메뉴 건너뛰기




Volumn 25, Issue 2, 2008, Pages 236-254

Efficiency and productivity effects of bank mergers: Evidence from the Greek banking industry

Author keywords

Efficiency; Malmquist productivity; Mergers; Translog distance function

Indexed keywords


EID: 38349171186     PISSN: 02649993     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.econmod.2007.04.013     Document Type: Article
Times cited : (70)

References (59)
  • 2
    • 4544383507 scopus 로고    scopus 로고
    • Consolidation and efficiency in the financial sector: a review of the international evidence
    • Amel D., Barnes C., Panetta F., and Salleo C. Consolidation and efficiency in the financial sector: a review of the international evidence. Journal of Banking & Finance 28 (2004) 2493-2519
    • (2004) Journal of Banking & Finance , vol.28 , pp. 2493-2519
    • Amel, D.1    Barnes, C.2    Panetta, F.3    Salleo, C.4
  • 3
    • 38349160876 scopus 로고    scopus 로고
    • The effect of mergers and acquisitions on bank efficiency in Greece
    • Athanasoglou P.P., and Brissimis S.N. The effect of mergers and acquisitions on bank efficiency in Greece. Economic Bulletin 22 (2004) 7-31
    • (2004) Economic Bulletin , vol.22 , pp. 7-31
    • Athanasoglou, P.P.1    Brissimis, S.N.2
  • 4
    • 0035629205 scopus 로고    scopus 로고
    • Scale efficiency and productivity change
    • Balk B.M. Scale efficiency and productivity change. Journal of Productivity Analysis 15 (2001) 159-183
    • (2001) Journal of Productivity Analysis , vol.15 , pp. 159-183
    • Balk, B.M.1
  • 5
    • 45549120385 scopus 로고
    • Prediction of firm-level technical efficiencies with a generalized frontier production function and panel data
    • Battese G.E., and Coelli T.J. Prediction of firm-level technical efficiencies with a generalized frontier production function and panel data. Journal of Econometrics 38 (1988) 387-399
    • (1988) Journal of Econometrics , vol.38 , pp. 387-399
    • Battese, G.E.1    Coelli, T.J.2
  • 6
    • 0003219669 scopus 로고
    • A stochastic frontier production function incorporating a model for technical inefficiency effects
    • Department of Econometrics, University of New England, Armidale
    • Battese G.E., and Coelli T.J. A stochastic frontier production function incorporating a model for technical inefficiency effects. Working Paper in Econometrics and Applied Statistics vol. 69 (1993), Department of Econometrics, University of New England, Armidale
    • (1993) Working Paper in Econometrics and Applied Statistics , vol.69
    • Battese, G.E.1    Coelli, T.J.2
  • 7
    • 0029509798 scopus 로고
    • A model for inefficiency effects in a stochastic frontier production function for panel data
    • Battese G.E., and Coelli T.J. A model for inefficiency effects in a stochastic frontier production function for panel data. Empirical Economics 20 (1995) 325-332
    • (1995) Empirical Economics , vol.20 , pp. 325-332
    • Battese, G.E.1    Coelli, T.J.2
  • 8
    • 84990100754 scopus 로고
    • Estimation of a production frontier model: with application to the pastoral zone of eastern Australia
    • Battese G.E., and Corra G.S. Estimation of a production frontier model: with application to the pastoral zone of eastern Australia. Australian Journal of Agricultural Economics 21 (1977) 169-179
    • (1977) Australian Journal of Agricultural Economics , vol.21 , pp. 169-179
    • Battese, G.E.1    Corra, G.S.2
  • 10
    • 0002504346 scopus 로고    scopus 로고
    • The efficiency effects of bank mergers and acquisitions: a preliminary look at the 1990s data
    • Amihud Y., and Miller G. (Eds), Kluwer Academic, Boston, MA
    • Berger A.N. The efficiency effects of bank mergers and acquisitions: a preliminary look at the 1990s data. In: Amihud Y., and Miller G. (Eds). Bank Mergers and Acquisitions (1998), Kluwer Academic, Boston, MA
    • (1998) Bank Mergers and Acquisitions
    • Berger, A.N.1
  • 11
    • 0001381142 scopus 로고
    • Megamergers in banking and the use of cost efficiency as an antitrust defense
    • Berger A.N., and Humphrey D.B. Megamergers in banking and the use of cost efficiency as an antitrust defense. Antitrust Bulletin (1992) 541-600
    • (1992) Antitrust Bulletin , pp. 541-600
    • Berger, A.N.1    Humphrey, D.B.2
  • 12
    • 0000572904 scopus 로고
    • The efficiency of financial institutions: a review and preview of research past, present and future
    • Berger A.N., Hunter W.C., and Timmer S.G. The efficiency of financial institutions: a review and preview of research past, present and future. Journal of Banking and Finance 17 (1993) 221-249
    • (1993) Journal of Banking and Finance , vol.17 , pp. 221-249
    • Berger, A.N.1    Hunter, W.C.2    Timmer, S.G.3
  • 13
    • 0000000874 scopus 로고    scopus 로고
    • The effects of bank mergers and acquisitions on small business lending
    • Berger A.N., Saunders A., Scalise J., and Udell G. The effects of bank mergers and acquisitions on small business lending. Journal of Financial Economics 50 2 (1998) 187-229
    • (1998) Journal of Financial Economics , vol.50 , Issue.2 , pp. 187-229
    • Berger, A.N.1    Saunders, A.2    Scalise, J.3    Udell, G.4
  • 15
    • 0003243614 scopus 로고    scopus 로고
    • Is the bank merger wave of the 1990s efficient? Lesson from nine case studies
    • Kaplan S.N. (Ed), University of Chicago Press/NBER, Chicago
    • Calomiris C.W., and Karceski J. Is the bank merger wave of the 1990s efficient? Lesson from nine case studies. In: Kaplan S.N. (Ed). Mergers and Productivity (2002), University of Chicago Press/NBER, Chicago
    • (2002) Mergers and Productivity
    • Calomiris, C.W.1    Karceski, J.2
  • 16
    • 0039561410 scopus 로고    scopus 로고
    • Banking economic efficiency in the deregulation period: results from heteroscedastic stochastic frontier models
    • Christopoulos D.K., and Tsionas E.G. Banking economic efficiency in the deregulation period: results from heteroscedastic stochastic frontier models. The Manchester School 69 (2001) 656-676
    • (2001) The Manchester School , vol.69 , pp. 656-676
    • Christopoulos, D.K.1    Tsionas, E.G.2
  • 17
    • 0036891588 scopus 로고    scopus 로고
    • Efficiency of the Greek banking system in view of the EMU: a heteroscedastic stochastic frontier approach
    • Christopoulos D.K., Lolos S.E.G., and Tsionas E.G. Efficiency of the Greek banking system in view of the EMU: a heteroscedastic stochastic frontier approach. Journal of Policy Modeling 24 (2001) 813-829
    • (2001) Journal of Policy Modeling , vol.24 , pp. 813-829
    • Christopoulos, D.K.1    Lolos, S.E.G.2    Tsionas, E.G.3
  • 18
    • 0002553361 scopus 로고
    • Economies of scale and scope at depository financial institutions: a review of the literature
    • (Sept./Oct.)
    • Clark J.A. Economies of scale and scope at depository financial institutions: a review of the literature. Federal Reserve Bank of Kansas City Economic Review (1988) 16-33 (Sept./Oct.)
    • (1988) Federal Reserve Bank of Kansas City Economic Review , pp. 16-33
    • Clark, J.A.1
  • 20
    • 0036889401 scopus 로고    scopus 로고
    • Mergers and technical efficiency in Spanish saving banks: a stochastic distance function approach
    • Cuesta R.A., and Orea L. Mergers and technical efficiency in Spanish saving banks: a stochastic distance function approach. Journal of Banking & Finance 26 (2002) 2231-2247
    • (2002) Journal of Banking & Finance , vol.26 , pp. 2231-2247
    • Cuesta, R.A.1    Orea, L.2
  • 21
    • 0002124402 scopus 로고
    • The measurement and interpretation of total productivity in regulated industries with an application to Canadian telecommunications
    • Cowing T.G., and Stevenson R.E. (Eds), Academic Press, New York
    • Denny M., Fuss M., and Waverman L. The measurement and interpretation of total productivity in regulated industries with an application to Canadian telecommunications. In: Cowing T.G., and Stevenson R.E. (Eds). Productivity Measurement in Regulated Industries (1981), Academic Press, New York 179-218
    • (1981) Productivity Measurement in Regulated Industries , pp. 179-218
    • Denny, M.1    Fuss, M.2    Waverman, L.3
  • 22
    • 0031467205 scopus 로고    scopus 로고
    • The impact of acquisition on company performance: evidence from large panel UK firms
    • Dickerson A., Gibson H.D., and Tsakalotos E. The impact of acquisition on company performance: evidence from large panel UK firms. Oxford Economic Papers 49 (1997) 344-361
    • (1997) Oxford Economic Papers , vol.49 , pp. 344-361
    • Dickerson, A.1    Gibson, H.D.2    Tsakalotos, E.3
  • 23
    • 11544266375 scopus 로고
    • Exact and superlative index numbers
    • Diewert W.E. Exact and superlative index numbers. Journal of Econometrics 4 (1976) 115-145
    • (1976) Journal of Econometrics , vol.4 , pp. 115-145
    • Diewert, W.E.1
  • 25
    • 0029541688 scopus 로고
    • The comparative efficiency performance of small and large US commercial banks in the pre and post deregulation eras'
    • Elyasiani E., and Mehdian S. The comparative efficiency performance of small and large US commercial banks in the pre and post deregulation eras'. Applied Economics 27 11 (1995) 1069-1079
    • (1995) Applied Economics , vol.27 , Issue.11 , pp. 1069-1079
    • Elyasiani, E.1    Mehdian, S.2
  • 28
    • 0028825571 scopus 로고
    • Technical efficiency and scale efficiency in the Italian banking sector: a non-parametric approach
    • Favero C.A., and Papi L. Technical efficiency and scale efficiency in the Italian banking sector: a non-parametric approach. Applied Economics 27 4 (1995) 385-395
    • (1995) Applied Economics , vol.27 , Issue.4 , pp. 385-395
    • Favero, C.A.1    Papi, L.2
  • 29
    • 44949289422 scopus 로고
    • Measuring cost efficiency in banking: econometric and linear programming evidence
    • Ferrier G.D., and Lovell C.A.K. Measuring cost efficiency in banking: econometric and linear programming evidence. Journal of Econometrics 46 (1990) 229-245
    • (1990) Journal of Econometrics , vol.46 , pp. 229-245
    • Ferrier, G.D.1    Lovell, C.A.K.2
  • 30
    • 3042578628 scopus 로고    scopus 로고
    • Are mergers beneficial to customers? Evidence from the market for bank deposit
    • Focarelli D., and Oanetta F. Are mergers beneficial to customers? Evidence from the market for bank deposit. American Economic Review 93 4 (2003) 1152-1172
    • (2003) American Economic Review , vol.93 , Issue.4 , pp. 1152-1172
    • Focarelli, D.1    Oanetta, F.2
  • 31
    • 0001840378 scopus 로고
    • Measuring efficiency and productivity growth in Japanese banking: a nonparametric frontier approach
    • Fukuyama H. Measuring efficiency and productivity growth in Japanese banking: a nonparametric frontier approach. Applied Financial Economics 5 (1995) 95-107
    • (1995) Applied Financial Economics , vol.5 , pp. 95-107
    • Fukuyama, H.1
  • 32
    • 38349174855 scopus 로고    scopus 로고
    • Greek banking profitability: recent developments
    • Gibson H.D. Greek banking profitability: recent developments. Bank of Greece Economic Bulletin 24 1 (2005) 7-25
    • (2005) Bank of Greece Economic Bulletin , vol.24 , Issue.1 , pp. 7-25
    • Gibson, H.D.1
  • 33
    • 0003262158 scopus 로고    scopus 로고
    • Frontier production functions
    • Pesaran M.H., and Schmidt P. (Eds), Blackwell Scientific Publications, Oxford Chapter 3
    • Green W.H. Frontier production functions. In: Pesaran M.H., and Schmidt P. (Eds). Handbook of Applied Economics, Vol. II: Microeconomics (1997), Blackwell Scientific Publications, Oxford Chapter 3
    • (1997) Handbook of Applied Economics, Vol. II: Microeconomics
    • Green, W.H.1
  • 36
    • 38349128914 scopus 로고    scopus 로고
    • The effects of consolidation on efficiency, competition and credit flows
    • Group of Ten Chapter V
    • Group of Ten. The effects of consolidation on efficiency, competition and credit flows. Report on Consolidation in the Financial Sector (2001) 247-307 Chapter V
    • (2001) Report on Consolidation in the Financial Sector , pp. 247-307
  • 37
    • 0012900516 scopus 로고    scopus 로고
    • The productivity effects of bank mergers: evidence from the UK Building societies
    • Haynes M., and Thompson S. The productivity effects of bank mergers: evidence from the UK Building societies. Journal of Banking and Finance 23 (1999) 825-846
    • (1999) Journal of Banking and Finance , vol.23 , pp. 825-846
    • Haynes, M.1    Thompson, S.2
  • 38
    • 0001502289 scopus 로고    scopus 로고
    • Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders
    • Houston J.F., James C.M., and Ryngaet M.D. Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders. Journal of Financial Economics 60 2-3 (2001) 285-331
    • (2001) Journal of Financial Economics , vol.60 , Issue.2-3 , pp. 285-331
    • Houston, J.F.1    James, C.M.2    Ryngaet, M.D.3
  • 39
    • 21844493664 scopus 로고
    • Core deposits and physical capital: a re-examination of bank scale economics and efficiency with quasi-fixed assets
    • Hunter W.C., and Timmer S.G. Core deposits and physical capital: a re-examination of bank scale economics and efficiency with quasi-fixed assets. Journal of Money, Credit and Banking 27 (1995) 165-185
    • (1995) Journal of Money, Credit and Banking , vol.27 , pp. 165-185
    • Hunter, W.C.1    Timmer, S.G.2
  • 40
    • 49049139741 scopus 로고
    • On the estimation of technical inefficiency in the stochastic production function model
    • Jondrow J., Lovell C.A.K., Materov I.S., and Schmidt P. On the estimation of technical inefficiency in the stochastic production function model. Journal of Econometrics 19 (1982) 233-281
    • (1982) Journal of Econometrics , vol.19 , pp. 233-281
    • Jondrow, J.1    Lovell, C.A.K.2    Materov, I.S.3    Schmidt, P.4
  • 41
    • 0000290026 scopus 로고
    • Wald criteria for joint testing equality and inequality restrictions
    • Kodde D.A., and Palm F.C. Wald criteria for joint testing equality and inequality restrictions. Econometrica 54 (1986) 1243-1248
    • (1986) Econometrica , vol.54 , pp. 1243-1248
    • Kodde, D.A.1    Palm, F.C.2
  • 43
    • 0000976473 scopus 로고
    • Efficiency in the savings and loans industry
    • Mester L.J. Efficiency in the savings and loans industry. Journal of Banking and Finance 17 (1993) 267-286
    • (1993) Journal of Banking and Finance , vol.17 , pp. 267-286
    • Mester, L.J.1
  • 44
    • 0030118357 scopus 로고    scopus 로고
    • The technical efficiency of large bank production
    • Miller S.M., and Noulas A.G. The technical efficiency of large bank production. Journal of Banking and Finance 20 (1996) 495-509
    • (1996) Journal of Banking and Finance , vol.20 , pp. 495-509
    • Miller, S.M.1    Noulas, A.G.2
  • 45
    • 38349132845 scopus 로고    scopus 로고
    • Merging activity in the Greek banking system: a financial accounting perspective
    • Mylonidis N., and Kelnikola I. Merging activity in the Greek banking system: a financial accounting perspective. Southern Eastern Europe Journal of Economics 1 (2005) 121-144
    • (2005) Southern Eastern Europe Journal of Economics , vol.1 , pp. 121-144
    • Mylonidis, N.1    Kelnikola, I.2
  • 46
    • 0001600272 scopus 로고    scopus 로고
    • Productivity growth in the Hellenic banking industry: state versus private banks
    • Noulas A.G. Productivity growth in the Hellenic banking industry: state versus private banks. Applied Financial Economics 7 (1997) 223-228
    • (1997) Applied Financial Economics , vol.7 , pp. 223-228
    • Noulas, A.G.1
  • 47
    • 0036095213 scopus 로고    scopus 로고
    • Parametric decomposition of a generalized Malmquist productivity index
    • Orea L. Parametric decomposition of a generalized Malmquist productivity index. Journal of Productivity Analysis 18 (2002) 5-22
    • (2002) Journal of Productivity Analysis , vol.18 , pp. 5-22
    • Orea, L.1
  • 48
    • 0031520691 scopus 로고    scopus 로고
    • Do mergers improve the X-efficiency and scale efficiency of U.S. banks? Evidence from the 80s
    • Peristiani S. Do mergers improve the X-efficiency and scale efficiency of U.S. banks? Evidence from the 80s. Journal of Money, Credit and Banking 29 3 (1997) 326-337
    • (1997) Journal of Money, Credit and Banking , vol.29 , Issue.3 , pp. 326-337
    • Peristiani, S.1
  • 49
    • 84977702514 scopus 로고
    • Insiders and outsiders: the choice between informed and arm's-length debt
    • Rajan R.G. Insiders and outsiders: the choice between informed and arm's-length debt. Journal of Finance 47 4 (1992) 1367-1400
    • (1992) Journal of Finance , vol.47 , Issue.4 , pp. 1367-1400
    • Rajan, R.G.1
  • 50
    • 0033444715 scopus 로고    scopus 로고
    • Measuring scale efficiency from a translog production function
    • Ray S.C. Measuring scale efficiency from a translog production function. Journal of Productivity Analysis 11 (1998) 183-194
    • (1998) Journal of Productivity Analysis , vol.11 , pp. 183-194
    • Ray, S.C.1
  • 51
    • 0001469028 scopus 로고    scopus 로고
    • Regulation can foster merger, can merger foster efficiency? The Italian case
    • Resti A. Regulation can foster merger, can merger foster efficiency? The Italian case. Journal of Economics and Business 50 (1998) 157-169
    • (1998) Journal of Economics and Business , vol.50 , pp. 157-169
    • Resti, A.1
  • 52
    • 34249818998 scopus 로고    scopus 로고
    • Productivity growth in the Greek banking industry: a non-parametric approach
    • Rezitis A. Productivity growth in the Greek banking industry: a non-parametric approach. Journal of Applied Economics 9 2 (2006) 119-138
    • (2006) Journal of Applied Economics , vol.9 , Issue.2 , pp. 119-138
    • Rezitis, A.1
  • 53
    • 38249003130 scopus 로고
    • Efficiency effects of horizontal (in-market) bank mergers
    • Rhoades S.A. Efficiency effects of horizontal (in-market) bank mergers. Journal of Banking and Finance 17 (1993) 411-422
    • (1993) Journal of Banking and Finance , vol.17 , pp. 411-422
    • Rhoades, S.A.1
  • 54
    • 0000890541 scopus 로고    scopus 로고
    • The efficiency effects of bank mergers: an overview of case studies of nine mergers
    • Rhoades S.A. The efficiency effects of bank mergers: an overview of case studies of nine mergers. Journal of Banking and Finance 22 (1998) 273-291
    • (1998) Journal of Banking and Finance , vol.22 , pp. 273-291
    • Rhoades, S.A.1
  • 55
    • 0002054507 scopus 로고
    • Breach of trust in hostile takeovers
    • Auerbach A. (Ed), University of Chicago Press, Chicago, IL
    • Shleifer A., and Summers L. Breach of trust in hostile takeovers. In: Auerbach A. (Ed). Corporate Takeovers, Causes and Consequences (1988), University of Chicago Press, Chicago, IL
    • (1988) Corporate Takeovers, Causes and Consequences
    • Shleifer, A.1    Summers, L.2
  • 56
    • 0030706339 scopus 로고    scopus 로고
    • Takeover activity among financial mutuals: an analysis of target characteristics
    • Thompson S. Takeover activity among financial mutuals: an analysis of target characteristics. Journal of Banking and Finance 21 (1997) 37-53
    • (1997) Journal of Banking and Finance , vol.21 , pp. 37-53
    • Thompson, S.1
  • 58
    • 0030295258 scopus 로고    scopus 로고
    • The effect of mergers and acquisitions on the efficiency and profitability of EC credit institutions
    • Vander Vennet R. The effect of mergers and acquisitions on the efficiency and profitability of EC credit institutions. Journal of Banking & Finance 20 (1996) 1531-1558
    • (1996) Journal of Banking & Finance , vol.20 , pp. 1531-1558
    • Vander Vennet, R.1
  • 59
    • 0033445455 scopus 로고    scopus 로고
    • Technical progress, inefficiency and productivity change in US banking
    • Weelock D.C., and Wilson P.W. Technical progress, inefficiency and productivity change in US banking. Journal of Money, Credit and Banking 31 (1999) 212-234
    • (1999) Journal of Money, Credit and Banking , vol.31 , pp. 212-234
    • Weelock, D.C.1    Wilson, P.W.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.