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This paper compares parametric and non-parametric estimates of productivity change in European banking between 1994 and 2000. Productivity growth has also been further decomposed into technological change, or change in best practice, and efficiency change. Both the parametric and non-parametric approaches consistently identify those systems that have(More)
This paper investigates the main determinants of Italian banks' cost efficiency over the period 1993-96, by employing a Fourier-flexible stochastic cost frontier in order to measure X-efficiencies and economies of scale. Quality and riskiness of bank outputs are explicitly accounted for in the cost function and their impact on cost efficiency levels are(More)
Since the mid-1990s the banking sector in the Latin American emerging markets has experienced profound changes due to financial liberalisation, a significant increase in foreign investments and greater mergers activities often occurring following financial crises. The wave of consolidation and the rapid increase in market concentration that took place in(More)
This paper investigates the dynamics between bank regulatory and supervisory policies associated with Basel II's three pillars and various aspects of banks' cost efficiency and performance. Specifically we rely on frontier analysis as well as traditional accounting ratios and focus on a selected sample of EU commercial banks over the period 2000-2006. In(More)
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Consolidation in the global banking industry has resulted in the emergence of financial conglomerates that conduct an extensive range of businesses with a group structure. To date, however, few studies have investigated the performance features of such groups. This study aims to extend the literature by evaluating the cost characteristics (scale, scope and(More)
In Europe, the past twenty years saw a process of liberalisation, deregulation and unprecedented financial sector reform whose main aims were to increase competition and remove all remaining barriers to the integration of EU banking sectors. However, the recent acceleration in the consolidation process has raised concerns about the potential implications(More)
Acquisition premiums help to explain the motives that acquirers link to control. For a sample of 255 European bank mergers, we analyze the takeover premiums paid by bidding institutions. We find that bidders value profitable, high-growth and low-risk banks. We also find some evidence that bank regulation and deposit insurance regimes in Europe have(More)
Evidence of financial integration and convergence are considered of importance in assessing the outcome of EU deregulation policies aimed at improving the efficiency and performance of banking sectors. This paper evaluates the recent dynamics of bank cost efficiency by means of Data Envelopment Analysis (DEA). Borrowing from the growth literature, we apply(More)
In the context of the debate on increased integration of Eurozone banking markets, this paper evaluates the impact of the Single Market on bank productivity and assesses the cross-border benefits of integration in terms of technological spillovers. We utilise a parametric meta-frontier Divisia index to estimate productivity change and identify technological(More)