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Recovering Risky Technologies Using The Almost Ideal Demand System: An Application To U.S. Banking
Hughes, Joseph P.; Mester, Loretta J.; Lang, William; … - 2000
We argue for a shift in the focus of modeling production from the traditional assumptions of profit maximization and … the analysis of production and recover value-maximizing technologies. We show how this shift can be implemented using the … Almost Ideal Demand System. In addition, we suggest a more general way of measuring efficiency that can incorporate a concern …
Persistent link: https://www.econbiz.de/10010334306
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Recovering risky technologies using the almost ideal demand system : an application to U.S. banking
Hughes, Joseph P.; Lang, William W.; Mester, Loretta J.; … - 2000 - This draft: September 2000
We argue for a shift in the focus of modeling production from the traditional assumptions of profit maximization and … the analysis of production and recover value-maximizing technologies. We show how this shift can be implemented using the … Almost Ideal Demand System. In addition, we suggest a more general way of measuring efficiency that can incorporate a concern …
Persistent link: https://www.econbiz.de/10011576770
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Recovering Risky Technologies Using The Almost Ideal Demand System: An Application To U.S. Banking
Hughes, Joseph P.; Mester, Loretta J.; Lang, William; … - Department of Economics, Rutgers University-New Brunswick - 2000
We argue for a shift in the focus of modeling production from the traditional assumptions of profit maximization and … the analysis of production and recover value-maximizing technologies. We show how this shift can be implemented using the … Almost Ideal Demand System. In addition, we suggest a more general way of measuring efficiency that can incorporate a concern …
Persistent link: https://www.econbiz.de/10005800381
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The future of large, internationally active banks : does scale define the winners?
Hughes, Joseph P.; Mester, Loretta J. - 2015
Our research as well as that by other authors has found scale economies at all sizes of banks and the largest scale economies at the largest banks – that is, larger banks are able to provide products at lower average cost than smaller banks. While the earlier literature found that scale...
Persistent link: https://www.econbiz.de/10011416928
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Measuring the performance of banks : theory, practice, evidence, and some policy implications
Hughes, Joseph P.; Mester, Loretta J. - 2013
The unique capital structure of commercial banking - funding production with demandable debt that participates in the …
Persistent link: https://www.econbiz.de/10009774419
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The Elusive Scale Economies of the Largest Banks and their Implications for Global Competitiveness
Hughes, Joseph P. - Department of Economics, Rutgers University-New Brunswick - 2011
advantages that improve the efficiency of their capital allocation and liquidity and enhance their international competitiveness …
Persistent link: https://www.econbiz.de/10010607672
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Who said large banks don’t experience scale economies? Evidence from a risk-return-driven cost function
Hughes, Joseph P.; Mester, Loretta J. - In: Journal of Financial Intermediation 22 (2013) 4, pp. 559-585
data pre- and post-crisis, we estimate scale economies using two production models. The standard model ignores endogenous …
Persistent link: https://www.econbiz.de/10010719498
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The future of large, internationally active banks: Does scale define the winners?
Hughes, Joseph P.; Mester, Loretta J. - 2015
Our research as well as that by other authors has found scale economies at all sizes of banks and the largest scale economies at the largest banks - that is, larger banks are able to provide products at lower average cost than smaller banks. While the earlier literature found that scale...
Persistent link: https://www.econbiz.de/10011687916
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Measuring agency costs and the value of investment opportunities of U.S. bank holding companies with stochastic frontier estimation
Hughes, Joseph P.; Mester, Loretta J.; Moon, Choon-Geol - 2016
By eliminating the influence of statistical noise, stochastic frontier techniques permit the estimation of the best-practice value of a firm´s investment opportunities and the magnitude of a firm´s systematic failure to achieve its best-practice market value - a gauge of the magnitude of...
Persistent link: https://www.econbiz.de/10011687921
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Market discipline working for and against financial stability: The two faces of equity capital in U.S. commercial banking
Hughes, Joseph P.; Mester, Loretta J.; Moon, Choon-geol - 2016
The second Basel Capital Accord points to market discipline as a tool to reinforce capital standards and supervision in promoting bank safety and soundness. The Bank for International Settlements contends that market discipline imposes strong incentives on banks to operate in a safe and...
Persistent link: https://www.econbiz.de/10011687927