?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=http%3A%2F%2Feprints.imtlucca.it%2F3608%2F&rft.title=Peer-Group+Detection+of+Banks+and+Resilience+to+Distress&rft.creator=Flori%2C+Andrea&rft.creator=Giansante%2C+Simone&rft.creator=Pammolli%2C+Fabio&rft.subject=HB+Economic+Theory&rft.subject=HG+Finance&rft.description=The+paper+looks+at+the+importance+of+the+true+business+model+in+shaping+the+risk+profile+of%0D%0Afinancial+institutions.+We+adopt+a+novel+indirect+clustering+approach+to+enrich+the+classic+bank%0D%0Abusiness+model+classification+on+a+global+data+set+including+about+11%2C000+banks%2C+both+listed+and%0D%0Anon-listed+representing+more+than+180+countries+over+the+period+2005-2014.+A+comprehensive%0D%0Alist+of+global+distress+events%2C+which+combines+bankruptcies%2C+liquidations%2C+defaults%2C+distressed%0D%0Amergers%2C+and+public+bailouts%2C+is+regressed+against+financial+statement+ratios+(i.e.+proxies+for%0D%0ACAMELS)+and+controlling+for+macro+and+sectoral+effects+using+a+rare-event+logit+model.+Our%0D%0Afindings+suggest+that+individual+characteristics+along+with+macro+and+sectoral+factors+contribute%0D%0Adifferently%2C+sometimes+with+opposite+sign%2C+to+the+likelihood+of+distress+and+to+the+volatility%0D%0Aof+business+models+with+the+exception+of+liquidity+whose+contribution+appears+exogenous+to%0D%0Abusiness+model+choice.+By+capturing+the+switching+behaviour+across+groups%2C+we+find+that%0D%0Abusiness+model+volatility+exacerbates+vulnerability+and+distress%2C+especially+if+moving+from%0D%0Awholesale-oriented+to+deposit+oriented+groups.&rft.publisher=IMT+School+for+Advanced+Studies+Lucca&rft.date=2016-12&rft.type=Working+Paper&rft.type=NonPeerReviewed&rft.format=application%2Fpdf&rft.language=en&rft.rights=cc_by_nd&rft.identifier=http%3A%2F%2Feprints.imtlucca.it%2F3608%2F1%2FEIC_WP_6_2016.pdf&rft.identifier=++Flori%2C+Andrea+and+Giansante%2C+Simone+and+Pammolli%2C+Fabio++Peer-Group+Detection+of+Banks+and+Resilience+to+Distress.++EIC+working+paper+series++%236%2F2016++++IMT+School+for+Advanced+Studies+Lucca++++ISSN+2279-6894.++++++