Foreign Ownership and Market Power in Banking: Evidence from a World Sample
研究了131个国家13年间的银行数据，发现外资所有权在银行层面不解释市场势力，但在国家层面通过并购进入显著提升市场势力，主要源于边际成本下降。
The nexus between ownership and competition in the banking sector is a major concern to policymakers around the world but one that is rarely comprehensively examined. For 131 countries and 13 years we match bank ownership with over 50,000 bank‐year estimates of individual bank market power. We find that ownership does not explain market power at the individual bank level. However, at the country level, foreign bank ownership has a positive and significant impact on market power mainly because foreign banks enter through mergers or acquisitions and not through greenfield investments. The observed increases in market power primarily originate from decreases in the marginal cost.