An Empirical Research Survey of the Productivity and Efficiency of the Securities Industry

This paper provides a review of the approaches that have been used to evaluate the productivity and efficiency of the securities industry (financial ratios, econometric techniques, data envelopment analysis-DEA, and the estimation of stochastic frontiers). In undertaking this it identifies some of the organisational structure characteristics of securities companies that are associated with high levels of operational efficiency, particularly regarding the impact of regulation, the structure of ownership, and economies of scope and scale. The findings are that from the limited number of studies that have to date been undertaken it appears that the industry does have economies of scale, benefits from deregulation and performs better with foreign and bank ownership

The Productivity and Efficiency of Vietnamese Securities Firms, 2009 to 2017

This paper provides an examination of the impact of size, regulation and ownership structure on the productivity and efficiency of 53 securities firms in Vietnam in the years 2009 to 2017. The results show that the size of the firms and regulation has an impact on the performance of the firms. Foreign ownership also has a significant negative correlation with the firms’ efficiency, while majority ownership by domestic Vietnamese, individual shareholders (as opposed to ownership by institutional shareholders) has a positive impact. In contrast, there is no significant correlation between ownership by banks and the productive efficiency of the firms

The professional service firm (PSF) in a globalised economy: A study of the efficiency of securities firms in an emerging market

This study explores the efficiency of securities firms in Turkey and offers conceptual and managerial insights utilizing data envelopment analysis. Through a sample of local and foreign owned securities firms in Turkey, we examine the impact of liabilities of foreignness (LOF) and localness (LOL) upon knowledge intensive firm efficiency in an emerging market economy. We have extended this approach through our consideration of liability associated with market globalness (LOMG). Our findings indicate the importance of size for firm efficiency with bank affiliation and foreign ownership also having positive effects on efficiency. Our study makes a contribution conceptually, methodologically and empirically to a growing literature on emerging economies. We also make a valuable addition to the limited empirical work conducted on the securities industry to date. Finally, through our contextualization of Turkish securities firms as professional services firms (PSFs), our research extends the narrow focus on law and accounting which currently dominates the burgeoning research strand on PSFs

Essays on credit rating agencies in China

The four essays collected in this PhD thesis focuses on the research of credit rating agencies (CRAs) in China. The first chapter introduces the overview of the Chinese bond market and rating industry. The second chapter mainly analyses the impact of the failure to accurately predict bond defaults on CRAs. The third chapter studies the relationship between issuer importance and credit ratings. And the fourth chapter investigates whether the reputational capital of credit rating agencies affects their rated bonds