In order to achieve the above objectives, the analysis is divided into two. The first part uses the data that covers the whole sample period (i.e. from 2003 to 2012). The second part of the analysis splits the data into two sub-groups. The first sub-group uses data from 2003 to 2006 (i.e. pre-crisis period) and the second sub-group uses data from 2009 to 2012 (i.e. post crisis period). Data for the years 2007 and 2008 is excluded since this was the period of the financial crisis. We begin by looking at the whole sample period (2003-2012).