Professor of Banking
Steven Ongena is Full Professor of Banking at the University of Zurich and has held an SFI Senior Chair since 2013. He graduated from the University of Oregon with a PhD in Economics. Prof. Ongena’s papers have been published in leading academic journals in finance and economics. He currently sits on the editorial boards of a number of finance journals.
Listen to Prof. Steven Ongena speak about his research.
His research interests lie in the areas of empirical financial intermediation and applied financial econometrics.
A recent paper by Prof. Ongena and his co-authors investigates whether the ownership status of individual banks – i.e., foreign or domestic, influences their own market power and whether changes in foreign bank presence at the country level impacts the market power of individual banks. To do so, the researchers use a unique data set that covers 131 countries during the 1997 to 2010 period. Empirical analysis reveals that ownership status does not explain market power at the individual bank level. Further estimates find that foreign bank ownership at the country level does not translate into more competitive pricing and that foreign banks price their new products in a monopolistic manner. These results carry important policy and regulation implications as foreign ownership currently seems to translate into a less competitive financial market.