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1、本科毕业论文外文翻译外文题目：ProfitefficiencysourcesanddifferencesamongsmallandLargeU.Scommercialbanks出处：Journalofeconomicandfinance(2005):289-299作者：AigbeAkhigbeandJamesMcNulty原文：IntroductionScaleeconomiesinbankinghavelongbeenofinteresttofinancialeconomists,andthisinteresthasbeenheightenedinre
2、centyearsbytwodevelopments.Thefirstisincreasedconcernaboutthesurvivabilityofsmallcommunitybanksinaneraofbankconsolidation.ThisthemewasthesubjectofaMarch2003conferenceattheFederalReserveBankofChicagoandformedthebasisforaspecialMarch2004issueoftheJournalofFinancialServicesResearch.
3、Theseconddevelopmentisrecentacademicresearchsuggestingthatsmallbanksmayhavebothaninformationadvantageoverlargebanks,asinNakamura(1993),Mester,Nakamura,andRenault(2001),andCarterandMcNulty(2004),andanincentivetousethisinformationadvantageinthelendingprocess.Bergeretal.(2002)provid
4、eevidenceonthesecondpoint.Theysuggestthatsmallbanksmayhaveacomparativeadvantageindevelopingandusingthe“soft”informationoftenassociatedwithsmallbusinesslending.PROFEFFisaneconometricfinancialperformancemeasurethatindicateshowactualfinancialperformancecomparestoatheoreticalbest-pra
5、cticefrontier.Consideringdifferencesin,andsourcesof,profitefficiency(PROFEFF)bybanksizegroupscanhelpshedlightontheissueofwhichbanksusetheircapitalmoreefficiently(providedprofitsarenormalizedbyequity,whichistheapproachwetakeinthispaper).RelevantLiteratureandEstimationIssuesMoststu
6、diesdoneinthe1980sandearly1990ssuggestthatscaleeconomiesareslightornonexistentbeyondassetsizesof$50to$100million.SomeearlyexamplesareBenston,Hanweck,andHumphrey(1982),Gilligan,Smirlock,andMarshall(1984),Clark(1984),Nelson(1985),andBerger,Hanweck,andHumphrey(1987).Using1984data,Be
7、rgerandHumphrey(1991)findthateconomiesofscaleatthefirmlevelareexhaustedbeyond$200millioninassetsize.Sincethisinfluentialstudy,whichfoundthatgainsfromreducingcostinefficienciesdominategainsfromrealizingscaleeconomies,thefocusofmoststudieshasshiftedtoinefficienciesandhenceawayfromo
8、ptimumsize.However,usingcostefficiency,B
