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Free University of Bozen-Bolzano

Financial Markets and Regulation



Maurizio Murgia


Massimiliano Bonacchi, Dmitri Boreiko, Silvia Bressan, Paolo Coletti, Lucie Courteau, Claudia Curi, Paolo Giudici, Stefano Lombardo, Tatiana Mazza, Alex Weissensteiner


The research cluster in Financial Markets and Regulation merges researchers in finance, accounting and applied information systems. Its current research agenda encompasses projects in the fields of corporate finance, banking, financial markets and institutions, trading and market microstructure, and accounting and capital market information quality. In corporate finance, a research focus on nonfinancial enterprises decision of dividend policy and equity issues, in a dynamic setting of taxation and concentrated ownership structure. Another field of investigation in corporate finance is related to value consequences of large international bank restructuring and top management change decisions. In banking research, the group has intensely studied productivity aspects of international banks and the consequent issues of scale efficiency and performances. In trading and microstructure, research has investigated topics related to network effects in stock exchanges and the price impact of large orders in fragmented electronic trading and over-the-counter dark pool platforms. In the area of accounting and information quality, researchers analyse the quality of financial and non-financial information that firms report to external parties and on the quality of the decision-facilitating information and controlling activities for internal use. In this context, very little is known about information quality in European non-listed firms (small and private businesses) and financial institutions. The cluster research activity has a strong links on economic, financial and accounting theory and the empirical methodologies that characterize fields’ current research frontiers. For example, the cluster is currently engaged on adopting novel econometric techniques in their research to deal with dynamic economic and financial decisions.


Foreign bank diversification and efficiency prior to and during the financial crisis: Does one business model fit all?

Researcher at unibz

Claudia Curi

External Collaborators

Ana Lozano-Vivas and Valentin Zelenyuk

Abstract of the Publication

Diversified and focused business models may affect foreign bank efficiency differently. We investigate whether there is an optimal business model along three business dimensions — assets, funding and income — and which business model is optimal for foreign banks in a financial center. We apply recently developed non-parametric methods with bootstrap to estimate group efficiency, to test for differences across groups and finally to analyse the link between bank efficiency and diversification measures. Using Luxembourg bank data that include the financial crisis, we find that there is no unique business model. The most efficient business model appears to be a focused asset, funding and income strategy. Banks’ organizational forms play a role; branches may be preferable to subsidiaries prior to the financial crisis, whereas bank subsidiaries perform better than branches during the financial crisis. However, branches diversified in assets, funding and income exploit efficiency advantages during the financial crisis.

Published in the Journal of Banking & Finance, Volume 61, Supplement 1, December 2015, Pages S22–S35, Special issue on Global Trends in Banking, Regulations, and Financial Markets

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