Financial institutions and productive efficiency: a redefinition and extension

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dc.contributor.committeeChair II , Philip C . English en_US
dc.contributor.committeeMember Dukes , William P . en_US
dc.contributor.committeeMember Burns , James R . en_US
dc.contributor.committeeMember Stegemoller , Michael A . en_US
dc.degree.department Finance , Insurance , and Business Law en_US
dc.degree.discipline Finance , Insurance , and Business Law en_US
dc.degree.grantor Texas Tech University en_US
dc.degree.level Doctoral en_US
dc.degree.name Ph .D . en_US
dc.rights.availability unrestricted en_US
dc.creator Clement Jr . , Norman en_US
dc.date.accessioned 2014 -02 -19T18 :46 :11Z
dc.date.available 2011 -02 -19T00 :12 :49Z en_US
dc.date.available 2014 -02 -19T18 :46 :11Z
dc.date.issued 2007 -08 en_US
dc.identifier.uri http : / /hdl .handle .net /2346 /21238 en_US
dc.description.abstract Banks are found to have substantially lower average efficiency than indicated by previous studies . Efficiency is determined by sample size , the number of inputs and outputs of the model , the choice of input and outputs and the degree of homogeneity of the sample . Homogeneity appears to be one of the stronger drivers of average efficiency . Some intermediation models may be biased toward finding higher average efficiency and lack criteria to determine whether the intermediation process is profitable . The average bank is found to be competitive , but the low average efficiency scores found seems to be a result of a small percentage of banks that temporarily manage to attain some degree of super -efficiency . The inputs and the outputs used in data envelopment analysis are standardized by utilizing accounting definitions and foundational finance concepts . This allows modeling a bank’s productive process for the measurement of total productive efficiency and provides a way to include the profitability of a bank productivity process . This standardized model can then be extended to analyze other industries . Open -ended mutual fund efficiency is examined utilizing data envelopment analysis . Inputs and outputs are standardized and then extended utilizing the flexibility of the data envelopment analysis approach . Risk and return are modeled as joint outputs . This is consistent with the idea that there is a tradeoff between risk and return . Because of the joint nature of risk and return and their use as joint outputs , the approach used here does not require specifying the nature of the risk /return tradeoff . The effect of 12b -1 fees on mutual funds is examined from an efficiency point of view . Consistent with previous literature using much different techniques , the imposition of 12b -1 fees is found to be detrimental to fund efficiency . Funds with 12b -1 fees are shown to have higher expense ratios net of the 12b -1 fee than funds that do not have 12b -1 fees . Finally , funds that increase in efficiency are shown to do so by producing higher returns , generating fewer expenses and reduce their risk . en_US
dc.language.iso en _US en_US
dc.publisher Texas Tech University en_US
dc.subject 12b -1 fees en_US
dc.subject mutual funds en_US
dc.subject banks en_US
dc.subject DEA en_US
dc.title Financial institutions and productive efficiency : a redefinition and extension en_US
dc.type Electronic Dissertation en_US

Citation

Financial institutions and productive efficiency: a redefinition and extension. Doctoral dissertation, Texas Tech University. Available electronically from http : / /hdl .handle .net /2346 /21238 .

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