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Article
Publication date: 1 March 1995

L. Pardo, D. Morales and I.J. Taneja

Fisher’s amount of information is the most parametric measure in the literature of statistics. However, not for every family of probability density functions do the…

Abstract

Fisher’s amount of information is the most parametric measure in the literature of statistics. However, not for every family of probability density functions do the well‐known regularity assumptions hold. To avoid this problem, several parametric measures have been proposed on the basis of divergence measures. In this work, parametric measures of information are obtained on the basis of the generalized Jensen difference divergence measures. When the regularity assumptions hold, their relations with Fisher’s amount of information are also studied.

Details

Kybernetes, vol. 24 no. 2
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 2 March 2012

Shrimal Perera and Michael Skully

Since there is no agreement on the consistency of their estimates, the purpose of this paper is to investigate whether parametric stochastic frontier analysis (SFA) and…

Abstract

Purpose

Since there is no agreement on the consistency of their estimates, the purpose of this paper is to investigate whether parametric stochastic frontier analysis (SFA) and nonparametric data envelopment analysis (DEA) generate consistent bank efficiency assessments.

Design/methodology/approach

The authors utilize four alternative efficiency computation models: two DEA technical efficiency models based on constant and variable returns to scale, and two SFA cost efficiency models employing Translog and Fourier functional specifications. An unbalanced panel of 59 Indian banks over 1990‐2007 is employed as a model, developing country, banking market.

Findings

The Translog and Fourier specifications in SFA and the constant and variable returns to scale assumptions in DEA are found to rank and identify “best‐practice” and “worst‐practice” approximately in the same order. The association between DEA efficiency estimates and non‐frontier standard performance measures, however, is mixed and inconclusive. Unlike DEA scores, SFA efficiency assessments were found to be consistent with cost and profit ratios and hence are “believable”.

Practical implications

For regulators and bankers alike, the authors' findings highlight the importance of investigating the consistency of efficiency scores across various research methods. They should ensure that frontier‐based efficiency assessments are not simply “artificial constructs” of models' assumptions/specifications.

Originality/value

This paper extends the existing literature by checking jointly the statistical consistency of both DEA technical efficiency scores and SFA cost efficiency scores. The prior studies focus either on technical efficiency or cost efficiency, but not both. Moreover, as far as the authors are aware, this is the first cross‐methodological validation study to focus on bank efficiency in the context of a developing country banking market.

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Article
Publication date: 11 May 2015

Rakesh Arrawatia, Arun Misra and Varun Dawar

The study aims to investigate the relationship between competition and efficiency. Using bank-level data for Indian banks, relationship between competition and efficiency…

Abstract

Purpose

The study aims to investigate the relationship between competition and efficiency. Using bank-level data for Indian banks, relationship between competition and efficiency is examined by applying the Granger causality test for the period 1996 to 2011.

Design/methodology/approach

Lerner Index is a measure of market power and is applied for estimation of competition. Data envelopment analysis technique is applied for measuring efficiency in the Indian banking system along with the Granger causality test to look at the relationship between competition and efficiency.

Findings

Results show an increasing trend for competition for the period 1996 to 2004, and after that there is fall in competitive levels. Granger causality tests show that competition positively effects efficiency and vice-versa.

Practical implications

This study gives an insight into the relationship between competition and efficiency, thus providing an alternative view to the structure–conduct–performance paradigm. An efficient banking system can positively impact the growth of an economy and, hence, competition and efficiency are important decision parameters for regulators and could help them in decision-making and policy formulation.

Originality/value

This study has covered more than 90 per cent of the banking assets for looking at competition and efficiency in the banking sector. Policymakers can try to improve competitive levels in banking so as to improve efficiency in the banking sector which can further help in developing the investment-savings cycle.

Details

International Journal of Law and Management, vol. 57 no. 3
Type: Research Article
ISSN: 1754-243X

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Article
Publication date: 23 February 2010

Norma, Saad, M. Shabri Abd. Majid, Salina Kassim, Zarinah Hamid and Rosylin Mohd. Yusof

The purpose of this paper is to investigate the efficiency of selected conventional and Islamic unit trust companies in Malaysia during the period 2002 to 2005.

Abstract

Purpose

The purpose of this paper is to investigate the efficiency of selected conventional and Islamic unit trust companies in Malaysia during the period 2002 to 2005.

Design/methodology/approach

The paper adopts Data Envelopment Analysis (DEA) to investigate efficiency, as measured by the Malmquist index, which is decomposed into two components: efficiency change and technical change indexes.

Findings

The study indicates that technical efficiency is the main contributor to enhancing the efficiency of the Malaysian unit trust industry. In addition, the larger the size of the unit trust companies, the more inefficient the performance. In comparing the efficiency of unit trust companies, the study finds that some of the Islamic unit trust companies perform better than their conventional counterparts.

Research limitations/implications

The study is limited to five Islamic unit trust companies. Thus, the findings of this study are indicative, but inconclusive for the unit trust industry as a whole.

Practical implications

The results have two important implications for both conventional and Islamic unit trust companies in Malaysia. First, the deterioration of total factor productivity (TFP) in the unit trust industry in Malaysia is due to the deficiency of innovation in technical components. Second, the size of the unit trust companies has an adverse effect on the TFP performance.

Originality/value

The contribution of this study is that it analyzes the efficiency of the two types of unit trust industry which are important and relevant for Malaysia. This significance arises from the dual financial system, in which the Islamic unit trust companies operate in parallel with their conventional counterparts. The comparison sheds some light on the performance of the Islamic unit trust companies, whose operations are based on profit‐sharing, in contrast to the conventional unit trust companies.

Details

International Journal of Managerial Finance, vol. 6 no. 1
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 16 October 2017

Renata Blanc, Muhammad Azizul Islam, Dennis M. Patten and Manuel Castelo Branco

The purpose of this paper is to investigate whether differences in media exposure regarding corporate corruption appear to influence companies’ anti-corruption…

Abstract

Purpose

The purpose of this paper is to investigate whether differences in media exposure regarding corporate corruption appear to influence companies’ anti-corruption disclosures. The authors also examine whether the level of press freedom in firms’ home countries affects disclosure and the impact of media exposure in different ways.

Design/methodology/approach

The authors use Transparency International’s 2012 ratings of anti-corruption disclosure by the 105 largest multinational firms in the world, press freedom assessments from the non-governmental organization Reporters Without Borders, and media exposure measures based on a search using the Dow Jones Factiva database. The authors assess relations using regression analysis controlling for other firm-specific factors potentially impacting disclosure choices. Finally, the authors consider the potential effect of other country-level factors.

Findings

The results indicate that media exposure, using either an existence or an extensiveness measure, is positively related to differences in sample companies’ anti-corruption disclosures. The authors also find that disclosure is more (less) extensive where home country press freedom is less (more) restricted and that reduced press freedom appears to reduce the impact of media exposure on the disclosure. The authors further document that press freedom levels explain more difference in anti-corruption disclosures than other country-level factors potentially influencing the practice.

Research limitations/implications

Because the investigation is limited to very large international firms for a single year, the degree to which the findings apply to other companies and time periods cannot be assessed. Further, the authors cannot determine how the findings would hold using an alternative disclosure rating scheme. Finally, the authors do not assess whether differences in the source of media exposure impact the findings.

Social implications

The findings suggest that, to the extent that improved anti-corruption disclosure reflects greater corporate attention to corruption issues, the media may be a powerful player in addressing this social ill. Unfortunately, the results also indicate that media efforts may not be sufficient to bring about change in locations where the freedom of the press is limited. Further, the results suggest that disclosure appears to be a function of exposure to social and political exposures, and the authors therefore question whether it will actually lead to improved corruption performance.

Originality/value

The study is the first to consider the impacts of media exposure and press freedom on corporate social disclosures.

Details

Accounting, Auditing & Accountability Journal, vol. 30 no. 8
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 2 October 2007

Mohamed M. Mostafa

The purpose of the research presented in this paper is to measure the relative market efficiency of the top listed companies in Egypt.

Abstract

Purpose

The purpose of the research presented in this paper is to measure the relative market efficiency of the top listed companies in Egypt.

Design/methodology/approach

Applying a two‐stage approach, this study uses production frontier analysis (PFA) to measure the relative market efficiency of 62 listed companies in Egypt, and Tobit regression to examine the dependence of efficiency on the specific operating environment of these companies.

Findings

The results indicate that the performance of several companies is sub‐optimal, suggesting the potential for significant improvements over both profitability and marketability dimensions. Separate benchmarks were derived for possible reductions in resources used, and the results indicate that several companies deploy a much larger number of employees than required by a best practice company, and significant savings are possible on this account.

Originality/value

From a policy perspective, this study highlights the economic importance of encouraging increased market efficiency throughout the business sector in Egypt.

Details

Journal of Economic Studies, vol. 34 no. 5
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 1 October 2014

Jugnu Ansari and Ashima Goyal

If banks solve an inter-temporal problem under adverse selection and moral hazard, then bank specific factors, regulatory and supervisory features, market structure, and…

Abstract

If banks solve an inter-temporal problem under adverse selection and moral hazard, then bank specific factors, regulatory and supervisory features, market structure, and macroeconomic factors can be expected to affect banks’ loan interest rates and their spread over deposit interest rates. To examine interest rate pass-through for Indian banks in a period following extensive financial reform, after controlling for all these factors, we estimate the determinants of commercial banks’ loan pricing decisions, using the dynamic panel data methodology with annual data for a sample of 33 banks over the period 1996–2012. Results show commercial banks consider several factors apart from the policy rate. This limits policy pass-through. More competition reduces policy pass-through by decreasing the loan rate as well as spreads. If managerial efficiency is high then an increase in competition increases the policy pass-through and the vice-versa. Reform has had mixed effects, while managerial inefficiency raised rates and spreads, product diversification reduced both. Costs of deposits are passed on to loan rates. Regulatory requirements raise loan rates and spreads.

Details

Risk Management Post Financial Crisis: A Period of Monetary Easing
Type: Book
ISBN: 978-1-78441-027-8

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Article
Publication date: 13 November 2017

Aminath Amany Ahmed and Azhar Mohamad

In this study, the authors use data envelopment analysis to assess the technical efficiency and performance of real estate investment trusts (REITs) in Singapore, for the…

Abstract

Purpose

In this study, the authors use data envelopment analysis to assess the technical efficiency and performance of real estate investment trusts (REITs) in Singapore, for the years 2009 through 2013.

Design/methodology/approach

The authors apply the Malmquist Productivity Index to express the productivity change of the REITs over time.

Findings

The authors find that while most REITs have experienced efficiency improvements, there has been little productivity growth at the frontier during the study period.

Originality/value

The finding indicates that it is possible to improve the performance of the REITs by further improving technological efficiency because technological regress has been the main reason for the poor productivity growth of the REITs in Singapore.

Details

International Journal of Law and Management, vol. 59 no. 6
Type: Research Article
ISSN: 1754-243X

Keywords

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Article
Publication date: 1 April 2004

Philip M. Booth and Gianluca Marcato

Despite improvements in certain countries in recent years, the provision of performance information on the direct real estate market still suffers from a lack of…

Abstract

Despite improvements in certain countries in recent years, the provision of performance information on the direct real estate market still suffers from a lack of timeliness and reliability. The latter problem is particularly an issue for higher‐frequency data provision. This paper investigates whether there is information from the indirect market that might be useful in helping us understand better the direct real estate market. Direct real estate indices do not measure the performance of underlying transactions prices properly because they are based on valuations – and therefore may be subject to valuation smoothing. Indirect real estate indices do not properly measure the value investors put on the underlying assets of real estate companies because real estate companies are geared. Compares appropriately adjusted indices, and shows that there is information in indirect index returns that can usefully help us understand the performance of the direct market and an index is produced of de‐geared monthly real estate share returns for the UK.

Details

Journal of Property Investment & Finance, vol. 22 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

Abstract

Details

The Impacts of Monetary Policy in the 21st Century: Perspectives from Emerging Economies
Type: Book
ISBN: 978-1-78973-319-8

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