14:00 - 16:00
Professor Guillaume Vuillemey
Lectures, talks and seminars
Essex Finance Centre
Essex Business School
Essex Finance Centre is delighted to welcome Professor Guillaume Vuillemey to our weekly research seminar series to present his paper, titled 'Entry in Banking Markets'.
We empirically study banks’ decisions to enter new markets, using panel data on all US bank branches over the 1981-2016 period. We show that banks are more likely to expand in counties that are similar, in terms of industry distribution and household characteristics, to those in which they already have branches. Using several identification strategies, we find that banks value diversification, but face informational and technological barriers to diversification. Perhaps surprisingly, banks do not overcome these barriers via acquisitions: they are more likely to acquire branches in more similar areas. Barriers are instead partially overcome over time via information collection and technology acquisition.
Guillaume Vuillemey is assistant Professor at HEC Paris and research affiliate at CEPR (London). His research focuses on financial intermediation, derivatives markets, as well as economic history. His research has been published in the Journal of Finance and in the Journal of Financial Economics, among others. He has been a visiting researcher at the European Central Bank and Harvard University, and is currently an affiliated researcher with the French banking regulator (ACPR).
13:00 - 14:00