macroeconomic profitability. Measurement issues include the treatment of holding gains on physical assets and net financial … work has focused on the identification of trends and shifts in profit rates not caused by cyclical fluctuations, and … include capital deepening stimulated by a reduction in the cost of capital funds; profit squeezes caused by some combination …

This paper examines shareholder value drivers in European banking focusing on the efficiency and productivity features … of individual banks. In particular, we analyse the value relevance of bank cost efficiency and total factor productivity …