The privatisation experience in banking and insurance in Australia

McKenzie, Margaret and Keneley, Monica 2009, The privatisation experience in banking and insurance in Australia, in AFBC 2009 : Proceedings of the Australasian Finance and Banking Conference 2009, University New South Wales, Sydney, N.S.W..

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Title The privatisation experience in banking and insurance in Australia
Author(s) McKenzie, Margaret
Keneley, Monica
Conference name Australasian Finance and Banking Conference (22nd : 2009 : Sydney, New South Wales)
Conference location Sydney, New South Wales
Conference dates 16-18 December, 2009
Title of proceedings AFBC 2009 : Proceedings of the Australasian Finance and Banking Conference 2009
Editor(s) [Unknown]
Publication date 2009
Conference series Australasian Finance and Banking Conference
Publisher University New South Wales
Place of publication Sydney, N.S.W.
Keyword(s) Banks
insurance
institutions
privatisation
performance
measure
Summary The role of ownership in performance of financial institutions is under-examined yet remains a topical issue. Whilst ownership changes in the banking sector have been evaluated in several studies, the link with other sectors has not been a focus of in depth analysis. A controlled comparison of performance between privatising banks and insurance firms in Australia is undertaken via a ‘meso’ approach of pairing privatising with comparator private institutions across the event period. Performance is evaluated using commercial CAMEL indicators and applying Wilcoxon rank tests (Otchere and Chan 2003) which provide statistically robust findings in the small annual data samples available around the privatisation event. Performance of privatising and private institutions is found to be quite similar before and after the event. For the privatising banks, some indicator medians improved to commercial levels (CBA) or were mostly unchanged (Colonial). By contrast one of the privatising insurance institutions (Suncorp) was found to outperform the private insurance comparator while there was little difference for the other (GIO).
Language eng
Field of Research 140207 Financial Economics
Socio Economic Objective 910204 Industry Costs and Structure
HERDC Research category E1 Full written paper - refereed
ERA Research output type E Conference publication
HERDC collection year 2009
Persistent URL http://hdl.handle.net/10536/DRO/DU:30023881

Document type: Conference Paper
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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