This paper aims to assess the technical efficiency of Japanese trust banks by using the stochastic distance function approach, which is suitable for analyzing complex trust banks but has never applied for Japanese trust banks. Although the trust banking industry has been one of the most...

Since Japan’s recent financial liberalization, online securities transactions have grown rapidly and changes have been promoted in the industry’s structure. In this research, we investigated the differences in efficiency and scale economies between the types of securities firms (i.e.,...