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Author:Ferrier, Gary D. 

Working Paper
Consistency conditions for regulatory analysis of financial institutions: a comparison of frontier efficiency methods

We propose a set of consistency conditions that frontier efficiency measures should meet to be most useful for regulatory analysis or other purposes. The efficiency estimates should be consistent in their efficiency levels, rankings, and identification of best and worst firms, consistent over time and with competitive conditions in the market, and consistent with standard nonfrontier measures of performance. We provide evidence on these conditions by evaluating and comparing efficiency estimates on U.S. bank efficiency from variants of all four of the major approaches -- DEA, SFA, TFA, and ...
Financial Services working paper , Paper 97-02

Working Paper
Scale economies, cost efficiencies, and technological change in Federal Reserve payments.

This paper uses a stochastic cost frontier to examine the scale economies, cost efficiencies, and technological change of three payments instruments--check, automated clearinghouse (ACH) transfers, and Fedwire processing--provided by the Federal Reserve over the period 1990-94. We find evidence of substantial scale economies and cost inefficiencies in the ACH and Fedwire services. Check processing also exhibits substantial cost inefficiency, but constant returns to scale. Technological progress is found to be sizeable for ACH and Fedwire; check processing is found to have experienced ...
Financial Services working paper , Paper 96-01

Working Paper
The informativeness of stochastic frontier and programming frontier efficiency scores: Cost efficiency and other measures of bank holding company performance

This paper examines the properties of the X-inefficiencies in U.S. bank holding companies derived from both stochastic and linear programming frontiers. This examination allows the robustness of results across methods to be compared. While we find that calculated programming inefficiency scores are two to three times larger than those estimated using a stochastic frontier, the patterns of the scores across banks and time are similar, and there is a relatively high correlation of the rankings of banks' efficiencies under the two methods. However, when we examine the "informativeness" of the ...
FRB Atlanta Working Paper , Paper 99-23

Conference Paper
Scale economies, cost efficiencies, and technological change in Federal Reserve payments processing

Proceedings

Conference Paper
Structure, performance and conduct in the mutual fund industry: some implications for banks

Proceedings , Paper 867

Working Paper
Consistency conditions for regulatory analysis of financial institutions: a comparison of frontier efficiency methods

We propose a set of consistency conditions that frontier efficiency measures should meet to be most useful for regulatory analysis or other purposes. The efficiency estimates should be consistent in their efficiency levels, rankings, and identification of best and worst firms; consistent over time and with competitive conditions in the market; and consistent with standard nonfrontier measures of performance. We provide evidence on these conditions by evaluating and comparing efficiency estimates on U.S. bank efficiency from variants of all four of the major approaches--DEA, SFA, TFA, and ...
Finance and Economics Discussion Series , Paper 1997-50

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