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首页> 外文期刊>Journal of productivity analysis >Productivity and efficiency at bank holding companies in the US: a time-varying heterogeneity approach
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Productivity and efficiency at bank holding companies in the US: a time-varying heterogeneity approach

机译：美国银行控股公司的生产率和效率：时变异质性方法

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摘要

This paper investigates the productivity and efficiency of large bank holding companies (BHCs) in the United States over the period 2004-2013, by estimating a translog stochastic distance frontier (SDF) model with time-varying heterogeneity. The main feature of this model is that a multi-factor structure is used to disentangle time-varying unobserved heterogeneity from inefficiency. Our empirical results strongly suggest that unobserved heterogeneity is not only present in the U.S. banking industry, but also varies over time. Our results from the translog SDF model with time-varying heterogeneity show that the majority of large BHCs in the U.S. exhibit increasing returns to scale, a small percentage exhibit constant returns to scale, and an even smaller percentage exhibit decreasing returns to scale. Our results also show that on average the BHCs have experienced small positive or even negative technical change and productivity growth.
机译：本文通过估计具有时变异质性的超对数随机距离前沿（SDF）模型，调查了2004年至2013年期间美国大型银行控股公司（BHC）的生产率和效率。该模型的主要特征是使用多因素结构来使时变的未观察到的异质性与效率低下。我们的经验结果强烈表明，未观察到的异质性不仅存在于美国银行业中，而且会随着时间而变化。我们的Translog SDF模型具有随时间变化的异质性，结果表明，美国大多数大型BHC的规模收益率不断上升，一小部分的规模收益率保持不变，而较小的百分比的规模收益率却下降。我们的结果还表明，平均而言，BHC经历了很小的积极甚至消极的技术变化和生产率增长。

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