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題名 Competition, Efficiency, and Innovation in Taiwan’s Banking Industry - An Application of Copula Methods
作者 黃台心
Huang, Tai-Hsin
胡聚男
Hu, Chu-Nan
張寶光
Chang, Bao-Guang
貢獻者 金融博五
關鍵詞 Competitive conditionsLerner indexCopula methodsFinancial innovationsQuiet life hypothesisInverted-U shape
日期 2017-09
上傳時間 12-Jun-2018 10:59:09 (UTC+8)
摘要 This paper proposes a simultaneous stochastic frontier model that consists of a cost frontier and an output price frontier that relates a firm’s output price (P) to its marginal cost (MC). The gap between P and MC reflects a firm’s degree of market power, and the Lerner index (LI) is equal to the ratio of the gap to P. The salient feature of our model permits LI to be internally determined by the simultaneous equations model, which avoids obtaining negative estimates of the index. The joint probability density function of the composed errors can be derived in the context of copula methods. Our model is applied to study the competitive conditions of Taiwan’s banking industry. Findings show that: (1) the quiet life hypothesis is rejected; (2) the relationship between financial innovation, measured by the technology gap ratio of Huang et al. (2014), and our LI is U-shaped, which is robust over different specifications; and (3) the nexus between innovation and competition is inverted-U shape and consistent with Aghion et al. (2005) and Bos et al. (2013).
關聯 Quarterly Review of Economics and Finance, Vol.67, pp.362-375
資料類型 article
DOI http://dx.doi.org/10.1016/j.qref.2017.08.006
dc.contributor 金融博五zh_TW
dc.creator (作者) 黃台心zh_TW
dc.creator (作者) Huang, Tai-Hsinen_US
dc.creator (作者) 胡聚男zh_TW
dc.creator (作者) Hu, Chu-Nanen_US
dc.creator (作者) 張寶光zh_TW
dc.creator (作者) Chang, Bao-Guangen_US
dc.date (日期) 2017-09
dc.date.accessioned 12-Jun-2018 10:59:09 (UTC+8)-
dc.date.available 12-Jun-2018 10:59:09 (UTC+8)-
dc.date.issued (上傳時間) 12-Jun-2018 10:59:09 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/117585-
dc.description.abstract (摘要) This paper proposes a simultaneous stochastic frontier model that consists of a cost frontier and an output price frontier that relates a firm’s output price (P) to its marginal cost (MC). The gap between P and MC reflects a firm’s degree of market power, and the Lerner index (LI) is equal to the ratio of the gap to P. The salient feature of our model permits LI to be internally determined by the simultaneous equations model, which avoids obtaining negative estimates of the index. The joint probability density function of the composed errors can be derived in the context of copula methods. Our model is applied to study the competitive conditions of Taiwan’s banking industry. Findings show that: (1) the quiet life hypothesis is rejected; (2) the relationship between financial innovation, measured by the technology gap ratio of Huang et al. (2014), and our LI is U-shaped, which is robust over different specifications; and (3) the nexus between innovation and competition is inverted-U shape and consistent with Aghion et al. (2005) and Bos et al. (2013).en_US
dc.format.extent 886196 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Quarterly Review of Economics and Finance, Vol.67, pp.362-375zh_TW
dc.subject (關鍵詞) Competitive conditionsLerner indexCopula methodsFinancial innovationsQuiet life hypothesisInverted-U shapeen_US
dc.title (題名) Competition, Efficiency, and Innovation in Taiwan’s Banking Industry - An Application of Copula Methodsen_US
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1016/j.qref.2017.08.006
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.qref.2017.08.006