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Determinants of winning and losing persistence in the Polish banking sector

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  • Krzysztof Jackowicz

    ()
    (Finance Department, Kozminski University (Akademia Leona Koźmińskiego w Warszawie))

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    Abstract

    The article explores the reasons for winning and losing persistence in the Polish banking sector in the 1994–2005 period. It empirically verifies four hypotheses. They associate the performance persistence with market power, informational opacity, ownership structure, as well as with different operational and risk profiles of banks. Estimation of probit models led to the conclusion that in Poland market power related to the developed distribution channels and informational opacity make winning persistence more likely while preventing losing persistence from occurring. Furthermore, foreign-controlled banks have more chances to succeed repeatedly and avert subsequent failures. The picture of performance persistence in the Polish banking sector is biased by banks’ earnings management, especially by the avoidance of reporting small losses.

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    File URL: http://www.bankikredyt.nbp.pl/content/2009/03/bik_03_2009_01_art.pdf
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    Bibliographic Info

    Article provided by National Bank of Poland, Economic Institute in its journal Bank i Kredyt.

    Volume (Year): 40 (2009)
    Issue (Month): 3 ()
    Pages: 5-23

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    Handle: RePEc:nbp:nbpbik:v:40:y:2009:i:3:p:5-23

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    Related research

    Keywords: performance persistence; banking system; emerging markets;

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    1. Yannis Menelaos Ioannides & Henry G. Overman, 2003. "Zipf’s law for cities : an empirical examination," LSE Research Online Documents on Economics 583, London School of Economics and Political Science, LSE Library.
    2. Huij, Joop & Verbeek, Marno, 2007. "Cross-sectional learning and short-run persistence in mutual fund performance," Journal of Banking & Finance, Elsevier, vol. 31(3), pages 973-997, March.
    3. Allen N. Berger & Seth D. Bonime & Daniel M. Covitz & Diana Hancock, 1999. "Why are bank profits so persistent: the roles of product market competition, informational opacity, and regional/macroeconomic shocks," Finance and Economics Discussion Series 1999-28, Board of Governors of the Federal Reserve System (U.S.).
    4. Shrieves, Ronald E. & Dahl, Drew, 2003. "Discretionary accounting and the behavior of Japanese banks under financial duress," Journal of Banking & Finance, Elsevier, vol. 27(7), pages 1219-1243, July.
    5. Mariarosaria Agostino & Leone Leonida & Francesco Trivieri, 2005. "Profits persistence and ownership: evidence from the Italian banking sector," Applied Economics, Taylor & Francis Journals, vol. 37(14), pages 1615-1621.
    6. Carhart, Mark M, 1997. " On Persistence in Mutual Fund Performance," Journal of Finance, American Finance Association, vol. 52(1), pages 57-82, March.
    7. Judith Chevalier & Glenn Ellison, 1999. "Are Some Mutual Fund Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance," Journal of Finance, American Finance Association, vol. 54(3), pages 875-899, 06.
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    Cited by:
    1. Jackowicz, Krzysztof & Kowalewski, Oskar & Kozłowski, Łukasz, 2013. "The influence of political factors on commercial banks in Central European countries," Journal of Financial Stability, Elsevier, vol. 9(4), pages 759-777.
    2. Dariusz Filip, 2011. "Performance Persistence of Equity Funds in Hungary," Contemporary Economics, University of Finance and Management in Warsaw, vol. 5(1), March.

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