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| Author: | Beccalli, E. |
| Title: | Cross-country comparisons of efficiency: Evidence from the UK and Italian investment firms |
| Journal: | Journal of Banking and Finance
2004 : JUN, VOL. 28:6, p. 1363-1383 |
| Index terms: | Finance Investment Companies Profitability Costs Efficiency Italy United Kingdom |
| Language: | eng |
| Abstract: | This paper compares and reconciles two new methods for cross-country comparisons of the cost efficiency (hereafter as: c-eff.) of U.K. and Italian investment firms (here as: inv-fs.) over the period 19951998. It employs four different specifications of the stochastic frontier methodology. The traditional common frontier reveals that Italian inv-fs. are nearly as efficient as U.K. firms. To overcome traditional limitations, the paper uses two methods. They provide consistent results. The first method shows differences btw. the efficiency of the two countries by incorporating environmental variables, and the second method shows differences in the efficiency of the domestic vs. foreign inv-fs. in the two countries. Finally, profitability test is undertaken to identify inv-fs. that are both cost and profit efficient. |
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