---
_id: '65685'
abstract:
- lang: eng
  text: Employing a unique hand-collected sample of 881 securitization transactions
    issued by 59 stock-listed banks across the EU-13 plus Switzerland over the period
    from 1997 to 2010, this paper empirically investigates if and how market power
    in the loan and deposit market may influence European banks’ incentives to engage
    in securitization activities. We construct product-specific residual Lerner Indices
    to measure market power in the loan and deposit market separately. Our results
    suggest that banks with higher loan and deposit market power securitize less,
    consistent with a reduced need for risk transfer and a reduced reliance on market-based
    funding. Various sensitivity analyses further show that these relationships vary
    across underlyings, issuance frequencies, and different time stages of securitization
    in Europe. Our findings contribute to the literature by disentangling loan and
    deposit market power as two further distinct determinants of securitization and
    thus, offer important insights regarding the ongoing policy debates on the consolidation
    of European banking markets and the revitalisation of the European securitization
    market.
author:
- first_name: Sarah
  full_name: Herwald, Sarah
  id: '51867'
  last_name: Herwald
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: Herwald S, Uhde A. <i>Securitization and Market Power – Evidence from European
    Banks</i>.; 2026.
  apa: Herwald, S., &#38; Uhde, A. (2026). <i>Securitization and Market Power – Evidence
    from European Banks</i>.
  bibtex: '@book{Herwald_Uhde_2026, title={Securitization and Market Power – Evidence
    from European Banks}, author={Herwald, Sarah and Uhde, André}, year={2026} }'
  chicago: Herwald, Sarah, and André Uhde. <i>Securitization and Market Power – Evidence
    from European Banks</i>, 2026.
  ieee: S. Herwald and A. Uhde, <i>Securitization and Market Power – Evidence from
    European Banks</i>. 2026.
  mla: Herwald, Sarah, and André Uhde. <i>Securitization and Market Power – Evidence
    from European Banks</i>. 2026.
  short: S. Herwald, A. Uhde, Securitization and Market Power – Evidence from European
    Banks, 2026.
date_created: 2026-05-26T11:29:46Z
date_updated: 2026-05-27T06:50:46Z
ddc:
- '040'
department:
- _id: '19'
file:
- access_level: closed
  content_type: application/pdf
  creator: sherwald
  date_created: 2026-05-26T11:10:31Z
  date_updated: 2026-05-26T11:10:31Z
  file_id: '65688'
  file_name: Herwald und Uhde (2026).pdf
  file_size: 681627
  relation: main_file
  success: 1
file_date_updated: 2026-05-26T11:10:31Z
has_accepted_license: '1'
jel:
- G21
- G28
keyword:
- Securitization
- market power
- European banking
language:
- iso: eng
status: public
title: Securitization and Market Power – Evidence from European Banks
type: working_paper
user_id: '51867'
year: '2026'
...
---
_id: '65686'
abstract:
- lang: eng
  text: 'This paper empirically examines the relationship between market power and
    Environmental, Social, and Governance (ESG) scores of banks in Europe and North
    America from 2010 to 2021, focusing separately on loan and deposit markets. Employing
    the Lerner Index as a non-structural measure of market power, our findings suggest
    that the impact of banking market power on ESG scores varies by region and the
    respective loan or deposit market. We find a negative effect of loan and deposit
    market power on ESG scores of European banks whereas the opposite effect can be
    observed for North American banks exhibiting loan market power. Further sensitivity
    analyses reveal that factors such as banks being Global Systemically Important
    (G-SIBs), and different ESG-related events like the Paris Agreement, the reemergence
    of the #MeToo movement and the COVID-19 pandemic may also explain the relationship
    between bank market power and ESG scores. Overall, our results underline that
    banking market power plays a pivotal role in enforcing ESG commitments in banking,
    offering key insights for policymakers, regulators, and banking stakeholders.'
author:
- first_name: Simone
  full_name: Voigt, Simone
  id: '50109'
  last_name: Voigt
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: Voigt S, Uhde A. <i>The Impact of Market Power on Banks’ ESG Scores - Evidence
    from Europe and North America</i>.
  apa: Voigt, S., &#38; Uhde, A. (n.d.). <i>The impact of market power on banks’ ESG
    scores - evidence from Europe and North America</i>.
  bibtex: '@book{Voigt_Uhde, title={The impact of market power on banks’ ESG scores
    - evidence from Europe and North America}, author={Voigt, Simone and Uhde, André}
    }'
  chicago: Voigt, Simone, and André Uhde. <i>The Impact of Market Power on Banks’
    ESG Scores - Evidence from Europe and North America</i>, n.d.
  ieee: S. Voigt and A. Uhde, <i>The impact of market power on banks’ ESG scores -
    evidence from Europe and North America</i>. .
  mla: Voigt, Simone, and André Uhde. <i>The Impact of Market Power on Banks’ ESG
    Scores - Evidence from Europe and North America</i>.
  short: S. Voigt, A. Uhde, The Impact of Market Power on Banks’ ESG Scores - Evidence
    from Europe and North America, n.d.
date_created: 2026-05-26T11:29:08Z
date_updated: 2026-07-14T07:50:16Z
ddc:
- '040'
department:
- _id: '19'
file:
- access_level: closed
  content_type: application/pdf
  creator: simonevo
  date_created: 2026-07-14T07:50:01Z
  date_updated: 2026-07-14T07:50:01Z
  file_id: '66475'
  file_name: Voigt und Uhde (2026)_corr.pdf
  file_size: 849260
  relation: main_file
  success: 1
file_date_updated: 2026-07-14T07:50:01Z
has_accepted_license: '1'
jel:
- G21
- G28
keyword:
- Market Power
- ESG scores
- European and North American banking markets
language:
- iso: eng
page: '55'
publication_status: draft
status: public
title: The impact of market power on banks' ESG scores - evidence from Europe and
  North America
type: working_paper
user_id: '50109'
year: '2026'
...
---
_id: '34802'
abstract:
- lang: eng
  text: "Purpose\r\nAcademic research has intensively analyzed the relationship between
    market concentration or market power and banking stability but provides ambiguous
    results, which are summarized under the concentration-stability/fragility view.
    We provide empirical evidence that the mixed results are due to the difficulty
    of identifying reliable variables to measure concentration and market power.\r\n\r\nDesign/methodology/approach\r\nUsing
    data from 3,943 banks operating in the European Union (EU)-15 between 2013 and
    2020, we employ linear regression models on panel data. Banking market concentration
    is measured by the Herfindahl–Hirschman Index (HHI), and market power is estimated
    by the product-specific Lerner Indices for the loan and deposit market, respectively.\r\n\r\nFindings\r\nOur
    analysis reveals a significantly stability-decreasing impact of market concentration
    (HHI) and a significantly stability-increasing effect of market power (Lerner
    Indices). In addition, we provide evidence for a weak (or even absent) empirical
    relationship between the (non)structural measures, challenging the validity of
    the structure-conduct-performance (SCP) paradigm. Our baseline findings remain
    robust, especially when controlling for a likely reverse causality.\r\n\r\nOriginality/value\r\nOur
    results suggest that the HHI may reflect other factors beyond market power that
    influence banking stability. Thus, banking supervisors and competition authorities
    should investigate market concentration and market power simultaneously while
    considering their joint impact on banking stability."
author:
- first_name: Sarah
  full_name: Herwald, Sarah
  last_name: Herwald
- first_name: Simone
  full_name: Voigt, Simone
  last_name: Voigt
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  ama: Herwald S, Voigt S, Uhde A. The conditional impact of market consolidation
    and market power on banking stability – Evidence from Europe. <i>Journal of Risk
    Finance</i>. 2024;25(3):510-536. doi:<a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>
  apa: Herwald, S., Voigt, S., &#38; Uhde, A. (2024). The conditional impact of market
    consolidation and market power on banking stability – Evidence from Europe. <i>Journal
    of Risk Finance</i>, <i>25</i>(3), 510–536. <a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>
  bibtex: '@article{Herwald_Voigt_Uhde_2024, title={The conditional impact of market
    consolidation and market power on banking stability – Evidence from Europe}, volume={25},
    DOI={<a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>},
    number={3}, journal={Journal of Risk Finance}, author={Herwald, Sarah and Voigt,
    Simone and Uhde, André}, year={2024}, pages={510–536} }'
  chicago: 'Herwald, Sarah, Simone Voigt, and André Uhde. “The Conditional Impact
    of Market Consolidation and Market Power on Banking Stability – Evidence from
    Europe.” <i>Journal of Risk Finance</i> 25, no. 3 (2024): 510–36. <a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>.'
  ieee: 'S. Herwald, S. Voigt, and A. Uhde, “The conditional impact of market consolidation
    and market power on banking stability – Evidence from Europe,” <i>Journal of Risk
    Finance</i>, vol. 25, no. 3, pp. 510–536, 2024, doi: <a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>.'
  mla: Herwald, Sarah, et al. “The Conditional Impact of Market Consolidation and
    Market Power on Banking Stability – Evidence from Europe.” <i>Journal of Risk
    Finance</i>, vol. 25, no. 3, 2024, pp. 510–36, doi:<a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>.
  short: S. Herwald, S. Voigt, A. Uhde, Journal of Risk Finance 25 (2024) 510–536.
date_created: 2022-12-22T07:28:25Z
date_updated: 2024-05-14T12:13:51Z
department:
- _id: '186'
- _id: '188'
doi: https://doi.org/10.1108/JRF-03-2023-0075
intvolume: '        25'
issue: '3'
jel:
- G15
- G21
- G38
keyword:
- market concentration
- market power
- banking stability
- European banking
language:
- iso: eng
page: 510 - 536
publication: Journal of Risk Finance
publication_status: published
status: public
title: The conditional impact of market consolidation and market power on banking
  stability – Evidence from Europe
type: journal_article
user_id: '36049'
volume: 25
year: '2024'
...
---
_id: '44091'
abstract:
- lang: eng
  text: We study the effects of product differentiation on the bundling incentives
    of a two-product retailer. Two monopolistic manufacturers each produce a differentiated
    good. One sells it to both retailers, while the other only supplies a single retailer.
    Retailers compete in prices. Retail bundling is profitable when the goods are
    close substitutes. Only then is competition so intense that the retailer uses
    bundling to relax competition both within and across product markets, despite
    an aggravation of the double marginalization problem. Our asymmetric market structure
    arises endogenously for the case of close substitutes. In this case, bundling
    reduces social welfare.
author:
- first_name: Angelika Elfriede
  full_name: Endres-Fröhlich, Angelika Elfriede
  id: '48794'
  last_name: Endres-Fröhlich
- first_name: Burkhard
  full_name: Hehenkamp, Burkhard
  id: '37339'
  last_name: Hehenkamp
- first_name: Joachim
  full_name: Heinzel, Joachim
  last_name: Heinzel
citation:
  ama: Endres-Fröhlich AE, Hehenkamp B, Heinzel J. <i>The Impact of Product Differentiation
    on Retail Bundling in a Vertical Market</i>.
  apa: Endres-Fröhlich, A. E., Hehenkamp, B., &#38; Heinzel, J. (n.d.). <i>The Impact
    of Product Differentiation on Retail Bundling in a Vertical Market</i>.
  bibtex: '@book{Endres-Fröhlich_Hehenkamp_Heinzel, title={The Impact of Product Differentiation
    on Retail Bundling in a Vertical Market}, author={Endres-Fröhlich, Angelika Elfriede
    and Hehenkamp, Burkhard and Heinzel, Joachim} }'
  chicago: Endres-Fröhlich, Angelika Elfriede, Burkhard Hehenkamp, and Joachim Heinzel.
    <i>The Impact of Product Differentiation on Retail Bundling in a Vertical Market</i>,
    n.d.
  ieee: A. E. Endres-Fröhlich, B. Hehenkamp, and J. Heinzel, <i>The Impact of Product
    Differentiation on Retail Bundling in a Vertical Market</i>. .
  mla: Endres-Fröhlich, Angelika Elfriede, et al. <i>The Impact of Product Differentiation
    on Retail Bundling in a Vertical Market</i>.
  short: A.E. Endres-Fröhlich, B. Hehenkamp, J. Heinzel, The Impact of Product Differentiation
    on Retail Bundling in a Vertical Market, n.d.
date_created: 2023-04-20T16:21:28Z
date_updated: 2023-04-20T17:15:48Z
department:
- _id: '280'
- _id: '475'
jel:
- D43
- L13
- L42
keyword:
- Retail bundling
- upstream market power
- double marginalization
- product differentiation
language:
- iso: eng
page: '43'
project:
- _id: '1'
  name: 'SFB 901: SFB 901'
- _id: '2'
  name: 'SFB 901 - A: SFB 901 - Project Area A'
- _id: '7'
  name: 'SFB 901 - A3: SFB 901 - Subproject A3'
publication_status: draft
status: public
title: The Impact of Product Differentiation on Retail Bundling in a Vertical Market
type: report
user_id: '37339'
year: '2022'
...