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How does a major financial network innovation influence firm performance? Despite much speculation the authors have little hard quantitative evidence about the impact of technology diffusion in financial services. In this paper, they use the entire adoption history for SWIFT (the Society for Worldwide Interbank Financial Telecommunication - standards provider and messaging carrier) matched to bank-level panel data for the US, Canada and 27 European countries. The dataset covers almost 7,000 banks (including 1,689 SWIFT adopters) between 1998 and 2005.
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