A metafrontier study of securities broker and dealer efficiency under zero-sum gains

Chin Yi Fang*, Jin Li Hu

*此作品的通信作者

研究成果: 雜誌貢獻期刊論文同行評審

4 引文 斯高帕斯(Scopus)

摘要

This paper studies the broker and dealer (B&D) efficiency across groups of securities firms under zero-sum gains (ZSG) framework from the concept of a metafrontier. Existing studies that estimate the firm-level efficiency using conventional data development analysis (DEA) neglect the 100% market share restriction. The empirical findings suggest that the conventional DEA model underestimates the efficiency of inefficient securities firms in Taiwan, as compared to the ZSG-DEA. The output-oriented technology gap ratio of a metafrontier indicates that the foreign ownership form has a significantly positive impact on efficiency in Taiwan. The financial holding companies (FHC) in Taiwan show insignificantly negative effects on their securities subsidiaries. Specialized securities brokerage firms (SBFs) have significantly higher efficiency than Non-FHC's integrated securities firms (ISFs). These results prove that the financial reform triggered by the government is not able to improve B&D efficiency in the securities industry.

原文英語
頁(從 - 到)25-34
頁數10
期刊Investment Management and Financial Innovations
6
發行號3
出版狀態已發佈 - 2009

ASJC Scopus subject areas

  • 商業與國際管理
  • 會計
  • 金融
  • 經濟學與計量經濟學
  • 策略與管理

指紋

深入研究「A metafrontier study of securities broker and dealer efficiency under zero-sum gains」主題。共同形成了獨特的指紋。

引用此