold was preserved through using thermally forming composite scaffolds. Bioactive glass (45S5), bulk metallic glass (MgZnCa), and infused antibiotic (Cephazolin sodium) were utilised to form the composite antibiotic eluting scaffolds. A novel in vivo wound model was generated to simulate the wound environment. A confluent biofilm of Staphylococcus aureus was generated on polymer coupons using a bioreactor. The coupons were placed within nutrient agar dishes (simulating tissue) underneath scaffold specimens. Gravity fed perfusion flow was set up using a drip-set kit.The model successfully replicated the planktonic phase of the Staph. aureus life-cycle and infection of the scaffold from the wound model. Bioactive glass by itself did not contribute any detectable Staph.antibacterial activity whether on the scaffold or fused to a silicone substrate. However, when bioactive glass was present with MgZnCa and antibiotic, a mild synergistic improvement in antibacterial activity was observed. This strategy may facilitate soft tissue adhesion and further militate against bacterial infection. This study is the first report of an in-vitro wound model with an infusion method and planktonic bacteria phase, applied to assess antibacterial synthetic scaffold

Does the Entry Mode of Foreign Banks Matter for Bank Efficiency? Evidence from the Czech Republic,Hungary, and Poland

This paper investigates the impact of specific modes of entry of foreign banks, i.e. greenfield investment versus merger and acquisition, on bank performance in three transition economies – the Czech Republic, Hungary, and Poland. We use stochastic frontier analysis to model and measure the cost efficiency of banks. We adopt a maximum likelihood approach to estimation in which the variance of the one-sided error term is modeled jointly with the cost frontier, thus enabling us to retrieve efficiency scores, as well as estimating the various determinants of X-inefficiency. We first find that foreign banks are generally more cost efficient than their domestic counterparts, a result that confirms those of the existing empirical literature. We then turn our focus to comparative performance of greenfield banks versus merger and acquisition banks (M&As), and of M&As versus domestic banks. The results show that on average, M&As are surpassed in terms of efficiency by greenfields banks, but no cost efficiency difference is apparent between M&As and domestic banks. However, we find a strong age effect with respect to M&As which suggests that the evolution of M&As’ efficiency follows an inverse U-shape, that means M&As tend to get more inefficient following the acquisition, but approximately 4 years and a haft later, their efficiency starts to improve.Banking, Transition Economies, Foreign Bank Entry, Greenfield, Mergers and Acquisitions, Stochastic Frontier Analysis, Cost Efficiency.

A Randomized Trial Of Implementation Intention And Industriousness Training For Exercise Initiation And Maintenance

The current study tested the utility of a personality-informed approach combined with implementation intention formation to increase exercise initiation and maintenance. Participants (N = 221) were randomized to one of three research conditions and participated in a baseline psycho-educational group session. Participants returned individually for 3-week and 2-month follow ups. There were no statistically significant differences found among participants with regard to step rate at the end of the 3-week tracking period. However, effect size calculations at the 2-month follow up indicated that participants in the industriousness group showed the most increase in their exercise and industriousness levels while participants in the implementation intention group showed the most increase in levels of self-efficacy. These findings provide initial evidence that industriousness levels could be effectively increased when linked with exercise behavior monitoring and that increases in exercise levels are most pronounced when information and planning methods are combined with realistic appraisals of one’s efforts for exercise. The current research suggests that personality-informed frameworks represent a promising intervention modality that may provide useful insight into processes of behavioral maintenance

베트남 소비자의 한국 신선 딸기 선호도에 영향을 미치는 요인 분석

학위논문(석사) -- 서울대학교대학원 : 국제농업기술대학원 국제농업기술학과, 2021.8. 보티친.본 연구는 베트남 소비자의 한국 신선 딸기 선호도에 영향을 미치는 주요 요인을 분석하였으며, 이를 바탕으로 수출 및 마케팅 전략을 제시하는데 그 목적이 있다. 연구에서는 이산 선택 모델을 기반으로 로짓 모델을 사용하여 설문조사를 통해 확보한 데이터를 분석하였다. 설문조사는 2019년 6월 19일부터 25일까지 베트남 하노이에서 실시하였고, 총 600명의 베트남 소비자를 대상으로 조사하였다. 응답자 1인당 선택할 수 있는 설문지 응답 세트는 총 5개이며 서로 다른 속성으로 구성되었다. 각 선택 세트의 속성은 구매 장소(슈퍼마켓, 과일 전문점), 인증 표시(GAP), 딸기 크기와 가격이다. 응답자 600명 중에 300명은 한국산 신선 딸기를 직접 시식한 그룹(이하 시식그룹)이고, 나머지 300명은 시식하지 않은 그룹(이하 비시식그룹)이다. 이 두 그룹의 차이를 비교하는 것도 본 연구의 중요한 목적 중의 하나이다. 분석 결과, 네 가지 요인 모두 한국 신선 딸기 구매 결정에 영향을 미치는 것으로 나타났다. 시식그룹의 소비자가 크기 속성을 제외한 모든 속성에서 비시식그룹에 비해 더 많은 비용을 지불하는 경향을 보였다. 분석 결과에 따르면 사이즈가 상대적으로 크고 GAP와 같은 인증 라벨이 부착되어 있고 과일 전문점이나 슈퍼마켓에서 판매될 경우 한국 신선 딸기가 베트남 시장에 진출하는데 유리할 것으로 예상된다. 그리고 중간 소득 수준(월 260~520달러)의 젊은 소비자(약 20~30세)가 한국산 신선 딸기의 소비 잠재성이 가장 높은 계층으로 추정된다. 이상의 분석 결과는 한국의 신선 딸기 외에도 다른 농산물을 베트남으로 수출할 때 전략 수립에 필요한 시사점을 준다.This research aims to identify the important attributes influencing Vietnamese consumers in fresh Korean strawberries, investigate the potential consumer segment, and estimate the willingness to pay (WTP) of consumers during the attributes and consumer segments. The first part of the questionnaire covers Vietnamese consumers' knowledge of strawberries, other fruits, and food safety label-GAP. The second focuses on shopping places, food-safe certification, size, and price for strawberries. The third part covers participants characteristics which enable the investigation into the consumer segment for fresh Korean strawberries. The survey is designed based on a discrete choice model and analyzed upon the Conditional Logit model. There were 600 participants from Hanoi with 300 participants "tasting group" compared with 300 participants in the "non-tasting group". Each person was asked to answer five-choice questions to reveal their preference. The results showed that all four factors affect Korean fresh strawberry purchase decisions. Except for size attributes, consumers in the tasting group tended to pay more for all attributes compared with the non-tasting group. Based on the outputs, successful commercialization of fresh Korean strawberries in the Vietnam market would be likely achievable with big-sized packages, labeled as qualified food safety and sold in specialty fruit stores or supermarkets. The results suggest that young consumer (around 20-30 years old) with middle-income level ($260~$520 per month) is the most potential consumer segment. Those results will be effective for supporting not only fresh Korean strawberries but other stakeholders of fresh produce to make correct marketing decisions.1. Introduction 1 1.1 Background 1 1.2 Purpose of Study 5 2. Strawberries Supply and Demand 7 2.1 Korea Strawberries Production and Export 7 2.2 Vietnam Strawberries Production and Import 12 3. Theoretical Background 14 3.1 Consumer Behaviour Model 14 3.2 Consumer Decision Making and Random Utility 17 4. Review of Literature 19 5. Methodology and Data Collection 25 5.1 Discrete Choice Experiments and Conditional Logit Model 25 5.2 Attribute Selection Procedure 28 5.3 Choice Experiment Design and Data Collection Procedure 32 6. Empirical Results 38 6.1 Sample Characteristics 38 6.2 Effect of Attributes and Sample Tasting Influence Fresh Strawberries Purchase Decision 41 6.3 Statistics of WTP 46 7. Discussion 51 8. Conclusion 55 References 58 Appendix 1. Survey Questionnaire 67 Appendix 2. Part B Information and Answer Guidelines 73 Abstract in Korean 81석