Bos, Jaap W.B.; Kolari, James W.; Lamoen, Ryan C.R. van - In: Journal of Banking & Finance 37 (2013) 5, pp. 1590-1601
This paper presents new evidence on the relationship between competition and innovation by extending previous literature from manufacturing to financial services. We introduce a new measure of overall innovation by estimating and enveloping annual minimum cost frontiers to create a global...