Misspecifiation of the Panzar-Rosse Model: Assessing Competition in the Banking Industry

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Do foreign banks increase competition? Evidence from emerging Asian and Latin American banking markets (2011, background): “23 Different findings on the relationship between bank size and competition have been reported in the literature: A positive relationship (Bikker and Haaf, 2002), a negative relationship (Bikker et al., 2006), and an indeterminate relationship (Angelini and Cetorelli, 2003).”
Competition in the Financial Sector: Overview of Competition Policies (2009, result): “There remain large variations across countries, however, and the ability to capture the degree of competition is still imperfect, as estimates vary considerably among studies for the same banking systems (Bikker, Spierdijk, and Finnie, 2006, review a number of studies).”
How Banking Competition changed over Time (2008, methodology): “As demonstrated by Bikker et al. (2006a), the P-R model generally employed in the literature is misspecified.”