Homma, Tetsushi; Tsutsui, Yoshiro; Uchida, Hirofumi - In: Journal of Banking & Finance 40 (2014) C, pp. 143-153
In this paper we propose a new test of the efficient structure (ES) hypothesis, which predicts that efficient firms come out ahead in competition and grow as a result. Our test has significant advantages over existing ones, because it is more direct, and can jointly test the so-called quiet-life...
