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Banking Efficiency, Consolidation and Foreign Ownerhip: Evidence from the Polish Banking Market
(2005)
The thesis consists of four separate papers that can be read individually. In the first paper “Efficiency of the Polish Banking Industry: Foreign versus Domestic Banks” we analyze the efficiency of foreign and domestic banks. The second paper entitled “Foreign Acquisitions and Industry Wealth Effects of Privatisation: Evidence from the Polish Banking Industry” investigates the reaction of Polish bank stocks to acquisition by foreign investors. The third paper “Consolidation of the Polish Banking Sector: Consequences for the Banking Institutions and the Public” was motivated by the consolidation process in Poland and is the first attempt of its analysis. In the fourth paper “Does the Bank Lending Channel Work in a Transition Economy? A Case of Poland” we study the role of Polish banks in the transmission of the monetary policy. Our findings indicate that foreign ownership brings a number of positive developments to banks in transition countries, such as much needed capital and know-how. Moreover, the results show that all banks, not only those acquired by foreign investors, benefit from increased presence of foreign investors. However, we also discover that the results are mainly due to higher efficiency of greenfield banks and the fact that foreign investors target slightly more efficient institutions. Finally, we also document that foreign bank ownership has an impact on the transmission of the monetary policy.