This study uses banks' balance sheet and income statement data for an unbalanced panel of 403

Size: px
Start display at page:

Download "This study uses banks' balance sheet and income statement data for an unbalanced panel of 403"

Transcription

1 APPENDIX A. DATA DESCRIPTION This study uses banks' balance sheet and income statement data for an unbalanced panel of 403 Italian CBs over the period , obtained from the Bilbank-Italian Banking Association database. The analysis also incorporates data on environmental variables that could affect bank efficiency. Information on the number of firms that went bankrupt over the total number of registered ones (DEFAULT_RATE) at the province level 1 are provided by Istituto Tagliacarne. Data on population, capital, patents, labour force and urban typology are obtained by the Italian Bureau of Statistics - ISTAT. The number of branches for each bank at the municipal level as well as data on deposits and loans at a provincial detail are taken from the Bank of Italy reports. Table A1 reports the sample coverage; Table A2 presents some descriptive statistics on the inputs and outputs used in estimating the cost frontier function. Descriptive statistics on variables used in estimating the growth model are shown in Table A3. 1 From an administrative point of view, Italy is divided into 20 regions, 110 provinces and 8,047 municipalities.

2 Table A1. Sample coverage Number Cooperative banks: sample Cooperative banks: national total Italian banks: national total Cooperative banks: sample coverage 91.28% 91.59% 93.29% 95.49% 96.39% 97.08% 96.19% 95.32% Cooperative banks: population percentage 54.98% 54.59% 54.07% 53.43% 54.61% 55.54% 55.81% 56.29% Branches Cooperative banks: sample 3,601 3,777 4,061 4,187 4,327 4,327 4,429 4,431 Cooperative banks: national total 3,752 3,922 4,109 4,243 4,373 4,427 4,445 4,449 Italian banks: national total 32,337 33,225 34,139 34,036 33,663 33,607 32,881 31,761 Cooperative banks: sample coverage 95.98% 96.30% 98.83% 98.68% 98.95% 97.74% 99.64% 99.60% Cooperative banks: population percentage 11.60% 11.80% 12.04% 12.47% 12.99% 13.17% 13.52% 14.01% Total assets (billions) Cooperative banks: sample Cooperative banks: national total Italian banks: national total 2,461 2,729 3,337 3,316 3,136 3,235 3,286 3,115 Cooperative banks: sample coverage 97% 97% 98% 99% 98% 100% 100% 99% Cooperative banks: population percentage 5.47% 5.43% 4.88% 5.21% 5.76% 5.77% 6.21% 6.74% This table reports the number of banks, branches and total assets for the cooperative bank group, both in the sample and population, and the whole Italian banking system for each calendar year. Sample coverage of the cooperative bank group and quota of the Italian cooperative banks on the whole Italian banking system are also provided. Source: Bank of Italy Annual Report and Bilbank (various years) - ABI data set. 2

3 Table A2. Descriptive statistics of input and output variables for the frontier model ( ) Variable 1 Variable definition Obs Mean Std. Dev. Min Max Total production cost (i.e. 3,151 8, , , Total production cost personnel and other administrative fees) 2 Personnel expenses over the 3, Price of labour (p1) number of employees Interests expenses over total 3, Price of funding (p2) funding Administrative expenses 3, Price of fixed assets (p3) over total fixed assets Total amount of loans to 3, , , , ,004, Total customer loans (q1) customers Total customer demand 3, , , , ,452, Total customer deposits (q2) deposits Total of other earning assets 3, , , , ,054, Total other earning assets (q3) (i.e. government bonds, corporate bonds and stocks) Total equity capital Total equity capital 3 3,046 45, , , , Notes: 1 All values - except for the prices of funding and fixed assets - are in thousands of euros and deflated by using the national consumer price index provided by ISTAT (base: 2010); 2 We use the definition of operating expenses as shown in the income statement excluding net provisions for risks and charges, net adjustments to/recoveries of property and equipment, net adjustments to/recoveries of intangible assets, and other operating expenses; 3 Total capital is defined as the sum of reimbursable shares, equity instruments, reserves, share premium reserves, share capital, treasury shares, and net income (loss). 3

4 Table A3. Descriptive statistics of variables used in the growth model ( ) Std. Obs Mean Variables 1 Description Dev. Min Max FQ Cost Efficiency Credit volume of minor banks FV relative to GDP (for millions of euros) GPP Gross Provincial Product (millions of euros) , , , OCCUPATION_GROWTH Growth rate of labour force CAPITAL Stock of capital (millions of euros) , , , , PATENTS Number of patents , ATM_BRANCHES Number of ATMs per branch BRANCHESpc Number of branches for 1,000 inhabitants % of CB's branches over the national CBs_BRANCHES total Deposit per inhabitant (thousands of DEPOSITpc euros) Notes: 1 All values are deflated by using the national consumer price index provided by ISTAT (base: 2010). 4

5 APPENDIX B. MODEL ESTIMATION AND LR TESTS Table B1 reports the parameter estimates of the model M4 (Table 4), that includes internal and territorial banking characteristics. Table B2 presents the results of the various null hypotheses tests associated with the inefficiency term of the model. 5

6 Table B1. ML estimates for the model M4 Coefficient Estimate Standard Error t-ratio Stochastic Frontier k k k p1 p j1k j1k j1k j 2k j 2k j3k m1 p m1p m2 p k1 p k1 p k 2 p k 2 p k 3 p k 3 p t t2 E Inefficiency Model SIZE DIV REV LLP NPL BRANCHES HQ_DISTANCE H _ STAT POP DEFAULT_ RATE Loglikelihood Function LL 1, LR test of the one sided error 1,

7 Table B2. Hypotheses testing for the functional form of the stochastic production function H0 Hypothesis tested Log_ λ Number of 2 Decision whit 0.05 likelihood restrictions respect to H0 jk mp kp 0 j, k, p, m Cobb-Douglas specification Rejected t 2 t 0 Only biased technical change Rejected 0 DIV REV SIZE LLP NPL BRANCHES Inefficiency factors have 0 zero influence HQ _ DISTANCE H _ STAT POP DEFAULT _ RATE Rejected Environment, territorial BRANCHES HQ _ DISTANCE H _ STAT POP DEFAULT _ R features and branches have zero influence Rejected 0 Environment and HQ _ DISTANCE H _ STAT POP DEFAULT _ RATE territorial features have zero influence Rejected 0 POP DEFAULT Environment has zero _ RATE influence Rejected 7

8 APPENDIX C. SOME INSIGHTS ON COST EFFICIENCY DISTRIBUTIONS Cost efficiency scores (CE), representing the relative distance from the cost frontier of the bestpractice banks, are computed for all banks over the period The average CE over the sample period and across the banks sample is 0.84, indicating that on average banks may further reduce their actual costs by 16% to be fully efficient. The average CE per year slightly increases over time. In Figure C1, the CE downturn starting in 2008 is consistent with the Lehman bankruptcy; a further but less intense fall can be seen in 2011 when the Italian banks faced a more severe sovereign debt crisis. The Kernel density plot of CE (Figure C2) shows an asymmetric distribution around the mean value; and the left tail of the distribution is thin. The distribution of the CE suggest there is a small number of banks operating at a low level of cost inefficiency: only 3% of banks show a score lower than Figure C1. Cost Efficiency dynamics 8

9 Figure C2. Kernel density of Cost Efficiency

10 APPENDIX D. ROBUSTNESS CHECKS Some checks are carried out to further verify the robustness of results with respect to the estimation strategies. Model M4 is adopted as the baseline for robustness checks (Table D1). To support our modelling strategies, we consider different model estimators, a parsimonious cost function and a different cost function approach. Following the Greene approach to frontier function (Greene, 2005), we estimate model M4 by means of fixed and random effects estimators. Results show no significant differences in parameter estimates with respect to a ML approach. A Cobb Douglas function is estimated instead of the translog specification; the LR test strongly rejects the Cobb Douglas in favour of a flexible specification (see Table 2 in Appendix B). Berger and Humphrey (1992) identify two main approaches for the selection of inputs and outputs: the production approach and the intermediation approach. The first assumes that banks produce loans and deposits, using labour and capital as inputs, and that the number and type of transactions or documents processed as measures of outputs. The second approach perceives banks as financial intermediaries between savers and investors and may be a more appropriate measure for evaluating financing institutions as a whole. The other two versions of the intermediation approach (apart from the value added used in this analysis) are the asset and the user cost approaches. The asset approach is a reduced form modelling of the banking activity. Deposits and other liabilities, together with real resources (labour and capital) are defined as inputs, whereas the output set only includes bank assets. This approach was first suggested by Sealey and Lindley (1977). The user-cost approach determines whether a financial product is an input or an output on the basis of its net contribution to bank revenue. If the financial returns on an asset exceed the opportunity cost of the funds or if the financial costs of a liability are less than the opportunity cost, then they are considered as outputs. Otherwise, they are considered as inputs. Then, as a robustness check we suggest testing the intermediation approach proposed by Sealey and Lindley (1977) and positing deposits and other liabilities, together with real resources 10

11 (labour and capital) as inputs, whereas the output set only includes bank assets. Results largely confirm those obtained by using the valued added approach. Table D1. Parameter estimates of the inefficiency models with respect functional form and estimation approach Model 4 Model 6 Model 7 Model 8 Model 9 Full FE RE Cobb- Douglas Asset Approach SIZE *** *** *** *** *** (0.030) (0.007) (0.007) (0.005) (0.036) DIV REV 0.727*** 0.447*** 0.428*** 0.662*** 0.386** (0.110) (0.043) (0.042) (0.049) (0.164) LLP *** *** 0.046*** (0.020) (0.323) (0.314) (0.010) (0.029) NPL 0.019*** 0.080*** 0.062*** 0.069*** 0.036** (0.010) (0.006) (0.006) (0.008) (0.016) BRANCHES 0.155*** 0.174*** 0.166*** *** (0.000) (0.010) (0.009) (0.007) (0.031) HQ_DISTANCE 0.049*** *** (0.020) (0.005) (0.005) (0.004) (0.016) H_STAT 0.329*** 0.239*** 0.247*** 0.290*** 0.285*** (0.030) (0.013) (0.013) (0.014) (0.032) POP *** 0.008* *** (0.010) (0.005) (0.004) (0.012) (0.070) DEFAULT_RATE 0.083*** 0.054*** 0.035*** 0.076*** (0.010) (0.005) (0.005) (0.008) (0.029) CONST 3.448*** 3.909*** 4.839*** 1.447*** *** (0.140) (1.487) (1.445) (0.060) (0.546) Yearly sample size LL 1, , , Note: The sample includes an unbalanced panel of cooperative banks observed over the period The dependent variable for all the models is the inefficiency term it from Eq. (3). The independent variables are as follows: internal bank features (SIZE, DIV REV ), risks (LLP, NPL), spatial characteristics and market conditions (BRANCHES, HQ_DISTANCE, H_STAT), population and default ratio (POP and DEFAULT_RATE). Statistical significance is indicated by ***, ** and * for the 1%, 5% and 10% level, respectively. Standard errors are reported in parentheses. 11

12 REFERENCES Berger, A. N., & Humphrey, D. B. (1992). Measurement and efficiency issues in commercial banking, in Z. Griliches (Ed.) Output Measurement in the Service Sectors, pp The University of Chicago Press, Chicago. Greene, W. (2005). Reconsidering heterogeneity in panel data estimators of the stochastic frontier model. Journal of Econometrics, 126, Sealey, C. W., & Lindley, J. T. (1977). Inputs, outputs, and a theory of production and cost at depository financial institutions. Journal of Finance, 32,

RELATIONSHIP LENDING, DISTANCE AND EFFICIENCY IN A HETEROGENEOUS BANKING SYSTEM

RELATIONSHIP LENDING, DISTANCE AND EFFICIENCY IN A HETEROGENEOUS BANKING SYSTEM WP 11-41 Cristina Bernini University of Bologna, Italy Paola Brighi University of Bologna, Italy The Rimini Centre for Economic Analysis (RCEA), Italy RELATIONSHIP LENDING, DISTANCE AND EFFICIENCY IN A

More information

Time Invariant and Time Varying Inefficiency: Airlines Panel Data

Time Invariant and Time Varying Inefficiency: Airlines Panel Data Time Invariant and Time Varying Inefficiency: Airlines Panel Data These data are from the pre-deregulation days of the U.S. domestic airline industry. The data are an extension of Caves, Christensen, and

More information

Final Exam - section 1. Thursday, December hours, 30 minutes

Final Exam - section 1. Thursday, December hours, 30 minutes Econometrics, ECON312 San Francisco State University Michael Bar Fall 2013 Final Exam - section 1 Thursday, December 19 1 hours, 30 minutes Name: Instructions 1. This is closed book, closed notes exam.

More information

Cost Efficiency in Primary Care Contracting: A Stochastic Frontier Cost Function Approach

Cost Efficiency in Primary Care Contracting: A Stochastic Frontier Cost Function Approach HEcon2002 Cost Efficiency in Primary Care Contracting: A Stochastic Frontier Cost Function Approach July 2002 Jaume Puig-Junoy*, Vicente Ortún Universitat Pompeu Fabra, Department of Economics and Business,

More information

Return to Retail Banking and Payments

Return to Retail Banking and Payments Return to Retail Banking and Payments Iftekhar Hasan Rensselaer Polytechnic Institute and Bank of Finland Heiko Schmiedel European Central Bank Liang Song Rensselaer Polytechnic Institute ECB-DNB Conference,

More information

Risk Adjusted Efficiency and the Role of Risk in European Banking

Risk Adjusted Efficiency and the Role of Risk in European Banking Risk Adjusted Efficiency and the Role of Risk in European Banking Mohamed Shaban Universy of Leicester School of Management A co-authored work-in-progress paper wh Mike Tsionas (Lancaster) and Meryem Duygun

More information

Economic Freedom and Government Efficiency: Recent Evidence from China

Economic Freedom and Government Efficiency: Recent Evidence from China Department of Economics Working Paper Series Economic Freedom and Government Efficiency: Recent Evidence from China Shaomeng Jia Yang Zhou Working Paper No. 17-26 This paper can be found at the College

More information

Do Interconnections Matter for Bank Efficiency?

Do Interconnections Matter for Bank Efficiency? Do Interconnections Matter for Bank Efficiency? Benjamin Miranda Tabak Universidade Católica de Brasília Solange Maria Guerra Banco Central do Brasil Rodrigo César de Castro Miranda Banco Central do Brasil

More information

The Divergence of Long - and Short-run Effects of Manager s Shareholding on Bank Efficiencies in Taiwan

The Divergence of Long - and Short-run Effects of Manager s Shareholding on Bank Efficiencies in Taiwan Journal of Applied Finance & Banking, vol. 4, no. 6, 2014, 47-57 ISSN: 1792-6580 (print version), 1792-6599 (online) Scienpress Ltd, 2014 The Divergence of Long - and Short-run Effects of Manager s Shareholding

More information

Cost and profit efficiency in banking: an international comparison of Europe, Japan and USA. Economics Letters, 63 (1999), 39-44

Cost and profit efficiency in banking: an international comparison of Europe, Japan and USA. Economics Letters, 63 (1999), 39-44 Cost and profit efficiency in banking: an international comparison of Europe, Japan and USA Economics Letters, 63 (1999), 39-44 Joaquín Maudos (Universitat de València & IVIE) José M. Pastor (Universitat

More information

Current Account Balances and Output Volatility

Current Account Balances and Output Volatility Current Account Balances and Output Volatility Ceyhun Elgin Bogazici University Tolga Umut Kuzubas Bogazici University Abstract: Using annual data from 185 countries over the period from 1950 to 2009,

More information

EVALUATING THE PERFORMANCE OF COMMERCIAL BANKS IN INDIA. D. K. Malhotra 1 Philadelphia University, USA

EVALUATING THE PERFORMANCE OF COMMERCIAL BANKS IN INDIA. D. K. Malhotra 1 Philadelphia University, USA EVALUATING THE PERFORMANCE OF COMMERCIAL BANKS IN INDIA D. K. Malhotra 1 Philadelphia University, USA Email: MalhotraD@philau.edu Raymond Poteau 2 Philadelphia University, USA Email: PoteauR@philau.edu

More information

Online Appendix Only Funding forms, market conditions and dynamic effects of government R&D subsidies: evidence from China

Online Appendix Only Funding forms, market conditions and dynamic effects of government R&D subsidies: evidence from China Online Appendix Only Funding forms, market conditions and dynamic effects of government R&D subsidies: evidence from China By Di Guo a, Yan Guo b, Kun Jiang c Appendix A: TFP estimation Firm TFP is measured

More information

Bank Profitability and Risk-Taking in a Low Interest Rate Environment: The Case of Thailand

Bank Profitability and Risk-Taking in a Low Interest Rate Environment: The Case of Thailand Bank Profitability and Risk-Taking in a Low Interest Rate Environment: The Case of Thailand Lathaporn Ratanavararak Nasha Ananchotikul PIER Research Exchange 3 May 2018 1 Low interest rate environment

More information

Impact of credit risk (NPLs) and capital on liquidity risk of Malaysian banks

Impact of credit risk (NPLs) and capital on liquidity risk of Malaysian banks Available online at www.icas.my International Conference on Accounting Studies (ICAS) 2015 Impact of credit risk (NPLs) and capital on liquidity risk of Malaysian banks Azlan Ali, Yaman Hajja *, Hafezali

More information

The Role of APIs in the Economy

The Role of APIs in the Economy The Role of APIs in the Economy Seth G. Benzell, Guillermo Lagarda, Marshall Van Allstyne June 2, 2016 Abstract Using proprietary information from a large percentage of the API-tool provision and API-Management

More information

Econometric Methods for Valuation Analysis

Econometric Methods for Valuation Analysis Econometric Methods for Valuation Analysis Margarita Genius Dept of Economics M. Genius (Univ. of Crete) Econometric Methods for Valuation Analysis Cagliari, 2017 1 / 25 Outline We will consider econometric

More information

Return to Retail Banking and Payments

Return to Retail Banking and Payments Return to Retail Banking and Payments Iftekhar Hasan 1 Rensselaer Polytechnic Institute and Bank of Finland 110 8th Street - Pittsburgh Building, Troy, NY, U.S.A., 12180 Heiko Schmiedel 2 European Central

More information

Competition and the pass-through of unconventional monetary policy: evidence from TLTROs

Competition and the pass-through of unconventional monetary policy: evidence from TLTROs Competition and the pass-through of unconventional monetary policy: evidence from TLTROs M. Benetton 1 D. Fantino 2 1 London School of Economics and Political Science 2 Bank of Italy Boston Policy Workshop,

More information

The dynamics of total factor productivity and its components: Russian plastic production

The dynamics of total factor productivity and its components: Russian plastic production The dynamics of total factor productivy and s components: Russian plastic production Ipatova Irina, HSE NRU, Moscow Introduction Russian plastic production sector Plastic production is a part of a medium-tech

More information

FS January, A CROSS-COUNTRY COMPARISON OF EFFICIENCY OF FIRMS IN THE FOOD INDUSTRY. Yvonne J. Acheampong Michael E.

FS January, A CROSS-COUNTRY COMPARISON OF EFFICIENCY OF FIRMS IN THE FOOD INDUSTRY. Yvonne J. Acheampong Michael E. FS 01-05 January, 2001. A CROSS-COUNTRY COMPARISON OF EFFICIENCY OF FIRMS IN THE FOOD INDUSTRY. Yvonne J. Acheampong Michael E. Wetzstein FS 01-05 January, 2001. A CROSS-COUNTRY COMPARISON OF EFFICIENCY

More information

What Determines the Banking Sector Performance in Globalized. Financial Markets: The Case of Turkey?

What Determines the Banking Sector Performance in Globalized. Financial Markets: The Case of Turkey? What Determines the Banking Sector Performance in Globalized Financial Markets: The Case of Turkey? Ahmet Faruk Aysan Boğaziçi University, Department of Economics Şanli Pinar Ceyhan Bilgi University, Department

More information

Cost and profit efficiency of Islamic banks: international evidence using the stochastic frontier approach

Cost and profit efficiency of Islamic banks: international evidence using the stochastic frontier approach Cost and profit efficiency of Islamic banks: international evidence using the stochastic frontier approach AUTHORS ARTICLE INFO JOURNAL FOUNDER Izah Mohd Tahir Sudin Haron Izah Mohd Tahir and Sudin Haron

More information

COMPARING THE EFFICIENCY OF ISLAMIC AND CONVENTIONAL BANKS BASED ON THE EVIDENCE FROM MALAYSIA

COMPARING THE EFFICIENCY OF ISLAMIC AND CONVENTIONAL BANKS BASED ON THE EVIDENCE FROM MALAYSIA COMPARING THE EFFICIENCY OF ISLAMIC AND CONVENTIONAL BANKS BASED ON THE EVIDENCE FROM MALAYSIA MUHAMAD AZHARI WAHID Markfield Institute of Higher Education, Leicester, UK Universiti Sains Islam Malaysia

More information

A COMPARATIVE STUDY OF EFFICIENCY IN CENTRAL AND EASTERN EUROPEAN BANKING SYSTEMS

A COMPARATIVE STUDY OF EFFICIENCY IN CENTRAL AND EASTERN EUROPEAN BANKING SYSTEMS A COMPARATIVE STUDY OF EFFICIENCY IN CENTRAL AND EASTERN EUROPEAN BANKING SYSTEMS Alina Camelia ŞARGU "Alexandru Ioan Cuza" University of Iași Faculty of Economics and Business Administration Doctoral

More information

THE PERSISTENCE OF UNEMPLOYMENT AMONG AUSTRALIAN MALES

THE PERSISTENCE OF UNEMPLOYMENT AMONG AUSTRALIAN MALES THE PERSISTENCE OF UNEMPLOYMENT AMONG AUSTRALIAN MALES Abstract The persistence of unemployment for Australian men is investigated using the Household Income and Labour Dynamics Australia panel data for

More information

Impact of Capital Market Expansion on Company s Capital Structure

Impact of Capital Market Expansion on Company s Capital Structure Impact of Capital Market Expansion on Company s Capital Structure Saqib Muneer 1, Muhammad Shahid Tufail 1, Khalid Jamil 2, Ahsan Zubair 3 1 Government College University Faisalabad, Pakistan 2 National

More information

Quantitative Techniques Term 2

Quantitative Techniques Term 2 Quantitative Techniques Term 2 Laboratory 7 2 March 2006 Overview The objective of this lab is to: Estimate a cost function for a panel of firms; Calculate returns to scale; Introduce the command cluster

More information

Public Expenditure on Capital Formation and Private Sector Productivity Growth: Evidence

Public Expenditure on Capital Formation and Private Sector Productivity Growth: Evidence ISSN 2029-4581. ORGANIZATIONS AND MARKETS IN EMERGING ECONOMIES, 2012, VOL. 3, No. 1(5) Public Expenditure on Capital Formation and Private Sector Productivity Growth: Evidence from and the Euro Area Jolanta

More information

Efficiency and Regulation of Electricity and Gas Distribution Companies

Efficiency and Regulation of Electricity and Gas Distribution Companies Efficiency and Regulation of Electricity and Gas Distribution Companies How to use efficiency measurement in regulation? anel Tooraj Jamasb: Benchmarking and Regulation in Energy Industry: An Overview

More information

Is There a Relationship between EBITDA and Investment Intensity? An Empirical Study of European Companies

Is There a Relationship between EBITDA and Investment Intensity? An Empirical Study of European Companies 2012 International Conference on Economics, Business Innovation IPEDR vol.38 (2012) (2012) IACSIT Press, Singapore Is There a Relationship between EBITDA and Investment Intensity? An Empirical Study of

More information

CARDIFF BUSINESS SCHOOL WORKING PAPER SERIES

CARDIFF BUSINESS SCHOOL WORKING PAPER SERIES CARDIFF BUSINESS SCHOOL WORKING PAPER SERIES Cardiff Economics Working Papers Jenifer Daley and Kent Matthews Measuring bank efficiency: tradition or sophistication? A note E2009/24 Cardiff Business School

More information

1) The Effect of Recent Tax Changes on Taxable Income

1) The Effect of Recent Tax Changes on Taxable Income 1) The Effect of Recent Tax Changes on Taxable Income In the most recent issue of the Journal of Policy Analysis and Management, Bradley Heim published a paper called The Effect of Recent Tax Changes on

More information

Presidential and Congressional Vote-Share Equations: November 2018 Update

Presidential and Congressional Vote-Share Equations: November 2018 Update Presidential and Congressional Vote-Share Equations: November 2018 Update Ray C. Fair November 14, 2018 Abstract The three vote-share equations in Fair (2009) are updated using data available as of November

More information

Input Tariffs, Speed of Contract Enforcement, and the Productivity of Firms in India

Input Tariffs, Speed of Contract Enforcement, and the Productivity of Firms in India Input Tariffs, Speed of Contract Enforcement, and the Productivity of Firms in India Reshad N Ahsan University of Melbourne December, 2011 Reshad N Ahsan (University of Melbourne) December 2011 1 / 25

More information

The distribution of the Return on Capital Employed (ROCE)

The distribution of the Return on Capital Employed (ROCE) Appendix A The historical distribution of Return on Capital Employed (ROCE) was studied between 2003 and 2012 for a sample of Italian firms with revenues between euro 10 million and euro 50 million. 1

More information

A geographically weighted approach to measuring efficiency in panel data: The case of US saving banks

A geographically weighted approach to measuring efficiency in panel data: The case of US saving banks A geographically weighted approach to measuring efficiency in panel data: The case of US saving banks This version: April 28, 2013 Abstract This paper discusses a new approach to controlling for the environment

More information

ENTREPRENEURSHIP AND TAXATION: RELATIONSHIP BETWEEN THE CORPORATE TAX RATE AND THE NEW BUSINESS FORMATION IN THE CZECH REPUBLIC

ENTREPRENEURSHIP AND TAXATION: RELATIONSHIP BETWEEN THE CORPORATE TAX RATE AND THE NEW BUSINESS FORMATION IN THE CZECH REPUBLIC ENTREPRENEURSHIP AND TAXATION: RELATIONSHIP BETWEEN THE CORPORATE TAX RATE AND THE NEW BUSINESS FORMATION IN THE CZECH REPUBLIC Ondřej Dvouletý Abstract Economic and tax policies are important factors

More information

The ghosts of frontiers past: Non homogeneity of inefficiency measures (input-biased inefficiency effects)

The ghosts of frontiers past: Non homogeneity of inefficiency measures (input-biased inefficiency effects) The ghosts of frontiers past: Non homogeneity of inefficiency measures (input-biased inefficiency effects) Daniel Gregg Contributed presentation at the 60th AARES Annual Conference, Canberra, ACT, 2-5

More information

Cross-country comparisons of efficiency: Evidence from the UK and Italian investment firms

Cross-country comparisons of efficiency: Evidence from the UK and Italian investment firms Journal of Banking & Finance 28 (2004) 1363 1383 www.elsevier.com/locate/econbase Cross-country comparisons of efficiency: Evidence from the UK and Italian investment firms Elena Beccalli * Accounting

More information

Handling losses in translog profit models

Handling losses in translog profit models MPRA Munich Personal RePEc Archive Handling losses in translog profit models J.W.B. Bos and M. Koetter Utrecht School of Economics 26 September 2006 Online at https://mpra.ub.uni-muenchen.de/1433/ MPRA

More information

Gain or Loss: An analysis of bank efficiency of the bail-out recipient banks during

Gain or Loss: An analysis of bank efficiency of the bail-out recipient banks during Gain or Loss: An analysis of bank efficiency of the bail-out recipient banks during 2008-2010 Ali Ashraf, Ph.D. Assistant Professor of Finance Department of Marketing & Finance Frostburg State University

More information

Nature or Nurture? Data and Estimation Appendix

Nature or Nurture? Data and Estimation Appendix Nature or Nurture? Data and Estimation Appendix Alessandra Fogli University of Minnesota and CEPR Laura Veldkamp NYU Stern School of Business and NBER March 11, 2010 This appendix contains details about

More information

R&D Tax Incentives: A Comparison of the Incentive Effects of Refundable and Non-refundable Tax Credits. Summer Research Paper

R&D Tax Incentives: A Comparison of the Incentive Effects of Refundable and Non-refundable Tax Credits. Summer Research Paper R&D Tax Incentives: A Comparison of the Incentive Effects of Refundable and Non-refundable Tax Credits Summer Research Paper Christy MacDonald University of Waterloo Abstract: Tax incentives to encourage

More information

Public Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized

Public Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized. Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Draft 6 January 2008 A Note on the Indonesian Sub-National Government Surplus, 2001-2006

More information

Why are real interest rates so low? Secular stagnation and the relative price of capital goods

Why are real interest rates so low? Secular stagnation and the relative price of capital goods The facts Why are real interest rates so low? Secular stagnation and the relative price of capital goods Bank of England and LSE June 2015 The facts This does not reflect the views of the Bank of England

More information

Cross- Country Effects of Inflation on National Savings

Cross- Country Effects of Inflation on National Savings Cross- Country Effects of Inflation on National Savings Qun Cheng Xiaoyang Li Instructor: Professor Shatakshee Dhongde December 5, 2014 Abstract Inflation is considered to be one of the most crucial factors

More information

Forecasting Volatility movements using Markov Switching Regimes. This paper uses Markov switching models to capture volatility dynamics in exchange

Forecasting Volatility movements using Markov Switching Regimes. This paper uses Markov switching models to capture volatility dynamics in exchange Forecasting Volatility movements using Markov Switching Regimes George S. Parikakis a1, Theodore Syriopoulos b a Piraeus Bank, Corporate Division, 4 Amerikis Street, 10564 Athens Greece bdepartment of

More information

Moral hazard in a voluntary deposit insurance system: Revisited

Moral hazard in a voluntary deposit insurance system: Revisited MPRA Munich Personal RePEc Archive Moral hazard in a voluntary deposit insurance system: Revisited Pablo Camacho-Gutiérrez and Vanessa M. González-Cantú 31. May 2007 Online at http://mpra.ub.uni-muenchen.de/3909/

More information

Research of the impact of agricultural policies on the efficiency of farms

Research of the impact of agricultural policies on the efficiency of farms Research of the impact of agricultural policies on the efficiency of farms Bohuš Kollár 1, Zlata Sojková 2 Slovak University of Agriculture in Nitra 1, 2 Department of Statistics and Operational Research

More information

What Drives the Expansion of the Peer-to-Peer Lending?

What Drives the Expansion of the Peer-to-Peer Lending? What Drives the Expansion of the Peer-to-Peer Lending? Olena Havrylchyk 1, Carlotta Mariotto 2, Talal Rahim 3, Marianne Verdier 4 1 LEM, univerisity of Lille; CEPII and LabexReFi 2 ESCP-Europe, LabeX ReFi

More information

Econ 371 Problem Set #4 Answer Sheet. 6.2 This question asks you to use the results from column (1) in the table on page 213.

Econ 371 Problem Set #4 Answer Sheet. 6.2 This question asks you to use the results from column (1) in the table on page 213. Econ 371 Problem Set #4 Answer Sheet 6.2 This question asks you to use the results from column (1) in the table on page 213. a. The first part of this question asks whether workers with college degrees

More information

Iranian Economic Review, Vol.15, No.28, Winter Business Cycle Features in the Iranian Economy. Asghar Shahmoradi Ali Tayebnia Hossein Kavand

Iranian Economic Review, Vol.15, No.28, Winter Business Cycle Features in the Iranian Economy. Asghar Shahmoradi Ali Tayebnia Hossein Kavand Iranian Economic Review, Vol.15, No.28, Winter 2011 Business Cycle Features in the Iranian Economy Asghar Shahmoradi Ali Tayebnia Hossein Kavand Abstract his paper studies the business cycle characteristics

More information

The Impact of Tax Policies on Economic Growth: Evidence from Asian Economies

The Impact of Tax Policies on Economic Growth: Evidence from Asian Economies The Impact of Tax Policies on Economic Growth: Evidence from Asian Economies Ihtsham ul Haq Padda and Naeem Akram Abstract Tax based fiscal policies have been regarded as less policy tool to overcome the

More information

Cost Efficiency Of Indian Public Sector Banks With Information Technology (It) Investments- A Stochastic Frontier Approach (SFA)

Cost Efficiency Of Indian Public Sector Banks With Information Technology (It) Investments- A Stochastic Frontier Approach (SFA) Australian Journal of Basic and Applied Sciences, 7(7): 486-493, 2013 ISSN 1991-8178 Cost Efficiency Of Indian Public Sector Banks With Information Technology (It) Investments- A Stochastic Frontier Approach

More information

Lottery Purchases and Taxable Spending: Is There a Substitution Effect?

Lottery Purchases and Taxable Spending: Is There a Substitution Effect? Lottery Purchases and Taxable Spending: Is There a Substitution Effect? Kaitlin Regan April 2004 I would like to thank my advisor, Professor John Carter, for his guidance and support throughout the course

More information

What is the effect of the financial crisis on the determinants of the capital structure choice of SMEs?

What is the effect of the financial crisis on the determinants of the capital structure choice of SMEs? What is the effect of the financial crisis on the determinants of the capital structure choice of SMEs? Master Thesis presented to Tilburg School of Economics and Management Department of Finance by Apostolos-Arthouros

More information

JBICI. Efficiency in the Pakistani Banking Industry: Empirical Evidence after the Structural Reform in the Late 1990s. Atsushi Iimi NO.

JBICI. Efficiency in the Pakistani Banking Industry: Empirical Evidence after the Structural Reform in the Late 1990s. Atsushi Iimi NO. JBICI Working Paper Efficiency in the Pakistani Banking Industry: Empirical Evidence after the Structural Reform in the Late 1990s Atsushi Iimi NO. 8 December 2002 JBIC Institute (JBICI) The JBICI Working

More information

The persistence of regional unemployment: evidence from China

The persistence of regional unemployment: evidence from China Applied Economics, 200?,??, 1 5 The persistence of regional unemployment: evidence from China ZHONGMIN WU Canterbury Business School, University of Kent at Canterbury, Kent CT2 7PE UK E-mail: Z.Wu-3@ukc.ac.uk

More information

Capital structure and profitability of firms in the corporate sector of Pakistan

Capital structure and profitability of firms in the corporate sector of Pakistan Business Review: (2017) 12(1):50-58 Original Paper Capital structure and profitability of firms in the corporate sector of Pakistan Sana Tauseef Heman D. Lohano Abstract We examine the impact of debt ratios

More information

364 SAJEMS NS 8 (2005) No 3 are only meaningful when compared to a benchmark, and finding a suitable benchmark (e g the exact ROE that must be obtaine

364 SAJEMS NS 8 (2005) No 3 are only meaningful when compared to a benchmark, and finding a suitable benchmark (e g the exact ROE that must be obtaine SAJEMS NS 8 (2005) No 3 363 THE RELATIVE EFFICIENCY OF BANK BRANCHES IN LENDING AND BORROWING: AN APPLICATION OF DATA ENVELOPMENT ANALYSIS G van der Westhuizen, School for Economic Sciences, North-West

More information

THE INFLUENCE OF INCOME DIVERSIFICATION ON OPERATING STABILITY OF THE CHINESE COMMERCIAL BANKING INDUSTRY

THE INFLUENCE OF INCOME DIVERSIFICATION ON OPERATING STABILITY OF THE CHINESE COMMERCIAL BANKING INDUSTRY 2. THE INFLUENCE OF INCOME DIVERSIFICATION ON OPERATING STABILITY OF THE CHINESE COMMERCIAL BANKING INDUSTRY Abstract Chunyang WANG 1 Yongjia LIN 2 This paper investigates the effects of diversified income

More information

Efficiency Comparison of Telecommunications Industry among Asia-Pacific Region Countries

Efficiency Comparison of Telecommunications Industry among Asia-Pacific Region Countries Efficiency Comparison of Telecommunications Industry among Asia-Pacific Region Countries Shota Moriwaki ( 森脇祥太 ) Special Researcher, Instute for Information and Communications Policy Akira Era ( 江良亮 )

More information

Report on the Italian Financial System. Work in progress report, June FESSUD Financialisation, economy, society and sustainable development

Report on the Italian Financial System. Work in progress report, June FESSUD Financialisation, economy, society and sustainable development Università degli Studi di Siena FESSUD Financialisation, economy, society and sustainable development WP2 Comparative Perspectives on Financial Systems in the EU D2.02 Reports on financial system Report

More information

International Journal of Applied Econometrics and Quantitative Studies. Vol.2-4(2005)

International Journal of Applied Econometrics and Quantitative Studies. Vol.2-4(2005) COST EFFICIENCY AND PROFITABILITY IN THAILAND S LIFE INSURANCE INDUSTRY: A STOCHASTIC COST FRONTIER APPROACH KARIM, Mohd Zaini Abd * JHANTASANA, Chanta Abstract Liberalized environments brought about by

More information

Okun s Law: An Empirical

Okun s Law: An Empirical The Student Economic Review Vol. XXXI Okun s Law: An Empirical Investigation into Eurozone Growth and Unemployment Stephen Garavan Senior Sophister The financial crisis has had a profound impact on the

More information

Empirical appendix of Public Expenditure Distribution, Voting, and Growth

Empirical appendix of Public Expenditure Distribution, Voting, and Growth Empirical appendix of Public Expenditure Distribution, Voting, and Growth Lorenzo Burlon August 11, 2014 In this note we report the empirical exercises we conducted to motivate the theoretical insights

More information

Online Appendix to Grouped Coefficients to Reduce Bias in Heterogeneous Dynamic Panel Models with Small T

Online Appendix to Grouped Coefficients to Reduce Bias in Heterogeneous Dynamic Panel Models with Small T Online Appendix to Grouped Coefficients to Reduce Bias in Heterogeneous Dynamic Panel Models with Small T Nathan P. Hendricks and Aaron Smith October 2014 A1 Bias Formulas for Large T The heterogeneous

More information

17004-EEF. Financial Liberalization, the Institutional Environment and Bank Efficiency. Xuanchao Jiang Niels Hermes Aljar Meesters

17004-EEF. Financial Liberalization, the Institutional Environment and Bank Efficiency. Xuanchao Jiang Niels Hermes Aljar Meesters 17004-EEF Financial Liberalization, the Institutional Environment and Bank Efficiency Xuanchao Jiang Niels Hermes Aljar Meesters 1 SOM RESEARCH REPORT 12001 SOM is the research institute of the Faculty

More information

Applying regression quantiles to farm efficiency estimation

Applying regression quantiles to farm efficiency estimation Applying regression quantiles to farm efficiency estimation Eleni A. Kaditi and Elisavet I. Nitsi Centre of Planning and Economic Research (KEPE Amerikis 11, 106 72 Athens, Greece kaditi@kepe.gr ; nitsi@kepe.gr

More information

The Effect of Foreign Strategic Investment on Chinese Banks Corporate Governance 1

The Effect of Foreign Strategic Investment on Chinese Banks Corporate Governance 1 The Effect of Foreign Strategic Investment on Chinese Banks Corporate Governance 1 Yuhua Li, Assistant professor, School of International trade and Economics, Jiangxi University of Finance and Economics,

More information

Total factor productivity in the G7 countries: a short note

Total factor productivity in the G7 countries: a short note Total factor productivity in the G7 countries: a short note João Amador and Carlos Coimbra 1 The analysis of the composition of economic growth in the G7 countries has been motivated by the desire to identify

More information

The Use of Accounting Information to Estimate Indicators of Customer and Supplier Payment Periods

The Use of Accounting Information to Estimate Indicators of Customer and Supplier Payment Periods The Use of Accounting Information to Estimate Indicators of Customer and Supplier Payment Periods Conference Uses of Central Balance Sheet Data Offices Information IFC / ECCBSO / CBRT Özdere-Izmir, September

More information

ROLE OF BANKS CREDIT IN ECONOMIC GROWTH: A STUDY WITH SPECIAL REFERENCE TO NORTH EAST INDIA 1

ROLE OF BANKS CREDIT IN ECONOMIC GROWTH: A STUDY WITH SPECIAL REFERENCE TO NORTH EAST INDIA 1 ROLE OF BANKS CREDIT IN ECONOMIC GROWTH: A STUDY WITH SPECIAL REFERENCE TO NORTH EAST INDIA 1 Raveesh Krishnankutty Management Research Scholar, ICFAI University Tripura, India Email: raveeshbabu@gmail.com

More information

Testing for Convergence from the Micro-Level

Testing for Convergence from the Micro-Level Testing for Convergence from the Micro-Level Giorgio Fazio Università degli Studi di Palermo Davide Piacentino Università di Napoli "Parthenope" University of Glasgow May 6, 2011 Abstract In the growth

More information

AN ANALYSIS OF THE DEGREE OF DIVERSIFICATION AND FIRM PERFORMANCE Zheng-Feng Guo, Vanderbilt University Lingyan Cao, University of Maryland

AN ANALYSIS OF THE DEGREE OF DIVERSIFICATION AND FIRM PERFORMANCE Zheng-Feng Guo, Vanderbilt University Lingyan Cao, University of Maryland The International Journal of Business and Finance Research Volume 6 Number 2 2012 AN ANALYSIS OF THE DEGREE OF DIVERSIFICATION AND FIRM PERFORMANCE Zheng-Feng Guo, Vanderbilt University Lingyan Cao, University

More information

WORKING PAPER LIBERALISATION AND EFFICIENCY OF INDIAN COMMERCIAL BANKS: A STOCHASTIC FRONTIER ANALYSIS. H P Mahesh

WORKING PAPER LIBERALISATION AND EFFICIENCY OF INDIAN COMMERCIAL BANKS: A STOCHASTIC FRONTIER ANALYSIS. H P Mahesh WORKING PAPER 177 LIBERALISATION AND EFFICIENCY OF INDIAN COMMERCIAL BANKS: A STOCHASTIC FRONTIER ANALYSIS H P Mahesh INSTITUTE FOR SOCIAL AND ECONOMIC CHANGE 2006 LIBERALISATION AND EFFICIENCY OF INDIAN

More information

Management Science Letters

Management Science Letters Management Science Letters 3 (2013) 527 532 Contents lists available at GrowingScience Management Science Letters homepage: www.growingscience.com/msl How banking sanctions influence on performance of

More information

Monica Bonacina, Anna Cretì and Federico Pontoni. Milano, February

Monica Bonacina, Anna Cretì and Federico Pontoni. Milano, February Monica Bonacina, Anna Cretì and Federico Pontoni Milano, February 28 2013 STRUCTURE OF THE PRESENTATION INTRODUCTION AND MOTIVATION Referendum of June 13, 2011: abolished an adequate return on invested

More information

Motivation Literature overview Constructing public capital stocks Stylized facts Empirical model and estimation strategy Estimation results Policy

Motivation Literature overview Constructing public capital stocks Stylized facts Empirical model and estimation strategy Estimation results Policy Efficiency-Adjusted Public Capital and Growth IMF-WB Conference on Fiscal Policy, Equity, and Long-Term Growth in Developing Countries Sanjeev Gupta April 21, 2013 1 Outline of Presentation Motivation

More information

The impact of the current crisis on the Italian labour market

The impact of the current crisis on the Italian labour market The impact of the current crisis on the Italian labour market Francesco D Amuri January 27, 2010 Preliminary draft: please do not quote. To be updated with the latest LFS data (2009:3) available shortly.

More information

Cost Efficiency of Indian Life Insurance Service Providers using Data Envelopment Analysis

Cost Efficiency of Indian Life Insurance Service Providers using Data Envelopment Analysis Cost Efficiency of Indian Life Insurance Service Providers using Data Envelopment Analysis Mihir Dash School of Business, Alliance University India Arpana Muthyala School of Business, Alliance University

More information

Equity, Vacancy, and Time to Sale in Real Estate.

Equity, Vacancy, and Time to Sale in Real Estate. Title: Author: Address: E-Mail: Equity, Vacancy, and Time to Sale in Real Estate. Thomas W. Zuehlke Department of Economics Florida State University Tallahassee, Florida 32306 U.S.A. tzuehlke@mailer.fsu.edu

More information

Tax Burden, Tax Mix and Economic Growth in OECD Countries

Tax Burden, Tax Mix and Economic Growth in OECD Countries Tax Burden, Tax Mix and Economic Growth in OECD Countries PAOLA PROFETA RICCARDO PUGLISI SIMONA SCABROSETTI June 30, 2015 FIRST DRAFT, PLEASE DO NOT QUOTE WITHOUT THE AUTHORS PERMISSION Abstract Focusing

More information

Determinants of Bank Profitability in Ghana: New Evidence

Determinants of Bank Profitability in Ghana: New Evidence Determinants of Bank Profitability in Ghana: New Evidence Daniel Anarfi Faculty of Economics, Mendel University in Brno, Czech Republic E-mail: anarfidaniel@ymail.com Emmanuel Joel Aikins Abakah School

More information

The effect of Money Supply and Inflation rate on the Performance of National Stock Exchange

The effect of Money Supply and Inflation rate on the Performance of National Stock Exchange The effect of Money Supply and Inflation rate on the Performance of National Stock Exchange Mr. Ch.Sanjeev Research Scholar, Telangana University Dr. K.Aparna Assistant Professor, Telangana University

More information

Final Exam, section 2. Tuesday, December hour, 30 minutes

Final Exam, section 2. Tuesday, December hour, 30 minutes San Francisco State University Michael Bar ECON 312 Fall 2018 Final Exam, section 2 Tuesday, December 18 1 hour, 30 minutes Name: Instructions 1. This is closed book, closed notes exam. 2. You can use

More information

Working Paper 592. March Dynamic tax revenue buoyancy estimates for a panel of OECD countries

Working Paper 592. March Dynamic tax revenue buoyancy estimates for a panel of OECD countries Working Paper 592 March 2018 Dynamic tax revenue buoyancy estimates for a panel of OECD countries Yota Deli c, Abian Garcia Rodriguez a,b, Ilias Kostarakos* a,b and Petros Varthalitis a,b Abstract: In

More information

For Online Publication Additional results

For Online Publication Additional results For Online Publication Additional results This appendix reports additional results that are briefly discussed but not reported in the published paper. We start by reporting results on the potential costs

More information

Depositor Discipline of Mutual Savings Banks in Korea

Depositor Discipline of Mutual Savings Banks in Korea Depositor Discipline of Mutual Savings Banks in Korea Abstract MinHwan Lee College of Business Administration, Inha University, Incheon, Korea, 402-751, E-mail: skymh@inha.ac.kr This paper verified whether

More information

AUSTRALIAN BANKING EFFICIENCY AND ITS RELATION TO STOCK RETURNS *

AUSTRALIAN BANKING EFFICIENCY AND ITS RELATION TO STOCK RETURNS * AUSTRALIAN BANKING EFFICIENCY AND ITS RELATION TO STOCK RETURNS * Joshua Kirkwood & Daehoon Nahm# dnahm@efs.mq.edu.au ABSTRACT This paper considers cost and profit efficiency for Australian banks between

More information

Competition and Efficiency of National Banks in the United Arab Emirates

Competition and Efficiency of National Banks in the United Arab Emirates Competition and Efficiency of National Banks in the United Arab Emirates Lawrence S. Tai Zayed University This paper examined the degree of competition and efficiency of publicly listed national banks

More information

Finance, Ownership, Executive Remuneration, and Technical Efficiency: A Stochastic Frontier Analysis (SFA) of Thai Listed Manufacturing Enterprises

Finance, Ownership, Executive Remuneration, and Technical Efficiency: A Stochastic Frontier Analysis (SFA) of Thai Listed Manufacturing Enterprises Volume 5 Issue 1 Australasian Accounting Business and Finance Journal Australasian Accounting, Business and Finance Journal Finance, Ownership, Executive Remuneration, and Technical Efficiency: A Stochastic

More information

Econometrics is. The estimation of relationships suggested by economic theory

Econometrics is. The estimation of relationships suggested by economic theory Econometrics is Econometrics is The estimation of relationships suggested by economic theory Econometrics is The estimation of relationships suggested by economic theory The application of mathematical

More information

The Great Moderation Flattens Fat Tails: Disappearing Leptokurtosis

The Great Moderation Flattens Fat Tails: Disappearing Leptokurtosis The Great Moderation Flattens Fat Tails: Disappearing Leptokurtosis WenShwo Fang Department of Economics Feng Chia University 100 WenHwa Road, Taichung, TAIWAN Stephen M. Miller* College of Business University

More information

3rd International Conference on Science and Social Research (ICSSR 2014)

3rd International Conference on Science and Social Research (ICSSR 2014) 3rd International Conference on Science and Social Research (ICSSR 014) Can VAT improve technical efficiency in China?-based on the SFA model test YanFeng Jiang Department of Public Economics, Xiamen Universy,

More information

Government expenditure and Economic Growth in MENA Region

Government expenditure and Economic Growth in MENA Region Available online at http://sijournals.com/ijae/ Government expenditure and Economic Growth in MENA Region Mohsen Mehrara Faculty of Economics, University of Tehran, Tehran, Iran Email: mmehrara@ut.ac.ir

More information

The impact of credit constraints on foreign direct investment: evidence from firm-level data Preliminary draft Please do not quote

The impact of credit constraints on foreign direct investment: evidence from firm-level data Preliminary draft Please do not quote The impact of credit constraints on foreign direct investment: evidence from firm-level data Preliminary draft Please do not quote David Aristei * Chiara Franco Abstract This paper explores the role of

More information

Outward FDI and Total Factor Productivity: Evidence from Germany

Outward FDI and Total Factor Productivity: Evidence from Germany Outward FDI and Total Factor Productivity: Evidence from Germany Outward investment substitutes foreign for domestic production, thereby reducing total output and thus employment in the home (outward investing)

More information

Subject Index. Bankruptcy costs, See also Leverage-related

Subject Index. Bankruptcy costs, See also Leverage-related Subject Index Accelerated depreciation, 262-63 Adjusted gross income (AGI), 24-26, 141 Adjustment cost function, 285-86 After-tax wage, nonconstancy of, 48 Age-asset profile, 469 Aid for Dependent Children

More information