This thesis adopts a new operational method to measure and investigate the relationship among cost efficiency, market competition and profitability in major Asian economies by using an unbalanced panel data sample of 278 commercial banks during the financial upheaval period of 2005-2012 before and after the global financial crisis. Firstly, we estimate the cost efficiency by employing different stochastic frontier analysis (SFA) models, which include the equity capital to indicate loss-absorbing capacity and risk preference and cross-country differences to be additional environmental variables. It is generally agreed that cross-country differences influence the frontier technology in the international comparison of banks performance. In this case, we implement the international comparison under SFA models with and without incorporating these cross-country heterogeneities. And the empirical results suggest that cross-country differences are significant sources to measure banks cost efficiency and evaluate banks performance. Secondly, we measure the market competition by investigating a range of approaches: the traditional Structure-Conduct-Performance approach, Lerner index, and new empirical industrial organization Panzar-Rosse approach. And we find that the SCP-Lerner approach may fail to identify the strength of competition and may not always unambiguously distinguish between the market power and the efficiency explanations of market concentration. Finally, following the approach of Boone, we measure the intensity of competition in two ways: the profit elasticity and the relative profit difference (calculated by cost efficiency score and shadow return on equity capital). Then we implement a quadratic quantile regression to compute the integral areas and standard errors for the Boone visual test and Wald test to reflect the relative intensity of competition for different competitive regimes over time. Our findings show that competition of banking industries become more intense in 9 Asian economies in the wake of the financial crisis and that two advanced economies (Singapore and Taiwan Province of China) and two remarkable emerging economies (China and India) play the significantly leading role in this intensifying competition process.

Ao longo dos últimos anos tem se observado no mundo uma expansão do setor leiteiro. Parte dessa expansão se deve a novas tecnologias que foram adotadas nas últimas décadas, mas também ocorreu por causa da queda, ou da anulação de barreiras comerciais. Contudo, notou-se também uma queda no número de fazendas leiteiras. Sendo o leite uma commodity os preços seguem as oscilações de mercado - oferta e demanda - e nenhum dos agentes possui poder para influenciar nos preços de compra e venda dessa mercadoria. Como os boletins do CEPEA mostram, os preços no ano passado têm-se mantido abaixo da média histórica, referente à última década, mas os termos de troca com relação a quantidade de litros de leite para se comprar insumos e defensivos se mantêm em patamares estáveis com tendência de alta. Tendo em vista esse problema, surge a necessidade de buscar compreender melhor como funciona o sistema de produção do setor leiteiro. Este trabalho satisfatoriamente conseguiu detectar através das fronteiras estocásticas de produção simples - leite como único produto de saída - e multi-output - leite e outros produtos animais existentes nas fazendas - além da regressão quantílica para análise de quantis variados da produção de leite, quais os insumos utilizados pelos produtores que oferecem melhores retornos para sua produção bem como analisar fatores de eficiência (BATTESE, COELLI; 1995; CHIDMI; SOLÍS; CABRERA, 2011). Os resultados apresentados apontam para a necessidade de se levar em consideração a inter-relação entre os insumos considerados - função de produção translog - e identificaram os insumos referentes ao capital - quantidade de vacas ordenhadas e gastos com máquinas e equipamentos - e ao trabalho - gastos com salários - como principais insumos da atividade pecuária. Os gastos com medicamentos animais, com energia elétrica e a área disponível para a atividade pecuária se mostraram contraproducentes indicando mau uso ou uso excessivo desses fatores, além de ressaltar a importância do capital na pecuária. Em geral, para quase todos os modelos testados, a produção leiteira apresentou retornos constantes à escala e nível de eficiência em torno de 88% em média para as fronteiras estocásticas e 90% para as estimativas feitas com regressão quantílica. Entre os fatores de eficiência identificados estão a capacidade de armazenamento de silos e tanques de refrigeração para o leite e a margem bruta líquida obtida com a atividade. Os fatores de ineficiência identificados são a prática de queimadas e o percentual de mulheres na administração das unidades produtivas. Com relação aos variados modelos estimados percebeu-se, em suma, a necessidade de se intensificar a produção pecuária e de melhorar a infraestrutura das fazendas. / Over the past few years it has been observed in the world an expansion of the dairy industry. Part of this expansion is due to new technologies that have been adopted in recent decades, but also because of the fall, or the annulment of trade barriers. However, it has also been noted a drop in the number of dairy farms. Being a commodity, milk prices follow the market oscillations - supply and demand - and none of the agents has enough power to influence buying and selling prices of this commodity. As the CEPEA bulletins show, prices last year have remained below the historical average for the last decade, but the terms of trade regarding the amount of liters of milk to buy inputs and pesticides at levels remain stable with uptrend. In view of this problem, there is the need to get a better understanding of how the dairy sector production system works. This work satisfactorily managed to detect, through the single-output stochastic production frontier method - value of milk production as output - and multi-output - value of milk and other existing animal products at the farms - besides quantile regression analysis for multiple production quantiles, which inputs used by farmers offer the best outcome for their production as well as analyzing efficiency factors (BATTESE; COELLI, 1995; CHIDMI; SOLÍS; CABRERA, 2011). The estimated results pointed to the need of considering the interrelation of considered inputs - translog production function - and identified the capital related inputs - quantity of milked cows and expenditure on machinery and equipment - and work related inputs - expenditure on wages - as main production inputs. Expenditure on animal drugs and on electricity and the area available for livestock activity proved counterproductive indicating misuse or overuse of these factors, in addition to emphasizing the importance of capital in livestock. In general, for most of the tested models, dairy production showed constant returns to scale and an average efficiency level of 88% for stochastic frontier models and 90% for estimates done using quantile regression. Among the identified efficiency factors are the storage capacity of silos and cooling tanks for milk and the net gross margin with activity. The identified inefficiency factors are the practice of burning and the percentage of women in the management of production units. With regard to various models estimated it was realized, in short, the need to intensify livestock production and to improve the infrastructure of the farms.

Conselho Nacional de Desenvolvimento CientÃfico e TecnolÃgico / Analyzes the technical efficiency and economic profitability of commercial dairy farmers from Ceara State. The stochastic frontier production methodology was used to estimate milk producersâ technical efficiency. As primary conclusion, the study observed a high rate of mean technical efficiency in the set of companies, about 80%, which points, however, to a relevant space to the unitiesâ efficiency growth, especially considering the efficiency rates dispersion. As it regards to the variables used to define the production frontier, all of them were statistically significant, and the expense with labor was the variable that presented the main contribution to the production growth. Among variables used to explain technical inefficiency, all resulted significant, and the genetic group of the herd was the one that presented the main participation at decreasing inefficiency. After the estimative of each companyâs efficiency, the present research analyzed the behavior of some technical indicators of productivity and economic profitability. It found that as the technical efficiency of the unities increased the indexes of productivity also improved, as well as a reduction of operational expenses and an elevation of profit margins. Finally, the research focused the important correlation between the efficiency level and the volume produced, suggesting a scale effect on milk production. / Analisa a eficiÃncia tÃcnica e a rentabilidade econÃmica dos produtores comerciais de leite do Estado do CearÃ. A metodologia de fronteiras estocÃsticas de produÃÃo foi utilizada para estimar a eficiÃncia tÃcnica dos produtores. Como principais conclusÃes, observou-se elevada taxa de eficiÃncia tÃcnica mÃdia para o conjunto das firmas, em torno de 80%, indicando, contudo, um espaÃo relevante para o crescimento da eficiÃncia das unidades, principalmente se for considerada a dispersÃo das taxas de eficiÃncia. Em relaÃÃo Ãs variÃveis utilizadas para definir a fronteira de produÃÃo, todas foram estatisticamente significativas, sendo a despesa com mÃo-de-obra aquela que apresentou maior contribuiÃÃo para o crescimento da produÃÃo, enquanto, das variÃveis utilizadas para explicar a ineficiÃncia tÃcnica, todas se mostraram significativas, sendo a composiÃÃo racial do rebanho aquela que apresentou maior participaÃÃo para a reduÃÃo da ineficiÃncia. ApÃs a estimativa da eficiÃncia de cada firma, estudou-se o comportamento de alguns indicadores tÃcnicos de produtividade e de rentabilidade econÃmica, percebeu-se que, Ã medida que crescia a eficiÃncia tÃcnica das unidades, observava-se tambÃm melhora nos Ãndices de produtividade, uma reduÃÃo dos custos operacionais e elevaÃÃo das margens de rentabilidade. Por fim, foi observada importante correlaÃÃo entre o nÃvel de eficiÃncia e o volume produzido, indicando um efeito-escala na produÃÃo de leite.

Bibliographic note Papoušek Radan. Gravity model and efficiency of trade between China and EU countries: Visegrad group, Germany, Austria. Praha 2017. 87 p. Master's thesis (Mgr.) Charles University in Prague, Faculty of Social Sciences, Institute of Eco- nomic Studies. Supervisor: doc. Ing. Vladimír Benáček CSc. Character count: 115 210 Abstract The thesis analyzes bilateral trade between China and Visegrad group (V4), Austria, and Germany. I use panel data of 23 countries across 1995-2015 to esti- mate gravity model. I compare the countries among themselves (time-series view) and analyze the development of the crucial variables employed in the model (cross- sectional view). Further, I estimate efficiency scores based on stochastic frontier analysis (SFA). Connecting the findings from all three perspectives provides com- prehensive picture of the trade relations of the given countries with China. The thesis reveals that accession to EU was beneficial for trade between V4 and China. Global value chains (GVCs) also help to intensify the trade exchange between the European countries and China. I find that Austria and Germany exhibit higher effi- ciency scores for their exports mainly due to better positions in global value chains. V4's trade balance with China is very sensitive to the decisions of the international...

The main objective of the study was to estimate non-market value of irrigation water as an input in sugar cane production in the Lowveld of Swaziland. This study used two independent approaches to non-market valuation, the residual value and production function approaches, to calculate the value that sugar cane farmers in the Lowveld region of Swaziland attach to irrigation water. The former estimated the average value of water, while the latter estimated the marginal value. The study also estimated the output elasticity of irrigation water, identified factors determining irrigation water values, and used stochastic frontier analysis to estimate farmers’ technical efficiency (TE) scores, and investigated the relationship hypothesised between irrigation water values and TE. Irrigated sugar cane production was specifically selected for this study on account of its socio-economic importance in Swaziland. Using data obtained from 78 sugar cane farms, the mean estimated value of irrigation water, measured in Emalangeni per metre cubed, was E1.60/m3 using the residual value approach, and E1.51/m3 using the production function approach. A t-test showed that the observed differences between the values estimated from the two independent approaches were not statistically significant, suggesting that either method can be used to value irrigation water employed in sugar cane production in Swaziland. The results from the t-test, in conjunction with the economic theory of duality, also allow us to conclude that the production technology employed by irrigation sugar cane farmers exhibits constant returns to scale. Irrigation water was output inelastic (0.711), lending additional credence to the constant returns technology conclusion. The value calculated for irrigation water was negatively related to irrigation water quantity, suggesting that price can be used as an instrument to directly regulate the quantity of irrigation water the farmer employs. The value calculated for irrigation water was negatively related to quantities of labour, quantity of irrigation water used, fertilizer and chemicals employed, suggesting that price can be used as an instrument to indirectly regulate the quantity of irrigation water the farmer employs. The value imputed for irrigation water was positively related to farm size and total revenue, suggesting that the more resourceendowed farmers can potentially pay higher for irrigation water. It is thus conceivable to design irrigation water pricing policies with equity considerations. TE scores ranged from 0.397 to 0.955, with a mean of 0.840. Farmers with higher TE scores also had higher implicit values for irrigation water, suggesting that irrigation water pricing can be used as a tool for motivating resource use efficiency. The key policy implication derived from this study is that price-based instruments have a potential in the management of scarce irrigation water resources in Swaziland. / Dissertation (MSc)--University of Pretoria, 2013. / gm2014 / Agricultural Economics, Extension and Rural Development / unrestricted

abstract: This dissertation consists of three essays, each examining distinct aspects about public organization adaptation to extreme events using evidence from public transit agencies under the influence of extreme weather in the United States (U.S.). The first essay focuses on predicting organizational adaptive behavior. Building on extant theories on adaptation and organizational learning, it develops a theoretical framework to uncover the pathways through which extreme events impact public organizations and identify the key learning mechanisms involved in adaptation. Using a structural equation model on data from a 2016 national survey, the study highlights the critical role of risk perception to translate signals from the external environment to organizational adaptive behavior. The second essay expands on the first one to incorporate the organizational environment and model the adaptive system. Combining an agent-based model and qualitative interviews with key decision makers, the study investigates how adaptation occurs over time in multiplex contexts consisting of the natural hazards, organizations, institutions and social networks. The study ends with a series of refined propositions about the mechanisms involved in public organization adaptation. Specifically, the analysis suggests that risk perception needs to be examined relative to risk tolerance to determine organizational motivation to adapt, and underscore the criticality of coupling between the motivation and opportunities to enable adaptation. The results further show that the coupling can be enhanced through lowering organizational risk perception decay or synchronizing opportunities with extreme event occurrences to promote adaptation. The third essay shifts the gaze from adaptation mechanisms to organizational outcomes. It uses a stochastic frontier analysis to quantify the impacts of extreme events on public organization performance and, importantly, the role of organizational adaptive capacity in moderating the impacts. The findings confirm that extreme events negatively affect organizational performance and that organizations with higher adaptive capacity are more able to mitigate those effects, thereby lending support to research efforts in the first two essays dedicated to identifying preconditions and mechanisms involved in the adaptation process. Taken together, this dissertation comprehensively advances understanding about public organization adaptation to extreme events. / Dissertation/Thesis / Doctoral Dissertation Public Administration and Policy 2020

Background: High-tech's rapid growth and prioritization of expansion over profitability can lead to vulnerability in economic downturns. The SaaS market, a part of the high-tech industry, offers affordable and flexible software solutions but is also susceptible to market volatility. To succeed, SaaS startups must strike a balance between growth and profitability. Stochastic frontier analysis can measure technical efficiency and productivity in the SaaS market, offering insights into resource and labor utilization. We present an empirical study that explores factors that influence a firm's profitability, aiming to inform decision-making for SaaS companies. Purpose: Our academic work is centered around gaining a comprehensive understanding of the Software-as-a-Service (SaaS) market and the role of labor and research and development expenses toexplore these factors and their influence on a firm's profitability. This study seeks to address this gap in knowledge by conducting an empirical analysis to examine the technical efficiency distribution among SaaS firms, with the aim of gaining insights into resource and labor utilization. By analyzing technical efficiency distribution among SaaS firms, the study will provide insights into resource and labor utilization and its effect on profitability. The research questions will focus on the relationship between technical efficiency, labor utilization, and production functions on profitability. Methodology: We utilized Model I - Cobb Douglas Panel Data Regression with Fixed Effects, Model II - Cobb Douglas Panel Data Stochastic Frontier Analysis using the Kumbhakar and Lovell (1990), and Model III - Transcendental Logarithmic Panel Data Cobb Douglas Stochastic Frontier Analysis using the Kumbhakar and Lovell (1990). These models allowed us to measure the technical efficiency of SaaS firms and examine the interplay between various variables, such as employee count and R&D expenseswith liabilities and assets as control variables. Results and analysis: The three models revealed that labor, assets, and R&D expenses positively and significantly affect profitability in SaaS firms. The SaaS industry also exhibits decreasing returns to scale in two models, suggesting that increasing all inputs proportionally leads to a less-than-proportional increase in output with the third model exhibiting an increasing return to scale. Also, top performers in technical efficiency tend to have higher marginal product of labor (MPL) values than bottom performers.Conclusions: Technical efficiency is positively correlated with profitability, indicating that more efficient SaaS firms achieve higher profitability levels. The relationship between technical efficiency and profitability is stronger when using the Translog model compared to the Cobb-Douglas model. The study also found that the factors contributing most to profitability in SaaS firms are the number of employees and assets, followed by research and development expenses.  Recommendations for future research: Further studies could explore the extent to which factors such as the quality of the workforce, technology, and business processes impact MPL and technical efficiency in SaaS firms. Additionally, future research could investigate the effects of market competition, firm size, and industry regulation on profitability in the SaaS industry. Finally, research could investigate the potential benefits of diversifying investment portfolios to include SaaS stocks, given the significant impact of labor, assets, and R&D expenses on profitability.

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For as long as managed mutual funds have been in existence there has been a desire to accurately assess their relative performance against each other, and also their respective performance in relation to an appropriate stock market index. There has been a specific interest in whether the expensive, professionally managed mutual funds can justify their high cost with respect to low cost, simple index trackers by producing superior, post-cost performance, and this proposition is implicitly tested within this thesis. The aim of this thesis is to undertake an empirical assessment of the managerial performance of mutual funds utilising a three-stage DEA-SFA-DEA methodology which combines linear mathematical programming (DEA) and stochastic frontier analysis (SFA). Specifically, this thesis focuses on evaluating the managerial performance of UK domiciled open-ended investment companies (OEICs) and unit trusts (UTs) over a three year period from 1st January 2008 to 31st December 2010. Various DEA models are utilised including CCR, BCC and SBM DEA models with various orientations, and also versions of these DEA models which make use of the SORM procedure. These are used to carry out an initial evaluation of the managerial performance of the OEICs/UTs, before two of these DEA models are combined with SFA regression analysis in a three-stage DEA-SFA-DEA methodology to purge the influence of environmental factors and statistical noise, thus leading to a more robust evaluation of the true managerial performance of the OEICs/UTs under assessment. The results of this thesis extend support to the premise of the Efficient Market Hypothesis (EMH) that financial markets are information efficient , and thus it is not possible, given the information available when the investment is made, to consistently obtain returns in excess of the average market return on a risk-adjusted basis, and this thesis does so through the use of a novel approach.

The aim of the thesis is to estimate the cost efficiency of the banks from the Czech Republic, Hungary, Poland, and Slovakia during 2008-2013 using stochastic frontier analysis. In addition to this, mutual relationships between the changes in banks' cost efficiency, risk- taking, and capital position are examined. First, the literature that is concerned with these relationships is reviewed and the stochastic frontier approach towards the efficiency estimation is outlined. In the empirical analysis, the cost efficiency of the banks from the aforementioned countries is estimated. The results suggest that the Czech and the Polish banks from the sample have the highest average cost efficiency while the Hungarian banks rank the lowest. The estimated efficiency is decreasing during the sample period. No conclusive results are found to support the hypothesis that the larger banks exhibit higher cost efficiency. Subsequently, the system of simultaneous equations is applied to test the mutual relationships between the changes in the banks' cost efficiency, risk-taking, and capital position. The results suggest a negative relationship between the changes in risk-taking and cost efficiency and between the changes in capital position and risk-taking of the banks. Moreover, the results do not indicate simultaneous...