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HAL Id: tel-01127433 https://theses.hal.science/tel-01127433 Submitted on 7 Mar

HAL Id: tel-01127433 https://theses.hal.science/tel-01127433 Submitted on 7 Mar 2015 HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers. L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés. Essays on cooperative banks : competition and behavior of stakeholders Damien Egarius To cite this version: Damien Egarius. Essays on cooperative banks : competition and behavior of stakeholders. Economics and Finance. Université de Strasbourg, 2014. English. NNT : 2014STRAB016. tel-01127433 UNIVERSITÉ DE STRASBOURG ÉCOLE DOCTORALE AUGUSTIN COURNOT LaRGE THÈSE présentée par : Damien EGARIUS soutenue le : 9 décembre 2014 pour obtenir le grade de : Docteur de l’université de Strasbourg Discipline/Spécialité : Sciences de Gestion Essais sur les banques coopératives Aspects concurrentiels et comportement des parties prenantes THÈSE dirigée par : M. ROGER Patrick Professeur, Université de Strasbourg M. WEILL Laurent Professeur, Université de Strasbourg RAPPORTEURS : M. ALEXANDRE Hervé Professeur, Université Paris Dauphine M. MADIÈS Philippe Professeur, Université Grenoble 2 - Pierre Mendès France « L’université de Strasbourg n’entend donner ni approbation ni improbation aux opinions exprimées dans cette thèse. Ces opinions doivent être considérées comme propres à leur auteur » 1 Remerciements J’exprime toute ma gratitude aux Professeurs Patrick Roger et Laurent Weill pour leur accompagnement, leur grande aide et disponibilité. Leurs conseils avisés et leur rigueur m’ont permis d’avancer à chaque étape de ce travail. Je tiens également à leur signaler qu’au-delà de leur professionnalisme leur qualité d’écoute a été très appréciable dans la réalisation de ce projet de recherche. Je voudrais également remercier les Professeurs Hervé Alexandre et Philippe Madiès qui me font l’honneur d’être membre de mon jury de thèse et pour leur évaluation de ces travaux de recherche. Je remercie chaleureusement Monsieur Marion-Jacques Bergthold pour sa forte implication dans ce projet et pour sa participation au jury en tant que membre invité. Je tiens à exprimer toute ma reconnaissance à la Caisse d’épargne d’Alsace sans qui ce projet sur le mutualisme bancaire n’aurait pu aboutir. En particulier je remercie Madame Astrid Boos, Madame Frédérique Balsamo, Madame Corinne Kempf, Madame Sandrine Laurent, Madame Catherine Bastian, Monsieur Luc Carpentier, Monsieur Jean- Pierre Deramecourt, Monsieur Patrick Ibry, Monsieur Bertrand Blanpain, Monsieur Didier Altide. Ils ont été d’une aide fondamentale à la conduite de ce projet de recherche. Enfin je tiens à présenter mes remerciements à la Fédération Nationale des Caisses d’Epargne, à Madame Marie Leclerc-Bruant, Madame Laure de Llamby, Madame Perrine Lantoine-Rejas, Madame Ségolène Edé, Monsieur Cédric Turini, Monsieur Pascal Krug, Monsieur Patrice Cros. Mais aussi au Crédit Mutuel Centre Est Europe en particulier à Monsieur Bernard Sadoun et aux nombreux administrateurs et sociétaires des caisses locales pour leurs précieux commentaires et retours sur la vie d’une banque coopérative. Ma reconnaissance s’adresse également à l’EM Strasbourg, à l’équipe du LaRGE et ses doctorants, en particulier Madame Karine Bouvier, Madame Anne-Sophie Wira, Madame Sylvie Gautier, Madame Laurie Walbrou, Madame Bernadette Fischbach, 2 Madame Mélanie Meyer, Monsieur Maxime Merli, Monsieur Francis Schillio et Monsieur Hervé Heusser pour l’organisation et la mise en place de ce financement. Un grand merci à Madame Danielle Génevé pour ses nombreux conseils et préconisations que j’ai fortement appréciés dans les moments de difficulté et dans mes démarches administratives. Enfin, pour leur soutien, je ne remercierais jamais assez mes proches et mes parents pour ce qu’ils m’apportent au quotidien. 3 Brief Contents Introduction ....................................................................................................................... 8 CHAPTER 1 .................................................................................................................... 20 Do cooperative banks have greater market power? .................................................... 20 1 Introduction .......................................................................................................... 22 2 Background .......................................................................................................... 24 3 Data ...................................................................................................................... 28 4 Methodology ........................................................................................................ 29 5 Results .................................................................................................................. 31 6 Conclusions .......................................................................................................... 35 CHAPTER 2 .................................................................................................................... 44 Switching costs and market power in the banking industry: the case of cooperative banks ................................................................................................................................ 44 1 Introduction .......................................................................................................... 46 2 The Cooperative Banking Sectors ........................................................................ 49 3 Methodology and Data ......................................................................................... 50 4 Results .................................................................................................................. 57 5 Robustness Checks ............................................................................................... 60 6 Conclusions .......................................................................................................... 61 CHAPTER 3 .................................................................................................................... 69 Being a member of a cooperative bank: ethical or financial decision? ...................... 69 1 Introduction .......................................................................................................... 71 2 Cooperative Banks and Member Shares .............................................................. 73 3 Data and Descriptive Statistics............................................................................. 76 4 Methodology and Results ..................................................................................... 81 5 Conclusions .......................................................................................................... 89 4 CHAPTER 4 .................................................................................................................. 108 Does financial literacy reduce familiarity bias? Evidence from bank employees ... 108 1 Introduction ........................................................................................................ 110 2 Motivating Evidence and Hypothesis Development .......................................... 112 3 Data and Methodology ....................................................................................... 115 4 Preference for Familiar Assets ........................................................................... 120 5 Robustness Checks ............................................................................................. 125 6 Conclusions ........................................................................................................ 126 Concluding remarks ..................................................................................................... 143 References ...................................................................................................................... 145 Appendix: Sample description and selection process ............................................... 153 5 List of figures and tables Chapter 1: Do cooperative banks have greater market power? Table 1: The sample .......................................................................................................... 37 Table 2: Summary statistics .............................................................................................. 38 Table 3: Lerner indices ..................................................................................................... 39 Table 4: Marginal costs and prices .................................................................................... 40 Table 5: Regression analysis ............................................................................................. 41 Figure 1: Lerner indices by bank type ............................................................................... 42 Chapter 2: Switching costs and market power in the banking industry: the case of cooperative banks Table 1: Composition of the sample ................................................................................. 62 Table 2: Summary statistics .............................................................................................. 63 Table 3: Switching costs ................................................................................................... 64 Table 4: Regression results ............................................................................................... 65 Table 5: Switching costs on loans ..................................................................................... 66 Table 6: Regression results with switching costs on loans ............................................... 67 Chapter 3: Being a member of a cooperative bank: ethical or financial decision? Table 1: Portfolio values ................................................................................................... 91 Panel A: Total deposits ................................................................................................. 91 Panel B: Members’ deposits ......................................................................................... 91 Table 2: Demographics ..................................................................................................... 92 Table 3: Evolution of shares ............................................................................................. 93 6 Table 4: Evolution of the set of Members ......................................................................... 94 Panel A: Leaving Members and New Members’ trades ............................................... 94 Panel B: Existing Members’ trades .............................................................................. 95 Table5: Number of trades over the period ........................................................................ 96 Table 6: Portfolio variation after purchases and sales ....................................................... 97 Table 7: Member shares transactions bounded to other securities .................................... 98 Table 8: Sellers and Buyers: mean comparisons ............................................................... 99 Panel A: Purchases vs. Sales ........................................................................................ 99 Panel B: Gender ............................................................................................................ 99 Panel C: Category of Members ................................................................................... 100 Table 9: Estimation results of the regression analysis. ................................................... 101 Table 10: Estimation results of the regression analysis: by subcategories ...................... 102 Table 11: Estimation results of the logistic regression ................................................... 103 Figure 1: Total number of shares over the period ........................................................... 104 Figure 2: Categories of clients ........................................................................................ 105 Figure 3: Evolution of total deposits: Sellers vs. Buyers ................................................ 106 Chapter 4: Does financial literacy reduce familiarity bias? Evidence from bank employees Table 1: Portfolio values ................................................................................................. 127 Table 2: Variables ........................................................................................................... 128 Table 3: Investment on familiar assets ............................................................................ 129 Table 4: Likelihood to hold familiar assets ..................................................................... 130 Table 5: Likelihood to hold a portfolio of familiar assets ............................................... 131 Table 6: Weight of familiar assets in the portfolio.......................................................... 132 Table 7: Weight of familiar assets in bond and stock portfolios ..................................... 133 7 Table 8: Likelihood to hold a portfolio of familiar assets ............................................... 134 Figure 1: The banking group: member shares, equity shares and bonds issuers ............. 135 8 Introduction Cooperative banks have a major role in the European banking industry. In 2012 cooperative banks account for over 50 million members and 176 million consumers with banking services provided by more than 4,000 institutions in 2012 (European Association of Cooperative Banks (EACB)). The current economic importance of cooperative banks is the result of a long process dating back to the mid-nineteenth century, which is due in part to two German politicians, Friedrich Wilhelm Raiffeisen (1818-1888) and Hermann Schulze-Delitzsch (1808-1883). They are known to have influenced the modes of organization, the establishment and development of cooperatives in Germany and Austria. Their ideas were taken later for the European development of this form of organization. It is in the context of industrial revolution and increasing inequalities that financial systems were set up, dedicated primarily to wealthy clients consisting of wealthy industrialists living within large urban areas. The misery of the working classes made up of shopkeepers, workers and small farmers without access to credit encouraged the development of cooperative banks. The Raiffeisen model aimed to bring together small farmers in remote areas of large cities, allowing, by pooling their savings, to promote the access to banking services and credit in order to provide funds to finance their farming activities. Moral and ethical considerations on the exclusion of these communities played an important role in the establishment of cooperative institutions. Besides these common origins, cooperatives banks have been spread across the continent by taking different forms in their organization to adapt themselves to the increasing competition and to cultural or local specificities. Therefore, now, some countries like Germany or Italy have highly decentralized cooperative banking structures while other countries like France have more centralized uploads/Litterature/ egarius-cooperative-banks-competition-behaviour-stakeholders.pdf