In the nonparametric data envelopment analysis literature,scale elasticity is evaluated in two alternative ways:using either the technical efficiency model or the cost efficiency model.This evaluation becomes problema...In the nonparametric data envelopment analysis literature,scale elasticity is evaluated in two alternative ways:using either the technical efficiency model or the cost efficiency model.This evaluation becomes problematic in several situations,for example(a)when input proportions change in the long run,(b)when inputs are heterogeneous,and(c)when firms face ex-ante price uncertainty in making their production decisions.To address these situations,a scale elasticity evaluation was performed using a value-based cost efficiency model.However,this alternative value-based scale elasticity evaluation is sensitive to the uncertainty and variability underlying input and output data.Therefore,in this study,we introduce a stochastic cost-efficiency model based on chance-constrained programming to develop a value-based measure of the scale elasticity of firms facing data uncertainty.An illustrative empirical application to the Indian banking industry comprising 71 banks for eight years(1998–2005)was made to compare inferences about their efficiency and scale properties.The key findings are as follows:First,both the deterministic model and our proposed stochastic model yield distinctly different results concerning the efficiency and scale elasticity scores at various tolerance levels of chance constraints.However,both models yield the same results at a tolerance level of 0.5,implying that the deterministic model is a special case of the stochastic model in that it reveals the same efficiency and returns to scale characterizations of banks.Second,the stochastic model generates higher efficiency scores for inefficient banks than its deterministic counterpart.Third,public banks exhibit higher efficiency than private and foreign banks.Finally,public and old private banks mostly exhibit either decreasing or constant returns to scale,whereas foreign and new private banks experience either increasing or decreasing returns to scale.Although the application of our proposed stochastic model is illustrative,it can be potentially applied to all firms in the information and distribution-intensive industry with high fixed costs,which have ample potential for reaping scale and scope benefits.展开更多
Scale management remains the core position in entire development process of the economics and is a major issue of academic research and government concern. Focusing on related problems of agricultural scale management...Scale management remains the core position in entire development process of the economics and is a major issue of academic research and government concern. Focusing on related problems of agricultural scale management,this paper explored 4 aspects of past literature.( i) It defined the agricultural scale management based on economies of scale theory and changes in returns to scale.( ii) From the perspective of the returns to scale of grain production,there are changes in returns to scale of China's grain production,but the measured changes are not significant.( iii) Existing analysis on factors influencing agricultural scale management mainly includes factors influencing farmers' willingness of scale management and restrictive factors of implementation of scale management.( iv) In studies of the relationship between land management scale and production efficiency,many scholars made qualitative and quantitative analysis on land scale efficiency on the basis of economic indicators they defined,but they reached different conclusions. Finally,it summarized literature and pointed out several issues needing special attention in this field.展开更多
To find out which factors determine stock return and to give rational explanation of return predictability, according to the principle of stock price formulation, the trend of stock price is obtained by use of option ...To find out which factors determine stock return and to give rational explanation of return predictability, according to the principle of stock price formulation, the trend of stock price is obtained by use of option pricing method. The trend of stock price is put into reconstructing CAPM （capital asset pricing model） beta; it is concluded that the firm-specific biases and the scale biases potentiaUy induce return predictabih＇ty. In addition, through the relation between the biases structure and the intrinsic value, an appropriate theoretic explanation is supplied for three-factor pricing model proposed by Fama and French.展开更多
文摘In the nonparametric data envelopment analysis literature,scale elasticity is evaluated in two alternative ways:using either the technical efficiency model or the cost efficiency model.This evaluation becomes problematic in several situations,for example(a)when input proportions change in the long run,(b)when inputs are heterogeneous,and(c)when firms face ex-ante price uncertainty in making their production decisions.To address these situations,a scale elasticity evaluation was performed using a value-based cost efficiency model.However,this alternative value-based scale elasticity evaluation is sensitive to the uncertainty and variability underlying input and output data.Therefore,in this study,we introduce a stochastic cost-efficiency model based on chance-constrained programming to develop a value-based measure of the scale elasticity of firms facing data uncertainty.An illustrative empirical application to the Indian banking industry comprising 71 banks for eight years(1998–2005)was made to compare inferences about their efficiency and scale properties.The key findings are as follows:First,both the deterministic model and our proposed stochastic model yield distinctly different results concerning the efficiency and scale elasticity scores at various tolerance levels of chance constraints.However,both models yield the same results at a tolerance level of 0.5,implying that the deterministic model is a special case of the stochastic model in that it reveals the same efficiency and returns to scale characterizations of banks.Second,the stochastic model generates higher efficiency scores for inefficient banks than its deterministic counterpart.Third,public banks exhibit higher efficiency than private and foreign banks.Finally,public and old private banks mostly exhibit either decreasing or constant returns to scale,whereas foreign and new private banks experience either increasing or decreasing returns to scale.Although the application of our proposed stochastic model is illustrative,it can be potentially applied to all firms in the information and distribution-intensive industry with high fixed costs,which have ample potential for reaping scale and scope benefits.
基金Supported by Consulting Project of Chinese Academy of Engineering in 2015(2015-XY-22)
文摘Scale management remains the core position in entire development process of the economics and is a major issue of academic research and government concern. Focusing on related problems of agricultural scale management,this paper explored 4 aspects of past literature.( i) It defined the agricultural scale management based on economies of scale theory and changes in returns to scale.( ii) From the perspective of the returns to scale of grain production,there are changes in returns to scale of China's grain production,but the measured changes are not significant.( iii) Existing analysis on factors influencing agricultural scale management mainly includes factors influencing farmers' willingness of scale management and restrictive factors of implementation of scale management.( iv) In studies of the relationship between land management scale and production efficiency,many scholars made qualitative and quantitative analysis on land scale efficiency on the basis of economic indicators they defined,but they reached different conclusions. Finally,it summarized literature and pointed out several issues needing special attention in this field.
文摘To find out which factors determine stock return and to give rational explanation of return predictability, according to the principle of stock price formulation, the trend of stock price is obtained by use of option pricing method. The trend of stock price is put into reconstructing CAPM （capital asset pricing model） beta; it is concluded that the firm-specific biases and the scale biases potentiaUy induce return predictabih＇ty. In addition, through the relation between the biases structure and the intrinsic value, an appropriate theoretic explanation is supplied for three-factor pricing model proposed by Fama and French.
