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Giovanni Ferri
Department of Law, Economics, Policy & Modern Languages LUMSA University of Rome, 00192 Rome, Italy

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Journal article
Published: 23 July 2020 in Sustainability
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Sustainable disclosure has become common for companies to publicly signal their responsible behavior. Our research idea is twofold. First—irrespective of its content—better quality sustainable disclosure should identify more sustainability compliant companies. Second, we propose that those companies should have a more stable—and thus more sustainable—performance. Focusing on the top-capitalized companies of the EU-28 stock exchanges, we assess how GRI sustainable-reporting quality associates with stock-price volatility and distance-to-default. Our results, which resist various robustness checks, confirm that better quality sustainable disclosure couples with more sustainable performance. Thus, pro-disclosure policies could enhance long-term value creation.

ACS Style

Vincenzo D'Apice; Giovanni Ferri; Francesca Lipari. Sustainable Disclosure Policies and Sustainable Performance of European Listed Companies. Sustainability 2020, 12, 5920 .

AMA Style

Vincenzo D'Apice, Giovanni Ferri, Francesca Lipari. Sustainable Disclosure Policies and Sustainable Performance of European Listed Companies. Sustainability. 2020; 12 (15):5920.

Chicago/Turabian Style

Vincenzo D'Apice; Giovanni Ferri; Francesca Lipari. 2020. "Sustainable Disclosure Policies and Sustainable Performance of European Listed Companies." Sustainability 12, no. 15: 5920.

Journal article
Published: 01 January 2020 in Vierteljahrshefte zur Wirtschaftsforschung
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Summary: European supervisors aggressively requested more capital at large banks. That may cut credit to the economy. We confirm that especially larger banks cut loans while less-significant banks partly offset that credit drop. Moreover, we identify nasty spillovers from that interaction. Specifically, larger banks’ deleveraging was associated with significant portfolio worsening for mid-sized banks. We conjecture that while small banks’ loan expansion was somewhat shielded by superior soft-information-based technologies, medium-sized banks were fully exposed to lending to bad borrowers as they boosted loans by relying on credit scoring and Internal Rating Based models. That is proving tricky through the prolonged European dip.

ACS Style

Giovanni Ferri; Valerio Pesic. The Spillover Effects of Prudential Regulation on Banking Competition. Vierteljahrshefte zur Wirtschaftsforschung 2020, 89, 59 -100.

AMA Style

Giovanni Ferri, Valerio Pesic. The Spillover Effects of Prudential Regulation on Banking Competition. Vierteljahrshefte zur Wirtschaftsforschung. 2020; 89 (1):59-100.

Chicago/Turabian Style

Giovanni Ferri; Valerio Pesic. 2020. "The Spillover Effects of Prudential Regulation on Banking Competition." Vierteljahrshefte zur Wirtschaftsforschung 89, no. 1: 59-100.

Journal article
Published: 01 October 2019 in Journal of Financial Intermediation
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ACS Style

Giovanni Ferri; Raoul Minetti; Pierluigi Murro. Credit Relationships in the great trade collapse. Micro evidence from Europe. Journal of Financial Intermediation 2019, 40, 100809 .

AMA Style

Giovanni Ferri, Raoul Minetti, Pierluigi Murro. Credit Relationships in the great trade collapse. Micro evidence from Europe. Journal of Financial Intermediation. 2019; 40 ():100809.

Chicago/Turabian Style

Giovanni Ferri; Raoul Minetti; Pierluigi Murro. 2019. "Credit Relationships in the great trade collapse. Micro evidence from Europe." Journal of Financial Intermediation 40, no. : 100809.

Journal article
Published: 07 August 2019 in Sustainability
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Sustainable behavior should necessarily benefit both the environment and society. However, we cannot take for granted that socially responsible firms are also environmentally responsible—e.g., a firm might benefit its stakeholders while degrading the environment—and the reverse applies too—e.g., an environmentally responsible firm might disrespect its employees. Consequently, our purpose is checking whether social responsibility and green investments—proxying for a firm’s environmental responsibility—are complements, substitutes, or unrelated choices. Using a representative sample of Italian manufacturing firms, our econometric estimates uncover the empirical relationship between social responsibility and green investments at firm level. We find evidence of complementarity, since socially responsible firms: (i) Are systematically more likely to make green investments; (ii) identify green investments as a voluntary choice promoting business competitiveness much more than other firms. Finding complementarity between social and environmental responsibility has important implications. Policies favoring the transition to sustainable development should adopt a systemic approach considering the positive spillovers of Corporate Social Responsibility (CSR) on environmental responsibility. Our evidence also suggests that firms indeed tend to behave in ways consistent with the holistic approach of the 2030 UN Agenda for sustainable development. Additional research should study how governance affects the CSR–environmental responsibility nexus.

ACS Style

Giovanni Ferri; Marco Pini. Environmental vs Social Responsibility in the Firm. Evidence from Italy. Sustainability 2019, 11, 4277 .

AMA Style

Giovanni Ferri, Marco Pini. Environmental vs Social Responsibility in the Firm. Evidence from Italy. Sustainability. 2019; 11 (16):4277.

Chicago/Turabian Style

Giovanni Ferri; Marco Pini. 2019. "Environmental vs Social Responsibility in the Firm. Evidence from Italy." Sustainability 11, no. 16: 4277.

Journal article
Published: 05 April 2019 in Journal of International Money and Finance
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Using a unique sample of European manufacturing firms, we empirically investigate how bank lending technologies nd soft information adoption affected firms’ credit availability during the 2007-2009 financial crisis. Estimation results indicate that transactional lending technologies increased firms’ credit rationing, whereas soft information mitigated asymmetric information problems and improved firms’ access to credit. By looking at the combined effect of bank lending technologies and soft information, we also provide evidence about the complementarity between transactional lending techniques and soft information adoption. When soft information was incorporated in transactional lending technologies firms’ credit rationing significantly reduced. This result is especially strong for small borrowing firms and for companies matching with large financial institutions.

ACS Style

Giovanni Ferri; Pierluigi Murro; Valentina Peruzzi; Zeno Rotondi. Bank lending technologies and credit availability in Europe: What can we learn from the crisis? Journal of International Money and Finance 2019, 95, 128 -148.

AMA Style

Giovanni Ferri, Pierluigi Murro, Valentina Peruzzi, Zeno Rotondi. Bank lending technologies and credit availability in Europe: What can we learn from the crisis? Journal of International Money and Finance. 2019; 95 ():128-148.

Chicago/Turabian Style

Giovanni Ferri; Pierluigi Murro; Valentina Peruzzi; Zeno Rotondi. 2019. "Bank lending technologies and credit availability in Europe: What can we learn from the crisis?" Journal of International Money and Finance 95, no. : 128-148.

Journal article
Published: 16 February 2019 in Sustainability
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The psychology of sustainability and sustainable development aims to study the personal characteristics that promote effective and sustainable well-being for individuals and environments from a psychological research perspective. According to the self-determination theory, the psychological need for relatedness is positively associated with happiness and flourishing. In turn, emotional intelligence, i.e., understanding and managing one’s own emotions and recognizing others’ emotions, may play a key role in this association. Therefore, the present study investigates the mediating role of emotional intelligence in the relationship between need for relatedness and both happiness and flourishing. Basic Psychological Needs scales (BPNs), Emotional Intelligence Scale (EIS), Flourishing Scale, and Happiness Scale were administered to 216 Italian participants (age range 15–66 years old). A mediation model via a structural equation model for path analysis was tested. The results showed that the psychological need for relatedness positively associated with both happiness and flourishing and that emotional intelligence mediated these associations. These results suggest that important interventions may be performed to promote flourishing and happiness, enhancing emotional intelligence through specific training differently from need for relatedness that, instead, can be considered substantially stable.

ACS Style

Antonino Callea; Dalila De Rosa; Giovanni Ferri; Francesca Lipari; Marco Costanzi. Are More Intelligent People Happier? Emotional Intelligence as Mediator between Need for Relatedness, Happiness and Flourishing. Sustainability 2019, 11, 1022 .

AMA Style

Antonino Callea, Dalila De Rosa, Giovanni Ferri, Francesca Lipari, Marco Costanzi. Are More Intelligent People Happier? Emotional Intelligence as Mediator between Need for Relatedness, Happiness and Flourishing. Sustainability. 2019; 11 (4):1022.

Chicago/Turabian Style

Antonino Callea; Dalila De Rosa; Giovanni Ferri; Francesca Lipari; Marco Costanzi. 2019. "Are More Intelligent People Happier? Emotional Intelligence as Mediator between Need for Relatedness, Happiness and Flourishing." Sustainability 11, no. 4: 1022.

Journal article
Published: 01 September 2018 in Vierteljahrshefte zur Wirtschaftsforschung
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Zusammenfassung: Die globale Finanzkrise (GFC: 2008–2009) und die Euro-Staatsschuldenkrise (ESC: 2010–2012) scheinen ein Prozess der kreativen Zerstörung für die Europäische Union (EU) zu sein. Den enormen Schäden, die durch die GFC und ESC verursacht wurden, folgten in der Tat wichtige institutionelle Aufbauschritte wie die Bankenunion (BU) und die Kapitalmarktunion (CMU). Ihre schnelle Einführung deutet darauf hin, dass BU und CMU als Notfalllösungen zum Einsatz kamen. Im Nachhinein können wir sie nun neu bewerten. Wir gehen davon aus, dass zwei unbeabsichtigte Nebeneffekte eingetreten sind: 1) Die CMU hat das Gleichgewicht gegen das Bankwesen und zugunsten der Finanzmärkte verschoben; 2) die BU schwächt de facto die Bankenvielfalt. Selbst wenn es CMU und BU gelungen ist, die wirtschaftlichen Ziele der EU zu erreichen, beeinträchtigen ihre Nebenwirkungen die sozialen und kulturellen Ziele, die gleichermaßen in den EU-Verträgen verankert sind. Wir argumentieren, dass CMU und BU überarbeitet werden sollten, um den Schaden für soziale und kulturelle Ziele zu begrenzen, oder dass andere EU-Politiken entwickelt werden sollten, um das Gleichgewicht wiederherzustellen. Summary: The Global Financial Crisis (GFC: 2008–2009) and the Euro Sovereign Crisis (ESC: 2010–2012)seem a process of creative destruction for the European Union (EU). The huge damage provoked by the GFC and ESC was, in fact, followed by important institutional building steps as the Banking Union (BU) and Capital Markets Union (CMU). Their swift introduction suggests that BU and CMU arrived as emergency solutions. With hindsight we may now reassess them. We posit that two unintended side-effects materialised: 1) CMU twisted the balance against banking and in favour of financial markets; 2) BU is, de facto, weakening banking diversity. Thus, even if CMU and BU were successful at reaching EU’s economic goals, their side-effects impair the social and cultural goals equally enshrined in EU treaties. We argue that CMU and BU should be revised to limit the damage to social and cultural goals or, else, other EU policies should be devised to restore the balance.

ACS Style

Giovanni Ferri; Doris Neuberger. How does banking diversity fit in the general vision inspiring the joint process of Banking Union and Capital Markets Union? Vierteljahrshefte zur Wirtschaftsforschung 2018, 87, 25 -37.

AMA Style

Giovanni Ferri, Doris Neuberger. How does banking diversity fit in the general vision inspiring the joint process of Banking Union and Capital Markets Union? Vierteljahrshefte zur Wirtschaftsforschung. 2018; 87 (4):25-37.

Chicago/Turabian Style

Giovanni Ferri; Doris Neuberger. 2018. "How does banking diversity fit in the general vision inspiring the joint process of Banking Union and Capital Markets Union?" Vierteljahrshefte zur Wirtschaftsforschung 87, no. 4: 25-37.

Preprint
Published: 20 July 2018 in SSRN Electronic Journal
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Climate change exacerbates desertification forcing millions of rural people to urbanize, especially in developing countries. Our quantitative analysis across African countries highlights migrants’ two typical sequential moves: i) people escape from villages to cities; ii) through cities’ enabling settings, some of them emigrate to developed countries. We find that: i) previous lower fresh water availability – our climate-related proxy – and drops in GDP’s agricultural share in Sub-Sahara seem to boost subsequent urbanization: ii) previously heightened urbanization subsequently inflates emigration rates. Thus, policies to combat land impoverishment/desertification would help both the environment and easing the stress that migration casts on societies’ balance.

ACS Style

Giovanni Ferri; Roshan Borsato. Urbanization and International Migration From Africa. SSRN Electronic Journal 2018, 1 .

AMA Style

Giovanni Ferri, Roshan Borsato. Urbanization and International Migration From Africa. SSRN Electronic Journal. 2018; ():1.

Chicago/Turabian Style

Giovanni Ferri; Roshan Borsato. 2018. "Urbanization and International Migration From Africa." SSRN Electronic Journal , no. : 1.

Preprint
Published: 20 July 2018 in SSRN Electronic Journal
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The 2030 UN Agenda provides a list of 17 Sustainable Development Goals (SDGs). Typically, SDGs are viewed as non-hierarchical, if not standalone, objectives. Our main aim is to try to represent the structure of multilayered relationships among the SDGs, where possible assigning influence links in order to configure a Systems Thinking view. We achieve that by sketching a Causal Loop Diagram (CLD) which allows drawing the multiple linkages on qualitative grounds disregarding the individual SDGs measurement issues. To close the system and conform it to quantitative analysis, we propose adding three other goals and using Systems Dynamics (SD) modeling analysis. Our approach is twofold. First, it is entirely deductive based on our a priori. Secondly, however, we draw references to the relevant literature to provide support to our initial conjectures.Our main result is to confirm that SDGs constitute a highly-interconnected network. Therefore, though acknowledging that SDGs have been themselves a major step forward, we posit that considering their systemic interconnectedness will be indispensable to raise the chances of sustainability on planet earth.

ACS Style

Giovanni Ferri; Habib Sedehi. The System View of the Sustainable Development Goals. SSRN Electronic Journal 2018, 1 .

AMA Style

Giovanni Ferri, Habib Sedehi. The System View of the Sustainable Development Goals. SSRN Electronic Journal. 2018; ():1.

Chicago/Turabian Style

Giovanni Ferri; Habib Sedehi. 2018. "The System View of the Sustainable Development Goals." SSRN Electronic Journal , no. : 1.

Journal article
Published: 06 April 2018 in Global Finance Journal
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We investigate whether family businesses (FBs) suffer stiffer credit rationing in the post-crisis Italian economy. FBs are, in fact, typically more opaque than other firms, possibly deterring bank lending to them. Moreover, regulatory changes may lead many banks to abandon relationship lending, weakening their ability to evaluate opaque firms. Using detailed firm data, our estimates reach nuanced conclusions. First, credit rationing is not more intense at FBs. However, it systematically intensifies if FBs engage in firm-bank arrangements less able to overcome information asymmetries either coupling with a main bank that uses transactional lending or diluting relationships across various banking partners.

ACS Style

Giovanni Ferri; Pierluigi Murro; Marco Pini. Credit rationing and the relationship between family businesses and banks in Italy. Global Finance Journal 2018, 43, 100427 .

AMA Style

Giovanni Ferri, Pierluigi Murro, Marco Pini. Credit rationing and the relationship between family businesses and banks in Italy. Global Finance Journal. 2018; 43 ():100427.

Chicago/Turabian Style

Giovanni Ferri; Pierluigi Murro; Marco Pini. 2018. "Credit rationing and the relationship between family businesses and banks in Italy." Global Finance Journal 43, no. : 100427.

Preprint
Published: 01 January 2018
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Using a rich sample of small and medium-sized European firms, we study how banks' lending technologies affected firms' export activities during the 2009 great trade collapse. We find that bank-firm relationships mitigated the contraction of firms' export by easing banks' access to inside, "soft" information on export prospects. However, relationship banks with strong past experience on firms' domestic activities were less inclined to protect exporters. Bank-firm relationships appear to be a buffer especially for young and small exporters and for exporters at an early stage of internationalization.

ACS Style

Giovanni Ferri; Raoul Minetti; Pierluigi Murro. Credit Relationships in the Great Trade Collapse. Micro Evidence From Europe. 2018, 1 .

AMA Style

Giovanni Ferri, Raoul Minetti, Pierluigi Murro. Credit Relationships in the Great Trade Collapse. Micro Evidence From Europe. . 2018; ():1.

Chicago/Turabian Style

Giovanni Ferri; Raoul Minetti; Pierluigi Murro. 2018. "Credit Relationships in the Great Trade Collapse. Micro Evidence From Europe." , no. : 1.

Journal article
Published: 01 December 2017 in Journal of Financial Stability
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Increased dispersion of Risk Weighted Assets (RWA) troubles regulators as potentially undermining prudential supervision. We study the determinants of RWA/EAD (Exposure-At-Default) on data painstakingly compiled from Basel Pillar-Three for 239 European banks over 2007–2013. We improve on most previous studies, which consider instead RWA/TA (Total Assets). Indeed, Internal-Rating-Based (IRB) models allow lawful capital-saving Roll-Out effects which RWA/TA analyses disregard and likely misidentify as regulatory arbitrage. Instead, encapsulating Roll-Out effects, RWA/EAD avoids false positive identification. We find that regulatory arbitrage: (i) was present; (ii) likely materialized via risk weights manipulation with IRB models; (iii) was stronger at Advanced-IRB vs Foundation-IRB banks

ACS Style

Giovanni Ferri; Valerio Pesic. Bank regulatory arbitrage via risk weighted assets dispersion. Journal of Financial Stability 2017, 33, 331 -345.

AMA Style

Giovanni Ferri, Valerio Pesic. Bank regulatory arbitrage via risk weighted assets dispersion. Journal of Financial Stability. 2017; 33 ():331-345.

Chicago/Turabian Style

Giovanni Ferri; Valerio Pesic. 2017. "Bank regulatory arbitrage via risk weighted assets dispersion." Journal of Financial Stability 33, no. : 331-345.

Journal article
Published: 20 November 2017 in Journal of Global Operations and Strategic Sourcing
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Purpose The purpose of this paper is to assess whether offshoring strategies are able to substantially enhance firms’ international competitiveness in terms of productivity, innovativeness and skill composition for a panel of Italian manufacturing firms. Design/methodology/approach A set of hypotheses derived from the extant literature is tested on data from balance sheets and qualitative surveys of about 4,000 Italian firms. The methodology used is a propensity score matching estimator and difference in differences method that allowed the authors to detect the causal effect of the offshoring status of the firms on some performance measures. Findings Results demonstrate that offshoring increases the propensity to innovate and the skill ratio of workers but does not show a significant association with productivity growth. The estimates are robust in all the specifications. Research limitations/implications The results are applicable to Italian firms. The magnitude and timing of the effects may vary across firms and countries. Originality/value This paper contributes to the empirical literature on offshoring by exploring its impact on a variety of firms’ performance measures by using matching techniques that allow us to investigate more in depth the causality link of the relationship and to control for the self-selection effect (more productive firms self-select to offshore).

ACS Style

Rosa Capolupo; Vito Amendolagine; Giovanni Ferri. Offshore-sourcing strategies and the puzzle of productivity: a micro-level analysis. Journal of Global Operations and Strategic Sourcing 2017, 10, 282 -308.

AMA Style

Rosa Capolupo, Vito Amendolagine, Giovanni Ferri. Offshore-sourcing strategies and the puzzle of productivity: a micro-level analysis. Journal of Global Operations and Strategic Sourcing. 2017; 10 (3):282-308.

Chicago/Turabian Style

Rosa Capolupo; Vito Amendolagine; Giovanni Ferri. 2017. "Offshore-sourcing strategies and the puzzle of productivity: a micro-level analysis." Journal of Global Operations and Strategic Sourcing 10, no. 3: 282-308.

Book
Published: 06 November 2017 in Entrepreneurial Pluralism
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Economic manuals and the policy debate are generally permeated by the assumption that there is an archetypical form of enterprise: the private limited company, often viewed as a public company. Instead, enterprise forms differing from the archetype are viewed as anomalous, possibly the result of unstable constructions waiting to evolve into public companies. However, reality tells us that entrepreneurial pluralism is the norm rather than the exception, and that those non-archetype enterprises do not disappear, and often thrive. Furthermore, progress in the theories of industrial organization, corporate governance, stakeholder inclusion, and the common goods all seem to suggest that entrepreneurial pluralism may be welfare enhancing. Against this background, we draw on the literature with the purpose of shedding light on the potential causes and effects of entrepreneurial pluralism. Specifically, we focus on mutual producer/consumer associations, social enterprises, co-operative enterprises, and family firms.

ACS Style

Giovanni Ferri; Angelo Leogrande. Entrepreneurial Pluralism. Entrepreneurial Pluralism 2017, 1 .

AMA Style

Giovanni Ferri, Angelo Leogrande. Entrepreneurial Pluralism. Entrepreneurial Pluralism. 2017; ():1.

Chicago/Turabian Style

Giovanni Ferri; Angelo Leogrande. 2017. "Entrepreneurial Pluralism." Entrepreneurial Pluralism , no. : 1.

Preprint
Published: 15 March 2017 in SSRN Electronic Journal
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In this paper we study the intense wave of mergers among Italian mutual cooperative banks (Banche di Credito Cooperativo, BCCs) and try to assess whether those mergers were efficiency-enhancing. For the purpose, we employ a two-step procedure: we first estimate bank-level cost efficiency scores for a large sample of Italian banks in the period 1993-2013 by means of a stochastic frontier approach, then we try to explain the estimated BCCs’ cost efficiency with a set of merger status dummy variables (never merged, before the first merger, merged once, merged twice, etc.) as well as with a vector of control variables. We find that mergers increase mutual banks’ cost efficiency only after a BCC has merged at least three successive times with other BCCs, hence after reaching a remarkably large size. However, we conjecture that this growth in size could harm especially marginal borrowers (i.e. those who are likely to be served by smaller banks but neglected by bigger ones), with a strong and adverse impact on development and inequality and in contrast with BCCs’ ethics and mission.

ACS Style

Paolo Coccorese; Giovanni Ferri; Fabiola Spiniello. Are Mergers among Cooperative Banks Worth a Dime? Evidence on Post-M&A Efficiency in Italy. SSRN Electronic Journal 2017, 1 .

AMA Style

Paolo Coccorese, Giovanni Ferri, Fabiola Spiniello. Are Mergers among Cooperative Banks Worth a Dime? Evidence on Post-M&A Efficiency in Italy. SSRN Electronic Journal. 2017; ():1.

Chicago/Turabian Style

Paolo Coccorese; Giovanni Ferri; Fabiola Spiniello. 2017. "Are Mergers among Cooperative Banks Worth a Dime? Evidence on Post-M&A Efficiency in Italy." SSRN Electronic Journal , no. : 1.

Journal article
Published: 01 February 2017 in ECONOMIA E DIRITTO DEL TERZIARIO
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ACS Style

Giovanni Ferri. Regolamentazione bancaria: serve un cambio di approccio. ECONOMIA E DIRITTO DEL TERZIARIO 2017, 383 -408.

AMA Style

Giovanni Ferri. Regolamentazione bancaria: serve un cambio di approccio. ECONOMIA E DIRITTO DEL TERZIARIO. 2017; (3):383-408.

Chicago/Turabian Style

Giovanni Ferri. 2017. "Regolamentazione bancaria: serve un cambio di approccio." ECONOMIA E DIRITTO DEL TERZIARIO , no. 3: 383-408.

Preprint
Published: 01 January 2017
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Does ‘inner’ competition – rivalry among network members – worsen performance in a network of cooperative banks? Inner competition might, in fact, endanger network-dependent scale economies. We test our hypothesis on Banche di Credito Cooperativo (BCCs), Italy’s network of mutual cooperative banks. We find a worsening of performance both at incumbent and (even more) at aggressor BCCs when they compete among themselves. Instead, the worsening is mild when BCCs compete with non-BCC comparable banks. We conclude that inner competition among cooperative banks is a negative sum game and, thus, limiting it would be desirable to preserve the stability of cooperative banking networks.

ACS Style

Paolo Coccorese; Giovanni Ferri. Is Competition Among Cooperative Banks a Negative Sum Game? 2017, 1 .

AMA Style

Paolo Coccorese, Giovanni Ferri. Is Competition Among Cooperative Banks a Negative Sum Game? . 2017; ():1.

Chicago/Turabian Style

Paolo Coccorese; Giovanni Ferri. 2017. "Is Competition Among Cooperative Banks a Negative Sum Game?" , no. : 1.

Preprint
Published: 01 January 2017
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In this paper we study the intense wave of mergers among Italian mutual cooperative banks (Banche di Credito Cooperativo, BCCs) and try to assess whether those mergers were efficiency-enhancing. For the purpose, we employ a two-step procedure: we first estimate bank-level cost efficiency scores for a large sample of Italian banks in the period 1993-2013 by means of a stochastic frontier approach, then we try to explain the estimated BCCs’ cost efficiency with a set of merger status dummy variables (never merged, before the first merger, merged once, merged twice, etc.) as well as with a vector of control variables. We find that mergers increase mutual banks’ cost efficiency only after a BCC has merged at least three successive times with other BCCs, hence after reaching a remarkably large size. However, we conjecture that this growth in size could harm especially marginal borrowers (i.e. those who are likely to be served by smaller banks but neglected by bigger ones), with a strong and adverse impact on development and inequality and in contrast with BCCs’ ethics and mission.

ACS Style

Paolo Coccorese; Giovanni Ferri; Fabiola Spiniello. Are mergers among cooperative banks worth a dime? Evidence on post-M&A efficiency in Italy. 2017, 1 .

AMA Style

Paolo Coccorese, Giovanni Ferri, Fabiola Spiniello. Are mergers among cooperative banks worth a dime? Evidence on post-M&A efficiency in Italy. . 2017; ():1.

Chicago/Turabian Style

Paolo Coccorese; Giovanni Ferri; Fabiola Spiniello. 2017. "Are mergers among cooperative banks worth a dime? Evidence on post-M&A efficiency in Italy." , no. : 1.

Preprint
Published: 01 January 2017
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Using a unique sample of European manufacturing firms, we empirically investigate how differences in main banks’ lending technology and use of soft information affected firms’ credit availability during the 2007-2009 crisis. We find that the probability of credit rationing was higher for firms matching with transactional – i.e., using transactional lending technologies – banks. However, we show that soft information marginally reduced that probability in those firm-bank matches. Soft information would bene?t most the small and medium enterprises and ?rms relating with large banks. Thus, reducing credit exclusion during crises requires either relationship lending or enticing transactional banks to use soft information.

ACS Style

Giovanni Ferri; Pierluigi Murro; Valentina Peruzzi; Zeno Rotondi. Bank lending technologies and credit availability in Europe. What can we learn from the crisis? 2017, 1 .

AMA Style

Giovanni Ferri, Pierluigi Murro, Valentina Peruzzi, Zeno Rotondi. Bank lending technologies and credit availability in Europe. What can we learn from the crisis? . 2017; ():1.

Chicago/Turabian Style

Giovanni Ferri; Pierluigi Murro; Valentina Peruzzi; Zeno Rotondi. 2017. "Bank lending technologies and credit availability in Europe. What can we learn from the crisis?" , no. : 1.

Preprint
Published: 01 January 2017
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Using a unique sample of European manufacturing firms, we empirically investigate how differences in main banks' lending technology and use of soft information affected firms' credit availability during the 2007-2009 crisis. We find that the probability of credit rationing was higher for firms matching with transactional - i.e., using transactional lending technologies - banks. However, we show that soft information marginally reduced that probability in those firm-bank matches. Soft information would benefit most the small and medium enterprises and firms relating with large banks. Thus, reducing credit exclusion during crises requires either relationship lending or enticing transactional banks to use soft information.

ACS Style

Giovanni Ferri; Pierluigi Murro; Valentina Peruzzi; Zeno Rotondi. Bank lending technologies and credit availability in Europe. What can we learn from the crisis? 2017, 1 .

AMA Style

Giovanni Ferri, Pierluigi Murro, Valentina Peruzzi, Zeno Rotondi. Bank lending technologies and credit availability in Europe. What can we learn from the crisis? . 2017; ():1.

Chicago/Turabian Style

Giovanni Ferri; Pierluigi Murro; Valentina Peruzzi; Zeno Rotondi. 2017. "Bank lending technologies and credit availability in Europe. What can we learn from the crisis?" , no. : 1.