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A new measure of firm-level competition: an application to euro area banks

Retrieved on: 
Thursday, April 18, 2024
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Abstract

Key Points: 
    • Abstract
      This paper extends Boone (2008) by introducing a competition measure at the individual
      firm level rather than for an entire market segment.
    • We apply this extended Boone indicator to individual bank-level competition
      in the loan market in the four largest euro area countries and Austria.
    • Our new measure of firm-level competition enriches and complements
      other competition measures and provides a promising starting point for future market
      power analyses.
    • The only measure among non-structural measures that is based on the
      concept of competition as a process of rivalry is the Boone (2008) indicator.
    • We introduce
      a new performance measure of competition by extending the Boone indicator to the
      individual firm level.
    • Introduction
      The ability to reliably measure competition is valuable to researchers, analysts, and
      policymakers, especially antitrust authorities, financial supervisors, and central banks.
    • One broad
      category of indicators often used to measure competition are structural competition
      measures, such as static concentration measures, and dynamic measures, e.g., entry and
      exit rates.
    • Out of these measures, the only measure based on the
      concept of competition as a process of rivalry is the Boone indicator.
    • This study introduces a new performance measure of competition by extending the
      Boone indicator to the individual firm level.
    • It thus measures the
      increase in profits in percent of one percentage point increase in efficiency, with marginal
      costs as measure of efficiency.
    • We extend the theoretical
      underpinning of the measurement of competition for the entire market of Boone (2008) by
      a new measure of individual firm-level competition.
    • A concern of the literature is the gap
      between the practical application and the theoretical framework of Boone (2008).
    • We introduce within the same theoretical
      framework a new measure of competition on firm level, the MRP.
    • Our new
      measure significantly augments the antitrust evaluative framework by shedding light on
      whether a merger results in a less competitive market.
    • Our novel indicator focuses on
      firms? incentives to enhance their relative efficiency, as manifested in the elasticity
      between relative profits and efficiency.
    • However, an inefficient firm that is foreclosed could be more
      competitive than the larger efficient firm that relies on its scale economies.
    • Our new metric of competition unveils
      banks? ability to influence their profitability in the short term by cutting costs relative to
      their peers.
    • The new MRP indicator provides the ability to assess the impact
      of individual banks? competitiveness on their interest rate-setting behaviour in loan
      markets.
    • Incorporating this information promises a more refined understanding of the impact and
      timing of monetary policy rates changes on the real economy.
    • Section 3 introduces within the Boone
      (2008) theoretical framework our new measure of individual firm-level competition,
      including the interpretation of the MRP.
    • Section 4 provides an application of our new
      ECB Working Paper Series No 2925

      6

      individual firm-level competition measure to the loan market.

    • The StructureConduct-Performance paradigm (SCP) provides a traditional framework in the field of
      industrial organization for analysing competition behaviour in markets.
    • Concentrated
      markets ease the possibilities to collude implicitly or explicitly and therefore concentrated
      markets result in higher prices and profits.
    • For example, a tougher competition
      setup may lead to a reallocation of market shares, potentially forcing some firms to exit
      the market.
    • This approach gives firms? strategic behaviour
      central stage and focuses on the strategic interaction on prices and quantities, known as
      conjectural variation.
    • Another measure from
      this strand of literature is the H-statistic developed by Panzar and Rosse (1987).
    • The only competition measure from this performance literature where competition is the
      outcome from a process of rivalry is the Boone indicator.
    • A continuous and monotonically increasing relationship exists between
      RPD and the level of competition if firms are ranked by decreasing efficiency.
    • (2013) compare the Boone indicator with the price-cost margin
      and conclude that the profit elasticity is a more reliable measure of competition.
    • The high
      elasticity of profits to efficiency unequivocally indicates that the high market shares and
      therefore high profits are due to high efficiency.
    • A firm that quickly passes changes to the input prices is seen as a price
      taker with little market power.
    • Indicators of competition tend to measure different phenomenon and may provide
      conflicting messages, as reported for European banking by Carbo et al.
    • Application 2: Test the ?quiet life? and related market structure hypotheses using the
      MRP as competition or market structure measure.
    • Data
      Our application to individual bank-level competition in the euro area loan market uses
      balance sheet and income statement data from the Moody?s Analytics BankFocus for the
      calendar years 2013-2020.
    • As such, most publications
      on competition in the euro area includes the largest four member states.
    • Due to these restrictions the database was reduced to an unbalanced panel of up to 1862
      banks (depending on the year) from five euro area countries.
    • Application 1: Measure bank competition using MRP
      Looking at the distribution of the MRP for individual banks (Fig.
    • A similar finding for the four largest euro area countries as a group is
      reported in Carbo et al.
    • Application 2: Test of market structure hypotheses using MRP
      Our new measure of individual-bank competition can be used to test market structure
      theories.
    • Euro area banks? market power,
      lending channel and stability: the effects of negative policy rates, European Central Bank
      Working Paper, 2790 (February).
    • A
      new approach to measuring competition in the loan markets of the euro area, Applied
      Economics, 43 (23), 3155?3167.
    • Impact of bank competition on the interest rate pass-through in the euro area, Applied
      Economics, 45 (11), 1359?1380.

ICH E2D(R1) Guideline on post-approval safety data Step 2b - Revision 1

Retrieved on: 
Tuesday, March 12, 2024
Consensus, Duplication, Address, Fetus, Pregnancy, Translation, Health, Health care, Employment, Region, Draft, Guideline, Diagnosis, Domenico, Data set, Efficacy, Literature, Trial of the century, Mortality, Identifiability, Software, Social media, Adolescence, Committee, Marketing, Pharmacovigilance, Convulsion, INTRODUCTION, Agency, Data collection, Causality, Documentation, Data, European, CHMP, MRP, Public, Case management, Abuse, Child, Drug overdose, HCP, Digital platform, ADR, Responsibility, Language, Use, Chronology, Disulfiram-like drug, Calendar, Digital, Drug, Vaccine, Threshold limit value, Observation, Section 5, MAH, Safety, Gestational age, ICH, SAFETY, Abstract, Section 4, Clinical trial, Consumer, GOOD, Madiga, Abbreviation, Reproduction, Birth, Collection, EMA, Mutagen, Medical dictionary, Aes, Medicine, Registry, PSP, Content, MedDRA, Report, Seriousness, Nature, ICMJE recommendations, Risk, Communication, Step, Narrative, Autopsy, Approximation error, Death, Patient, Privacy, Role, Journalist, Publication, ICSR, Riau rupiah, Medical device

The completed comments form should be sent to

Key Points: 
    • The completed comments form should be sent to
      [email protected]
      *For more information please refer to Public consultation explanatory note: Proposed E2B(R3) updates
      to align with ICH E2D(R1) guideline.
    • 18
      July 2003

      E2D

      Approval by the Steering Committee under Step 4 and
      recommendation for adoption to the three ICH
      regulatory bodies.

    • 12
      November 2003

      New
      Codification
      November
      2005
      E2D

      E2D

      Revision of E2D
      Code

      History

      E2D(R1) Endorsement by the Members of the ICH Assembly
      under Step 2 and release for public consultation.

    • Date

      New
      Codification

      5 February 2024

      E2D(R1)

      POST-APPROVAL SAFETY DATA:
      DEFINITIONS AND STANDARDS FOR MANAGEMENT AND
      REPORTING OF INDIVIDUAL CASE SAFETY REPORTS
      E2D(R1)
      ICH Consensus Guideline
      Table of Contents
      1.

    • The ICH E2D guideline provides guidance on definitions and standards for post-

      5

      approval individual case safety reporting, as well as good case management practices.

    • Detailed guidance on the

      9

      specific structure, format, standards, and data elements for transmitting Individual Case Safety

      10

      Reports (ICSRs) is provided in the ICH E2B guideline.

    • Guidance on periodic reporting of

      11

      aggregated safety data is covered in the ICH E2C guideline.

    • 12

      This guideline provides recommendations that are harmonised to the extent possible given

      13

      differences in post-market safety reporting requirements among ICH regions.

    • 25

      2.1.2

      Adverse Drug Reaction (ADR)

      26

      Adverse drug reactions, as defined by local and regional requirements, concern noxious and

      27

      unintended responses to a medicinal product.

    • 66

      Product labelling may include information related to ADRs for the pharmaceutical class to

      67

      which the medicinal product belongs.

    • In some cases, ?other observations? can occur

      78

      without any associated AEs/ADRs, while in other cases ?other observations? can occur with

      79

      an associated AE/ADR.

    • 84

      For the purpose of reporting, requirements in some regions refer only to ADRs, whereas other

      85

      regions refer to AEs.

    • 86

      Refer to local and regional requirements for specifications and requirements on the reporting

      87

      of AEs or ADRs to each Regulatory Authority.

    • 89

      2.2

      90

      An ICSR is a description of an AE/ADR or other observation in an individual patient at a specific

      91

      point of time.

    • Cases missing any of the above criteria do not qualify for reporting; due diligence

      99

      should be exercised to collect the missing criteria.

    • 6

      104

      An ICSR can be a description of at least one AE/ADR, or other observation (see Section 5.1.3,

      105

      Other Observations), or both.

    • Primary sources, often referred

      112

      to as ?reporters?, include healthcare professionals and consumers who provide facts about a case

      113

      to the MAH or regulatory authority.

    • 127

      2.7

      128

      A digital platform is the software and technology used to enable transmission of information

      129

      between users (see Section 4.3, Digital Platforms).

    • Expedited Report

      Primary Source

      Healthcare Professional (HCP)

      Consumer

      Digital Platform

      7

      130

      2.8

      131

      An organised data collection system (ODCS) is an activity that gathers data in a planned manner,

      132

      thereby enabling review to be performed.

    • MAHs should also follow the

      286

      advice in Section 5.1.2, Important Safety Findings, about communicating safety findings to

      13

      287

      regulatory authorities.

    • MAHs may conduct an MRP

      395

      using a digital platform; in this situation the ICH E2B data element value for ?MRP? should be

      396

      selected.

    • 564

      Terms (e.g., AEs/ADRs, indication, and medical conditions) in the narrative should be accurately

      565

      reflected in appropriate ICH E2B data elements.

    • 638

      Regulatory Authorities and MAHs should consider and manage duplicates when reviewing

      639

      pharmacovigilance data, as duplicates negatively impact signal detection.

    • 651

      Duplicate detection relies on good quality data and is generally based on similarities but should

      652

      take into account that information in ICSRs may differ between reporters.

Cloudflare Helps Discover New Online Threat That Led to Largest Attack in Internet History

Retrieved on: 
Tuesday, October 10, 2023
Data Management, Security, Technology, Software, Networks, Internet, Multimedia, NYSE, Denial-of-service attack, Attack, CSO, Disclosure, Organization, HTTP/2, Madiga, Medical device, Risk management, Online shopping, Arms industry, Cloudflare

To help mitigate the impact of this new threat for the entire Internet ecosystem, Cloudflare developed technology purpose-built to automatically block any attack leveraging Rapid Reset for its customers.

Key Points: 
  • To help mitigate the impact of this new threat for the entire Internet ecosystem, Cloudflare developed technology purpose-built to automatically block any attack leveraging Rapid Reset for its customers.
  • “Successfully mitigating this threat for every critical infrastructure organization, customer, and the Internet at-large is the lifeblood of what Cloudflare stands for.
  • “Rapid Reset” provides threat actors with a powerful new way to attack victims across the Internet at an order of magnitude larger than anything the Internet has seen before.
  • Based on Cloudflare's data, several attacks leveraging Rapid Reset were nearly three times larger than the largest DDoS attack in Internet history.

MRP Announces Additional Enhancements, Identifying In-Market Accounts for B2B Revenue Teams

Retrieved on: 
Tuesday, October 10, 2023
MRP, ABM, Madiga, SVP, Noise, Intelligence, Sales, Martech

PHILADELPHIA, Oct. 10, 2023 /PRNewswire/ -- MRP, a leading global account intelligence provider that accelerates demand generation for the world's most ambitious brands, today announced further advancements to its breadth of buying interest data coverage.

Key Points: 
  • MRP customers will continue to benefit from the most comprehensive intelligence-driven demand generation solutions today, with the addition of lower funnel buying interest intelligence sources.
  • By adding tracked engagement with content aligned with buying interest, including review sites and case studies to MRPs already robust intent engine, B2B revenue teams can more effectively prioritize budgets and resources for maximum pipeline creation in a challenging market.
  • "Current market conditions are forcing B2B revenue teams to evaluate and rework their go to market motions.
  • I'm excited to bring our current and potential customers a different, approach to account-based marketing (ABM), focused on identifying buying signals amidst the noise," stated Chris Rack, CEO of MRP.

Prevailion Launches ARKTOS, a Malware Replication Platform for Network Security Validation

Retrieved on: 
Wednesday, April 20, 2022
Technology, Networks, Security, Bela, CEO, Behavior, Madiga, APT, Infection, Organization, Compromise, SolarWinds, EOC, Communication, HTTP, Policy, Intelligence, Thioxoethenylidene, IP, Business development, Risk, Time, Cryptocurrency, Risk management, Private investigator, Trickbot

Prevailion, a global leader in Compromise Breach MonitoringTM, announces the official launch of ARKTOS, the first malware replication platform that allows companies to safely test their network security readiness against the worlds most challenging early-stage malware.

Key Points: 
  • Prevailion, a global leader in Compromise Breach MonitoringTM, announces the official launch of ARKTOS, the first malware replication platform that allows companies to safely test their network security readiness against the worlds most challenging early-stage malware.
  • Sophisticated network intrusions often begin with a precursor, or initial access, malware like AnchorDNS.
  • Even with the best network security and monitoring tools in place, many companies still fail to detect precursor attacks.
  • ARKTOSs Malware Replication Profiles are based on the complex network behavior of real APT and commodity malware, including:
    Callback frequency and initiation policy (round-robin, random, user activity triggered, etc.)