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Diversification, multimarket contacts and profits in the leasing industry

Diversification, multimarket contacts and profits in the leasing industry
Diversification, multimarket contacts and profits in the leasing industry
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.
1042-4431
231-252
Degl'Innocenti, Marta
e33b2a74-a534-44a2-ab66-819b156564c3
Girardone, Claudia
6cd42ef7-c014-4330-90e8-f4dd26713d44
Torluccio, Giuseppe
d76338ec-27b7-4b71-accf-3944e13aec64
Degl'Innocenti, Marta
e33b2a74-a534-44a2-ab66-819b156564c3
Girardone, Claudia
6cd42ef7-c014-4330-90e8-f4dd26713d44
Torluccio, Giuseppe
d76338ec-27b7-4b71-accf-3944e13aec64

Degl'Innocenti, Marta, Girardone, Claudia and Torluccio, Giuseppe (2014) Diversification, multimarket contacts and profits in the leasing industry. Journal of International Financial Markets, Institutions and Money, 31, 231-252. (doi:10.1016/j.intfin.2014.04.001).

Record type: Article

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.

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Published date: July 2014
Related URLs:
Organisations: Centre for Digital, Interactive & Data Driven Marketing

Identifiers

Local EPrints ID: 364354
URI: http://eprints.soton.ac.uk/id/eprint/364354
DOI: doi:10.1016/j.intfin.2014.04.001
ISSN: 1042-4431
PURE UUID: 3528eeac-e347-4474-9239-43c2dc21d0b2

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Date deposited: 24 Apr 2014 15:06
Last modified: 14 Mar 2024 16:34

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Contributors

Author: Marta Degl'Innocenti
Author: Claudia Girardone
Author: Giuseppe Torluccio

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