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Title: Diffusion of off-balance-sheet financial innovations : information complementarity and market competition
Authors: Fung, MK 
Cheng, ACS 
Keywords: Banking
Financial innovation
Off-balance-sheet activities
Issue Date: 2004
Publisher: North-Holland
Source: Pacific basin finance journal, 2004, v. 12, no. 5, p. 525-540 How to cite?
Journal: Pacific basin finance journal 
Abstract: By studying the Hong Kong banking industry, the objective of this study is to examine the role of information complementarity and market competition in governing the diffusion of off-balance-sheet (OBS) financial innovations. Specifically, two OBS financial innovations are information complementary if the adoption of one lowers the uncertainty of adopting another. In addition, market competition may speed up the diffusion of OBS financial innovations because competitive firms are able to capture the full profit potential from successful innovations. A simultaneous equation model is devised to estimate the impacts of information complementarity, market competition, and a number of other factors on the diffusion of OBS financial innovations. Results of estimation suggest that information complementarity and market competition are the primary driving forces behind the diffusion process.
ISSN: 0927-538X
DOI: 10.1016/j.pacfin.2003.12.001
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