We analyze the stability of efficiency rankings of German universal banks between 1993 and 2004. First, we estimate … traditional efficiency scores with stochastic cost and alternative profit frontier analysis. Then, we explicitly allow for … different risk preferences and measure efficiency with a structural model based on utility maximization. Using the almost ideal …

We analyze the stability of efficiency rankings of German universal banks between …

quantity comovement, exchange rates, asset prices, and international portfolio holdings can be used to assess efficiency …. Overall, quantities and portfolios appear consistent with efficiency, while evidence from prices is difficult to interpret …