共查询到20条相似文献,搜索用时 15 毫秒
1.
《Journal of Banking & Finance》2004,28(7):1671-1696
This paper demonstrates the importance of using a flexible cost function specification when analyzing economies of scale and estimating the cost effect of banking mergers. The inflexibility of the translog cost function is illustrated and results are compared to more flexible spline and Fourier cost functions. Using these different approaches we predict the ex ante effect on average cost from mergers over 1987–1998 using a balanced panel of 130 Norwegian banks. On average mergers are predicted to lower costs. Predictions using the Fourier or spline approach are in overall agreement with computed actual average merger-cost changes ex post. Cost effects of electronic payments are also estimated and exceed cost reductions associated with mergers. 相似文献
2.
Solomon Tadesse 《Journal of International Financial Markets, Institutions & Money》2006,16(5):425-445
The paper examines the technological structure of the Japanese banking sector before the onset of the banking crisis and structural reforms of the 1990s in order to shade light on the logic of the recent trend to consolidation in the industry. While diseconomies of scale are shown to be pervasive in the large banks, defying the rationale for consolidation, the paper presents evidence of an underlying technological progress that operates to significantly increase the industry's efficient minimum size, generating economies at larger banks, thus justifying the ongoing trend in consolidation. The results suggest that, to the extent that consumers can benefit from lower costs of bank production, policies that promote a more concentrated banking structure might be consistent with public interest. 相似文献
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Balasingham Balachandran Chandrasekhar Krishnamurti Michael Theobald Berty Vidanapathirana 《Journal of Corporate Finance》2012,18(5):1232-1247
Australian companies pay dividends semi-annually with smaller “interim” payments and larger “final” payments. Interim dividends are declared and paid within a less full information environment than final dividends. We analyze the interactions between the timing of dividends and their information content, controlling for share repurchase and tax effects. Dividend reductions that are not associated with share repurchases are statistically significantly related to future abnormal earnings and provide strong support for the information content of dividend reductions. The percentage of dividend reduction is stronger for interim than for final dividend reductions. The market reaction is negatively related to the reduction in imputation tax credit and reacts more aggressively and negatively to interim as compared to final dividend reductions. 相似文献
4.
Richard W. Nelson 《Journal of Banking & Finance》1985,9(2):177-191
In this paper, we develop and estimate a model of bank costs based on a theory of the branch cost function. First, we show that convenient branch location is important to banking customers and implies that banks do not necessarily operate branches at minimum average cost. This theoretical result provides a rationale for including branch variables in the bank cost function. Second, we estimate a statistical cost equation derived explicitly from assumptions about the branch cost function and including branch output variables. Our empirical results suggest substantial economies of scale at the branch level, but no economies from expansion by branching. Finally, we show that the resulting cost structure of the banking industry does not imply that a highly concentrated banking structure is necessary for efficiency. Thus, economies of scale would not be expected to force small banks out of the market, even if current restrictions on interstate banking are liberalized. 相似文献
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1.第三方网上支付平台概述 第三方网上支付是以支付公司为信用中介,以互联网为基础,通过整合多种银行卡等卡基支付工具,或者借助新兴的第三方网上支付工具(虚拟账户、虚拟货币),为买卖双方进行交易资金的代管,支付指令的转换,并提供增值服务的网络支付中介渠道. 相似文献
6.
This paper investigates the existence and extent of economies of scale in the European payment processing industry. It is expected that the creation of a single European payments area (SEPA) will spur consolidations and mergers among European payment processors to more fully realize payment economies of scale. We find evidence for the existence of significant economies of scale using data of eight European payment processors during the years 1990–2005. The analysis also reveals that ownership structure is an important factor to explain cost differences across European processing centers. 相似文献
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This study examines make or buy decisions for 196 hospitals in the United States using transaction costs as the basis for analysis. We examine the potential effects of quality and economies of scale on these decisions. We find evidence to support the view that transaction costs, quality and economies of scale play an important role in the integration decision and that this role depends on whether the transaction is industry-specific or generic in nature. This study examines the contracting choices of many firms across multiple transactions with a significantly larger data set than previous work in the area. 相似文献
9.
《Journal of Financial Economics》2004,72(1):41-62
This paper analyzes the timing of mergers motivated by economies of scale. We show that firms have an incentive to merge in periods of economic expansion. Relaxing the assumption that firms are price takers, we find that market power strengthens the firms’ incentive to merge and speeds up merger activity. Finally, comparing mergers with hostile takeovers we show that the way merger synergies are divided not only influences the acquirer's and the acquiree's returns from merging, but also the timing of the restructuring. 相似文献
10.
Joseph A. Fields Neil B. Murphy Dogan Tirtiroglu 《Journal of Financial Services Research》1993,7(2):111-125
In this article economies of scale are examined for Turkish banks. The literature on economies of scale in depository institutions is substantial. Yet, virtually all published articles have examined production/costs using data for developed countries, such as the United States, Canada, and Israel. Here we examine data from a country that has an economic system vastly different in terms of per capita productivity. Despite the differences, the results are similar across countries in that we find no significant evidence of economies of scale at output levels near the sample mean. This suggests that the conclusion from examining banks in developed countries—that a bank does not have to be large in order to be competitive from a cost perspective—holds in a less developed country. 相似文献
11.
Leonard V. Zumpano Harold W. Elder Glenn E. Crellin 《The Journal of Real Estate Finance and Economics》1993,6(3):237-250
Although the market for real estate brokerage services has been the subject of intense scrutiny for many years, little empirical evidence has been forthcoming regarding the performance of this market. This paper employs a translog cost function to model the underlying production function for the residential real estate brokerage industry. The results indicate that, except for very large firms, modest economies of scale persist throughout almost the entire range of output. Our results also indicate that while average firm size is increasing, many real estate firms are too small to take full advantage of the cost reductions possible with a larger scale of operation. Equally important, large firms do not command a competitive advantage over smaller firms, as fer as unit costs are concerned. 相似文献
12.
This paper provides parametric estimates of technical change, efficiency change, economies of scale, and total factor productivity growth for large banks (those with assets in excess of $1 billion) in the United States, over the period from 2000 to 2005. This is done by estimating an output distance function subject to theoretical regularity within a Bayesian framework. We find that failure to incorporate theoretical regularity conditions results in mismeasured shadow revenue and/or cost shares, which in turn leads to perverse conclusions regarding productivity growth. Our results from the regularity-constrained model show that total factor productivity of the large US banks grew at an average rate of 1.98% over the sample period. However, our estimates also show a clear downward trend in the growth rate of total factor productivity and our decomposition of the primal Divisia total factor productivity growth index into its three components – technical change, efficiency change, and economies of scale – indicates that technical change is the driving force behind this decline. 相似文献
13.
This study investigates scale economies in European real estate companies. We examine the effects of size on revenue, expense, profitability ratios and capital costs using panel data regression. We find that larger real estate companies in Europe are able to generate higher revenue per unit of company size, incur lower costs and produce higher returns. Net Operating Income ratios and return ratios increase while Selling, General and Administrative expense ratios decrease with the size of a company. However, we do not find evidence that larger companies have lower cost of debt or lower weighted average cost of capital. From our analysis, it is evident that particularly small firms can reap substantial economies of scale as they grow. However, the benefits of further growth tend to be much more modest for larger companies. Given REITs are on average larger than comparable non-REITs this may explain why REITs have lower economies of scale in expenses and revenues than Non-REIT real estate companies. 相似文献
14.
Jonathan Penny 《Journal of Financial Services Marketing》2001,6(2):190-201
This paper explores the development of person-to-person payments services, the impact this will have on further payments disintermediation across the financial services industry, and outlines possible opportunities and threats for UK financial services providers. The paper focuses on the P2P payments services and providers — including the leading banks — in the USA; the onset of online and P2P payments services in the UK; and the development of dedicated payments services for children and teenagers. 相似文献
15.
《Journal of Banking & Finance》1996,20(2):377-387
This note studies the Greek banking industry in 1980–1989 in order to estimate a representative cost structure functional form and search for economies of scale. The constructed model uses a translogarithmic cost function that includes the size of assets, capital, labor and technological progress. By using this model, which has been used by Benston et al. (1982), Hunter and Timme (1986) and others, we have been able to estimate for the first time an econometric form of the costs in Greek banking, and we have been able to investigate economies of scale in the Greek banking industry. Although operating-cost scale economies do exist, total-cost scale economies were not present. This has been shown through the utilization of a large sample of pooled data of all Greek banks for a period of ten years, and the use of two other samples of large and small banks. Moreover, by exploiting the properties of the model, we shall be able to show whether technological progress has been a factor which lowers bank costs. 相似文献
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Healthcare Financial Management Association;Principles Practices Board 《Healthcare financial management》2012,66(2):90-94
The Healthcare Financial Management Association through its Principles and Practices (P&P) Board publishes issue analyses to provide short-term practical assistance on emerging issues in healthcare financial management. In a new issue analysis excerpted in this article, HFMA's P&P Board provides some clarity to the healthcare industry on certain accounting and reporting issues resulting from incentive payments under the Medicare program for the meaningful use of electronic health record (EHR) technology. Consultation on these matters with independent auditors is highly recommended. 相似文献
18.
Julian Cooper 《Futures》1979,11(6):471-481
The rapid development ot science and technology, a historical Soviet goal, would bring radical changes—for which the leadership may be unprepared. The complex programme, an ambitious forecast and plan for the period 1980–2000, is nearing completion. Its measures are designed to relieve a potential labour shortage, to ensure energy and resource supplies, to increase agricultural productivity, and to raise living standards. Success depends on major structural changes, which in turn require the adoption of more flexible organisation, the extension of planning horizons beyond the traditional five-year term, and the acceleration of technical innovation. There is considerable scope for international collaboration and the creative potential of the Soviet economy should not be underestimated. 相似文献
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John Dawes 《Journal of Financial Services Marketing》2002,6(3):281-289
This study examined how well the verbal probability scale predicted shortterm penetration levels for methods of paying household bills. The overall error of prediction was 17 per cent (not 17 percentage points but 17 per cent of the estimated value). This is a good result in comparison to previous research that has used attitudinal, intentions or probabilistic measures. The verbal probability scale was markedly inaccurate for one particular bill payment method, but this is attributed to respondents' misinterpretation of the de.nition of this payment method when providing responses. The major source of error was respondents who gave a zero probability for using a particular method, but then did use that payment method in a subsequent fourweek period. This source of error is consistent with previous research on the prediction of future behaviour. The study also found that this particular source of error was not independent among respondents. Respondents who made this particular error of prediction for one bill payment method (ie gave a zero probability but then used that payment method) were more likely to do the same for another bill payment method. Overall, the results support the aggregate-level predictive ability of the verbal probability scale to estimate penetration levels. The study, however, highlights that all methods, whether attitudinal, intentions or probabilistic estimates of future demand, suffer from a degree of measurement error. If probabilistic estimates are to be used as an intermediate variable against which the impact of a marketing intervention is judged, the planned impact of that intervention would need to be large enough not to be confounded with measurement error. 相似文献