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Pietro Alessandrini · Michele Fratianni · Alberto Zazzaro Editors

The Changing Geography of Banking and Finance

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Editors Pietro Alessandrini Universit`a Politecnica delle Marche Dipto. Economia Piazza Martelli, 8 60121 Ancona Italy [email protected] Alberto Zazzaro Universit`a Politecnica delle Marche Dipto. Economia Piazza Martelli, 8 60121 Ancona Italy [email protected]

Michele Fratianni Indiana University Kelley School of Business 1275 East Tenth Street Bloomington IN 47405 USA [email protected] and Universit`a Politecnica delle Marche Dipto. Economia Piazza Martelli, 8 60121 Ancona Italy

ISBN 978-0-387-98077-5 e-ISBN 978-0-387-98078-2 DOI 10.1007/978-0-387-98078-2 Springer Dordrecht Heidelberg London New York Library of Congress Control Number: 2009927771 c Springer Science+Business Media, LLC 2009  All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+Business Media, LLC, 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks, and similar terms, even if they are not identified as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)

In memory of the beloved Francesca Alessandrini.

Contents

1 The Changing Geography of Banking and Finance: The Main Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pietro Alessandrini, Michele Fratianni, and Alberto Zazzaro

1

Part I Distance and Banks’ Organization 2 Financial Innovation, Organizations, and Small Business Lending . . . 15 Gregory F. Udell 3 Does Distance Matter in Banking? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Kenneth P. Brevoort and John D. Wolken 4 Distance, Bank Organizational Structure, and Lending Decisions . . . . 57 Geraldo Cerqueiro, Hans Degryse, and Steven Ongena 5 Geographical Organization of Banking Systems and Innovation Diffusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 Pietro Alessandrini, Andrea F. Presbitero, and Alberto Zazzaro 6 Distance and Internet Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 Guido de Blasio Part II Borders and Market Structure 7 Bank Market Structure, Competition, and Stability: Issues and Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 Klaus Schaeck 8 Bank Cross-Border Mergers and Acquisitions: Causes, Consequences, and Recent Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1