Profits persistence and ownership: evidence from the Italian banking sector
The hypothesis that ownership structure affects persistence of profits in the Italian banking industry is tested. The time-invariant components of ROA and ROE are regressed against ownership concentration and the fraction of shares held by the major shareholders. The results show that abnormal profits increase if ownership is concentrated in foundations and banks, and decrease if market forces are allowed to operate.
Volume (Year): 37 (2005)
Issue (Month): 14 ()
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