金控銀行和獨立銀行在傳統在做績效評估時，可能都只考慮相同的技術水準，如此可能無法正確來衡量不同群體的的差異，而忽略其潛在的效率改善指標。因此，本文將先採用隨機邊界模型(SFA)，估出兩體系的隨機邊界模型，接著，再運用Rao (2006)所提出的共同邊界模型(metafrontier)，來進行兩個體系的銀行效率評估。 本研究運用了民國91年到民國97年期間，13家金控銀行與24家獨立銀行的資料為樣本，去分析此兩個群體的效率比較，可得以下結論： 1.在金控銀行與獨立銀行的個別隨機邊界中，兩個群體在於技術效率的表現上差異不大。 2.金控銀行的技術效率變動有越來越小的趨勢；而獨立銀行術效率沒有明顯的縮小的趨勢。 3.獨立銀行的技術缺口比TGR有顯著的大於金控銀行的TGR。 4.在共同邊界的技術效率中，獨立銀行的技術效率顯著的大於金控銀行 / Most of traditional banking performance evaluation analyses assume both financial holding banks and independent banks share the same level of technology, thus it may not able to identify the managerial efficiency difference of different groups correctly . In this research, a SFA model (Battese and Coelli, 1995) is used first to estimate the technologies and inefficiency factors for both systems. Then a deterministic linear programming metafrontier (Rao, 2006) is adopted to evaluate the technology gap ratio between two bank systems. We collect data of 13 financial holding banks and 24 independentbanks from 2001~2008. After analyzing two systems and making comparison, the main conclusions are as follows: 1.Two bank systems have a minor difference in SFA. 2.The variance on technical efficiency becomes smaller with time in financial holding banks, but not in independent banks. 3.Independentbanks’ TGR is significantly larger than financial holding banks’. 4.In metafrontier, technical efficiency of independent banks is significantly larger than financial holding Bbnks.

It is a sandwich Thesis. The first and the second essay are joint works with my Supervisor, Dr. Ronald Balvers. The third essay is joint work with Fangxing Liu, a Ph.D. candidate (Finance) at DeGroote School of Business, where we have equally shared the work responsibility. / First essay deals with Productivity shocks. Productivity shocks transmitted from productivity leaders to trailing sectors are systematic sources of risk. Global technology and knowledge diffusion leads to predictable patterns in productivity dynamics across countries and industries. Productivity gaps determine the level of exposure to the systematic leader productivity shocks. Firms in a country-industry with larger productivity gaps relative to the world leader are more dependent on the leader's innovations compared to their own productivity improvements. They thus have higher loadings on the leader productivity shocks and higher average stock returns. For OECD panel data, a country-industry's productivity gap significantly predicts the stock returns of the country-industry: holding the quintile of country- industry portfolios with the largest gaps and shorting the quintile with the smallest gaps generates annual returns of 9.8% (6.7% after risk adjustment with standard factors). A factor associated with the productivity gap explains country-industry portfolio returns substantially better than standard factor models. Loadings on leader-country-productivity shocks are found to have substantial correlation with productivity gaps, and leader productivity shocks are more important for stock returns than idiosyncratic productivity shocks. These findings suggest that the productivity gaps and associated higher average returns are indeed tied to systematic risk. The second essay deals with Technology shocks. Technology shocks from technological frontier economies are a critical determinant of productivity shocks. These shocks spill over, pervading all lagging economies and are true systematic shocks. A country's aggregate technology gap with the frontier determines the potential for the systematic innovation shocks to affect it, but the country's absorption capacity determines its effective sensitivity to these shocks. We find conforming evidence that the technology gap, R&D intensity, and absorption capacity can explain stock returns. For OECD panel data, a one standard deviation increase in the technology gap increases excess stock returns by 0.578 percent per month. A one standard deviation increase in R&D intensity increases the excess return by 0.637 percent per month. An increase in absorption capacity of one standard deviation increases the excess return by 0.275 percent per month. When global FF factors are included, the results are diluted, which suggests that the FF factors may alias for the three variables associated with the systematic risk arising from frontier technology shocks. The third essay deals with Political risk. We find that the differences in Hassan et al. (2019) political Risk proxy derived from text processing of analyst transcripts can price cross-sectional returns after controlling for standard factor risks. A mimicking factor for the political risk measure, when added to the standard Fama French 5 factor model or the Q5 model, explains the test asset returns better than these models. In our limited sample, the changes in PRisk measure captures more information about political risk than the traditional measures from Baker et al. (2016), which suggests that one can start using changes in PRisk characteristic as a political risk proxy. / Thesis / Doctor of Philosophy (PhD)

本文嘗試在傳統的R&D模型中，引入技術引進的概念，並從技術發展型態的角度來探討其與經濟成長之關係。理論的結果告訴我們各個國家會採取何種技術發展的型態決定於其本身的技術水準。技術水準愈低的國家，基於成本的誘因，會採取較具優勢的技術引進的發展策略；相反地，技術水準較高的國家，則會利用本身較佳的技術優勢而自行研發。 採取不同技術發展型態的國家，其經濟成長的型態也跟著不同。採取技術引進策略的國家其成長的速度取決於本身和世界的技術差距，當差距愈大時，成長的速度就愈快；相反地，隨著差距的縮小，成長的速度也就會跟著緩慢下來。採取研發的國家，如同大部分R&D模型的結論，其均衡的成長路徑是維持一固定的成長率。 不同於以往內生成長模型只專注於長期的成長，我們的模型中，除了具有長期持續成長的特色外，更強調各個國家由於初始條件的差異及其成長的速度和世界成長的速度的不同，致使成長的路徑也會不同，而且每個國家收歛的恆定狀態也不相同，這也說明了為什麼世界各國之間會存在廣泛的所得差異性的現象。 另外，我們的理論也強調技術落後的國家不見得會永遠處於落後的地位，只要其成長的速度足夠支持其發生技術發展型態的結構性改變，就有可能追趕上先進國家，甚至超越。而原先處於領先地位的先進國家，也有可能因本身研發的效率退步，致使成長速度落後於世界的平均水準，結果反倒是由領先的地位退到落後國家之林。 而成長的另一個普遍獲得實證支持的現象，也就是在Solow模型中預測的條件性收歛，在我們的模型中的解釋是當一個國家的成長路徑一直高於世界的平均水準的話，換言之，該國家是一直在不斷進步的過程中，則也會發生所謂條件性收歛的現象。而我們的理論更預測了另一種現象是，當一個國家的成長路徑是處於世界平均水準之下的話，也就是說是由原本的領先退步到落後的過程中，其成長的速度反倒是開始時會較慢，而在接近收歛時開始加快速度，然後達到恆定狀態，這種現象和所謂的條件性收歛恰好反其道而行，我們稱之為逆條件性收歛現象。 除了理論之外，我們更藉由數值模擬的方式進行了政策上的分析。我們發現在成長速度上處於領先地位的國家，若要保持其領先的優勢，必定要採取研發的策略。而處於成長速度較緩慢的國家，若想要擺脫落後並追趕上領先國家的話，就得靠技術引進的方式來加快其成長的速度。 同時我們亦分析了幾種改變成長速度的政策手段，發現每一種政策的效果對不同的國家而言也不盡相同，所以各個國家所應採取的手段應視其條件而定。另外，當外生的世界成長率加快時，我們發現這個現象對成長速度落後的國家是很有幫助的，因為可以使得其速度加快趕上世界的水準。

The thesis describes and analyses the evolution of the Czech industry since the beginning of the economic transformation in 1990 till today and it forecasts it's likely further development. The chapter one presents a brief description of the Czech industrial sector in the 19th and the 20th centuries. The chapter n. 2 is dedicated to the evolution in 1980s, the last decade before the collapse of the centrally planned economy. The third chapter describes the transformation process in the beginning of the 1990s. It focuses on the privatization, which was the most important constituent of the economic transformation from the perspective of the Czech industry. Chapters n. 4 and 5 focus on the evolution and restructuration of the Czech industry in the 1990s and in the first decade of the new millennium. The biggest attention is paid to the international trade, foreign direct investments, industrial production, industrial workforce and changes of the industrial structure. Chapter n. 6 is devoted to the evolution in the past 1,5 year and it describes the evolution of the Czech industry in the context of the global economic recession. The last part of the thesis outlines the probable evolution of the Czech industry in the future.

金融監理制度影響一國商業銀行經營績效的相關議題，一直受到學者與政府當局的重視，為瞭解亞洲地區銀行業在中央銀行與監理單位不同管理下的利潤效率，找出最適的制度設計，本研究根據Huang、Huang與Liu（2014）提出之隨機共同利潤邊界（stochastic meta-profit frontier），採用兩階段估計法，蒐集中國大陸、香港、印度、日本、韓國、馬來西亞、巴基斯坦、菲律賓、新加坡、斯里蘭卡、泰國以及阿拉伯聯合大公國等十二國商業銀行資料，分成開發中和已開發國家兩個群組，將環境變數納入無效率模型中，進行實證分析，比較不同群組的利潤效率差異，發掘影響效率的主要變數與方向，從而獲得重要政策意涵。 根據實證分析結果，中央銀行介入銀行監理程度越高，商業銀行利潤效率越低；金融監理單位整合程度越高，商業銀行利潤效率越高；中央銀行獨立程度越高，商業銀行利潤效率越低；已開發國家群組的平均技術缺口比率與共同邊界技術效率值皆高於開發中國家群組，符合預期。共同利潤效率最高的是日本，最低的是韓國。平均而言，各國若在共同利潤邊界上從事生產，能提升41.9%至75%的利潤。 / The effects of degrees of financial supervision on performance of commercial banks have long been important issues and drawn much attention to academic researchers and government authorities. This study applies the stochastic meta-profit frontier, recently developed by Huang, Huang, and Liu (2014), to estimate and compare profit efficiencies of commercial banks from 12 Asian countries, i.e., Mainland China, Hong Kong, India, Japan, South Korea, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and United Arab Emirates. We divide the sample countries into two groups, i.e., developing and developed countries. This enables us to further investigate the effects of different supervisory systems, enforced by central banks (CB) and supervisory authorities, on commercial banks’ profit efficiencies, as well as to make a suggestion about the optimal supervision regimes in the area. Note that a set of supervisory indices are considered as environmental variables that explain profit inefficiency. Using the two-stage estimation procedure, the empirical results are summarized as follows. First, it is found that bank’s profit efficiency decreases with the increase in a CB’s supervision sectors. Second, the unification of supervisory authority has positive effect on bank’s profit efficiency. Third, the more independent is the CB, the less profit efficient the commercial bank is. Fourth, banks in the group of developed countries are found to have higher technology gap ratios and meta-profit efficiencies than those in the group of developing countries, as expected. Fifth and finally, Japan and South Korea has the highest and the lowest level of meta-profit efficiency, respectively. Evidence is found that if an average commercial bank were adopting the best technology, it can earn roughly 41.9% to 75% more profits than otherwise.