A tool for scrutinizing bank bailouts based on multi-period peer benchmarking

Pacific Basin Finance Journal

Volumn 19, Issue 5, 2011, Pages 447-469

  Avkiran, Necmi K ^a   Goto, Mika ^b  

^a UNIVERSITY OF QUEENSLAND   (Australia)

^b CENTRAL RESEARCH INSTITUTE OF ELECTRIC POWER INDUSTRY   (Japan)

Author keywords

Banking; Financial performance; Multi period peer benchmarking

Indexed keywords

EID: 79960029564     PISSN: 0927538X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.pacfin.2011.06.001     Document Type: Article

References (63)

1. Allen F., Carletti E. An overview of the crisis: causes, consequences, and solutions. International Review of Finance 2010, 10:1-26.
2. Allen F., Bernardo A.E., Welch I. A theory of dividends based on tax clienteles. Journal of Finance 2000, 55:2499-2536.
3. Ambarish R., John K., Williams J. Efficient signaling with dividends and investments. Journal of Finance 1987, 42:321-343.
4. Aoki M. Conclusion: whither Japan's corporate governance?. Corporate Governance in Japan: Institutional Change and Organizational Diversity 2007, 427-448. Oxford University Press. M. Aoki, G. Jackson, H. Miyajima (Eds.).
5. Avkiran N.K. Opening the black box of efficiency analysis: an illustration with UAE banks. OMEGA, The International Journal of Management Science 2009, 37:930-941.
6. Avkiran N.K. Association of DEA super-efficiency estimates with financial ratios: investigating the case for Chinese banks. OMEGA, The International Journal of Management Science 2011, 39:323-334.
7. Avkiran N.K., Morita H. Benchmarking firm performance from a multiple-stakeholder perspective with an application to Chinese banking. OMEGA, The International Journal of Management Science 2010, 38:501-508.
8. Avkiran N.K., Morita H. Predicting Japanese bank stock performance with a composite relative efficiency metric: a new investment tool. Pacific-Basin Finance Journal 2010, 18:254-271.
9. Avkiran N.K., Thoraneenitiyan N. Purging data before productivity analysis. Journal of Business Research 2010, 63:294-302.
10. Bank of Japan Financial System Report 2006, July.
11. Bank of Japan Financial System Report 2007, March.
12. Bank of Japan Financial System Report 2008, March.
13. Bessler W., Nohel T. The stock-market reaction to dividend cuts and omissions by commercial banks. Journal Banking & Finance 1996, 20:1485-1508.
14. Bhattacharya S. Imperfect information, dividend policy and the "bird-in-hand" fallacy. Bell Journal of Economics 1979, 10:259-270.
15. Bhattacharyya A., Lovell C.A.K., Sahay P. The impact of liberalization on the productive efficiency of Indian commercial banks. European Journal of Operational Research 1997, 98:332-345.
16. Boldin R., Leggett K. Bank dividend policy as a signal of bank quality. Financial Services Review 1995, 4:1-8.
17. Brockett P.L., Charnes A., Cooper W.W., Huang Z.M., Sun D.B. Data transformations in DEA cone ratio envelopment approaches for monitoring bank performances. European Journal of Operational Research 1997, 98:250-268.
18. Casey K.M., Dickens R.N. The effects of tax and regulatory changes on commercial bank dividend policy. The Quarterly Review of Economics and Finance 2000, 40:279-293.
19. Chapparo F.P., Salinas-Jimenez J., Smith P. On the quality of the data envelopment analysis. Journal of the Operational Research Society 1999, 50:636-644.
20. Charnes A., Cooper W.W., Rhodes E. Evaluating program and managerial efficiency: an application of data envelopment analysis to program follow through. Management Science 1981, 27:668-697.
21. Cooper W.W., Park K.S., Pastor J.T. RAM: a range adjusted measure of inefficiency for use with additive models and relations to other models and measures in DEA. Journal of Productivity Analysis 1999, 11:5-42.
22. Cooper W.W., Seiford L.M., Tone K. Data Envelopment Analysis: A Comprehensive Text with Models, Applications, References and DEA-Solver Software 2007, Springer, New York. 2nd edition.
23. Cooper W.W., Seiford L.M., Zhu J. Handbook on Data Envelopment Analysis 2011, Kluwer Academic Publishers, Norwell, Massachusetts. 2nd edition.
24. Dhanani A. Corporate dividend policy: the views of British financial managers. Journal of Business Finance & Accounting 2005, 32:1625-1672.
25. Easterbrook F. Two agency cost explanations of dividends. The American Economic Review 1984, 72:650-658.
26. Elton E.J., Gruber M.J. Marginal stockholder tax rates and the clientele effect. The Review of Economics and Statistics 1970, 52:68-74.
27. Fama E. The empirical relationships between dividend and investment decisions of firms. The American Economic Review 1974, 64:304-318.
28. Färe R., Grosskopf S. Intertemporal Production Frontiers: With Dynamic DEA 1996, Kluwer Academic Publishers, Boston.
29. Filbeck G., Chadwell P.A. Insider ownership and dividend signals: additional evidence from the banking industry. Journal of Economics and Finance 1993, 17:109-117.
30. Filbeck G., Mullineaux D.J. Agency costs and dividend payments: the case of bank holding companies. The Quarterly Review of Economics and Finance 1999, 39:409-418.
31. Fukuda A. Dividend changes and earnings performance in Japan. Pacific-Basin Finance Journal 2000, 8:53-66.
32. Gillet R., Lapointe M.A., Raimbourg P. Dividend policy and reputation. Journal of Business Finance & Accounting 2008, 35:516-540.
33. Gul F.A. Growth opportunities, capital structure and dividend policies in Japan. Journal of Corporate Finance 1999, 5:141-168.
34. Harada K., Nguyen P. Dividend change context and signaling efficiency in Japan. Pacific-Basin Finance Journal 2005, 13:504-522.
35. Hayashi F., Prescott E. The 1990s in Japan: a lost decade. Review of Economic Dynamics 2002, 5:206-235.
36. Hu Y., Izumida S. Ownership concentration and corporate performance: a causal analysis with Japanese panel data. Corporate Governance 2008, 16:342-358.
37. Jensen M.C. Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review 1986, 76:323-329.
38. John K., Williams J. Dividends, dilution, and taxes: a signaling equilibrium. Journal of Finance 1985, 40:1053-1070.
39. Kang J.K., Shivdasani A. Firm performance, corporate governance, and top executive turnover in Japan. Journal of Financial Economics 1995, 38:29-58.
40. Kato K., Loewenstein U., Tsay W. Voluntary dividend announcements in Japan. Pacific-Basin Finance Journal 1997, 5:167-193.
41. Kato H.K., Loewenstein U., Tsay W. Dividend policy, cash flow and investment in Japan. Pacific-Basin Finance Journal 2002, 10:443-473.
42. Keen H. Bank dividend cuts: recent experience in the traditional view. Business Review Federal Reserve Bank of Philadelphia November/December, 5-13 1978.
43. Keen H. The impact of a dividend cut announcement on bank share prices. Journal of Bank Research Winter 1983, 274-281.
44. KPMG Retail Banking in China: New Frontiers, March, Hong Kong 2007.
45. La Porta R., Lopez-De-Silanes F., Shleifer A., Vishny R.W. Agency problems and dividend policies around the world. Journal of Finance 2000, 55:1-33.
46. Leightner J.E., Lovell C.A.K. The impact of financial liberalization on the performance of Thai banks. Journal of Economics and Business 1998, 50:115-131.
47. Lintner J. Distribution of income of corporations among dividends, retained earnings, and taxes. The American Economic Review 1956, 46:97-113.
48. Miller M., Modigliani F. Dividend policy, growth, and the valuation of shares. Journal of Business 1961, 34:411-433.
49. Miller S.M., Noulas A.G. The technical efficiency of large bank production. Journal of Banking & Finance 1996, 20:495-509.
50. Miller M.H., Rock K. Dividend policy and their asymmetric information. Journal of Finance 1985, 40:1031-1051.
51. Mizuno M. Payout policy of Japanese firms: analysis on the survey of four industries listed on the Tokyo Stock Exchange. Pacific Economic Review 2007, 12:631-650.
52. Modigliani F., Miller M. The cost of capital, corporation finance, and the theory of investment. The American Economic Review 1958, 48:261-297.
53. Naceur S.B., Goaied M., Belanes A. On the determinants and dynamics of dividend policy. International Review of Finance 2006, 6:1-23.
54. Nakatani I. The Economic Role of Financial Corporate Grouping 1984, 227-258. The Economic Analysis of the Japanese Firm, North Holland. M. Aoki (Ed.).
55. Nemoto J., Goto M. Measurement of dynamic efficiency in production: an application of data envelopment analysis to Japanese electric utilities. Journal of Productivity Analysis 2003, 19:191-210.
56. OECD OECD Economic Surveys Japan. Chapter 2, July 2006.
57. Partington G.H. Dividend policy and its relationship to investment and financing policies: empirical evidence. Journal of Business Finance and Accounting 1985, 12:531-542.
58. RBAJ Regional Banks in Japan. March 31 2006.
59. Sherman H.D., Zhu J. Benchmarking with quality-adjusted DEA Q-DEA to seek lower-cost high-quality service: evidence from a U.S. bank application. Annals of Operations Research 2006, 145:301-319.
60. Smith P. Model misspecification in Data Envelopment Analysis. Annals of Operations Research 1997, 73:233-252.
61. Sturm J.E., Williams B. Foreign bank entry, deregulation and bank efficiency: lessons from the Australian experience. Journal of Banking & Finance 2004, 28:1775-1799.
62. Ward D.R. Product differentiation and consumption efficiency in mortgage markets. Journal of Business Research 2009, 62:805-809.
63. Wilkes F.M. Dividend policy and investment appraisal in imperfect capital markets. Journal of Business Finance and Accounting 1977, 4:187-199.