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 behavior. Finally, the analysis reveals that on average the most profitable leasing firms are less diversified and have a better risk profile.

Marta Degl’Innocenti, Claudia Girardone, Giuseppe Torluccio (2014). Diversification, multimarket contacts and profits in the leasing industry. JOURNAL OF INTERNATIONAL FINANCIAL MARKETS, INSTITUTIONS & MONEY, 31, 231-252 [10.1016/j.intfin.2014.04.001].

Diversification, multimarket contacts and profits in the leasing industry

TORLUCCIO, GIUSEPPE
2014

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 behavior. Finally, the analysis reveals that on average the most profitable leasing firms are less diversified and have a better risk profile.
2014
Marta Degl’Innocenti, Claudia Girardone, Giuseppe Torluccio (2014). Diversification, multimarket contacts and profits in the leasing industry. JOURNAL OF INTERNATIONAL FINANCIAL MARKETS, INSTITUTIONS & MONEY, 31, 231-252 [10.1016/j.intfin.2014.04.001].
Marta Degl’Innocenti;Claudia Girardone;Giuseppe Torluccio
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11585/398896
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