-文献翻译-----美国小型和大型商业银行的利润效率来源及差异-其他专业.docxVIP

本科毕业论文外文翻译 外文题目：Profit efficiency sources and differences among small and Large U.S commercial banks 出 处： Journal of economic and finance (2005):289-299 作 者： Aigbe Akhigbe and James McNulty 原 文： Introduction Scale economies in banking have long been of interest to financial economists, and this interest has been heightened in recent years by two developments. The first is increased concern about the survivability of small community banks in an era of bank consolidation. This theme was the subject of a March 2003 conference at the Federal Reserve Bank of Chicago and formed the basis for a special March 2004 issue of the Journal of Financial Services Research. The second development is recent academic research suggesting that small banks may have both an information advantage over large banks, as in Nakamura (1993), Mester, Nakamura, and Renault (2001), and Carter and McNulty (2004), and an incentive to use this information advantage in the lending process. Berger et al. (2002) provide evidence on the second point. They suggest that small banks may have a comparative advantage in developing and using the “soft” information often associated with small business lending. PROFEFF is an econometric financial performance measure that indicates how actual financial performance compares to a theoretical best-practice frontier. Considering differences in, and sources of, profit efficiency (PROFEFF) by bank size groups can help shed light on the issue of which banks use their capital more efficiently (provided profits are normalized by equity, which is the approach we take in this paper). Relevant Literature and Estimation Issues Most studies done in the 1980s and early 1990s suggest that scale economies are slight or nonexistent beyond asset sizes of $50 to $100 million. Some early examples are Benston, Hanweck, and Humphr