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    政大機構典藏 > 商學院 > 金融學系 > 期刊論文 >  Item 140.119/117585
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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
    Hu, Chu-Nan
    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: 2018-06-12 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
    顯示於類別:[金融學系] 期刊論文


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