Places and preferences: a longitudinal analysis of self-selection and contextual effects

Contextual theories of political behaviour assert that the contexts in which people live influence their political beliefs and vote choices. Most studies of political assimilation, however, rely on cross-sectional data and fail to distinguish contextual influence from self-selection of individuals into areas. This paper advances understanding of this longstanding controversy by tracking thousands of individuals over an 18-year period in England. We observe individual-level left-right position and party identification before and after residential moves across areas with different political orientations. We find evidence of both non-random selection into areas and assimilation of new entrants to the majority political orientation. However, these effects are contingent on the type of area an individual moves to and, moreover, contextual effects are weak and dominated by the larger effect of self-selection into areas.

Impact of the financial crisis on cross-border mergers and acquisitions and concentration in the global banking industry

The global banking industry has seen dramatic changes in the past 40 years. Most recently, the financial liberalization of emerging markets and the global financial crisis have significantly impacted the market share of banks worldwide. This article investigates the impact of the 2007–2008 financial crisis on cross-border mergers and acquisitions (M&As) in the banking sector and emphasizes the role of emerging-market banks in the postcrisis consolidation trend. Using M&A data and concentration data over the period 2000–2013, our analysis indicates that the financial crisis had a significant impact on worldwide M&As, especially on the direction of the transactions. Emerging-market banks appear to be major acquirers in the postcrisis period, targeting both neighboring countries and developed economies in Europe. We also observe an increase in bank concentration in developed markets most hit by the financial crisis, especially in the United States and the United Kingdom, whereas bank concentration decreased in emerging markets.