Technological progress, inefficiency, and productivity growth in the US securities industry, 1980–2000

Technological progress, inefficiency, and productivity growth in the US securities industry,... Employing a Data Envelopment Analysis (DEA) approach, we investigate the technological progress, efficiency, and productivity of the US securities industry between 1980 and 2000. Our results indicate that the US securities industry in general is less efficient than the existing technology allows. The relative productivity of the US securities industry in general declined. The failure of most firms to catch up with the production frontier pushed forward by a few large investment banks is the major reason behind the declines of relative productivity. Smaller regional firms, due to their inability to respond to technological innovation, experienced especially large decreases in both efficiency and productivity. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Business Research Elsevier

Technological progress, inefficiency, and productivity growth in the US securities industry, 1980–2000

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Publisher
Elsevier
Copyright
Copyright © 2005 Elsevier Inc.
ISSN
0148-2963
eISSN
1873-7978
DOI
10.1016/j.jbusres.2005.10.011
Publisher site
See Article on Publisher Site

Abstract

Employing a Data Envelopment Analysis (DEA) approach, we investigate the technological progress, efficiency, and productivity of the US securities industry between 1980 and 2000. Our results indicate that the US securities industry in general is less efficient than the existing technology allows. The relative productivity of the US securities industry in general declined. The failure of most firms to catch up with the production frontier pushed forward by a few large investment banks is the major reason behind the declines of relative productivity. Smaller regional firms, due to their inability to respond to technological innovation, experienced especially large decreases in both efficiency and productivity.

Journal

Journal of Business ResearchElsevier

Published: May 1, 2006

References

  • Efficiency of financial institutions: international survey and direction for future research
    Berger, A.; Humphrey, D.

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