Banks’ Efficiency and Productivity Analysis Using the Hicks-Moorsteen Approach: A Case Study of Iran

This study is the first to use the Hicks-Moorsteen TFP index developed by O’Donnell (2008,2009, 2010c) to analyse efficiency and productivity changes in the banking system. The advantage of this approach over the popular Malmquist productivity index is that it is free from any assumptions concerning firm optimising behaviour, the structure of markets, or returns to scale. The effects of Iranian government regulations launched in 2005 on the Iranian banking industry are investigated through an analysis of performance over the period 2003-2008 assuming variable returns to scale. The results obtained show that although the Iranian banking industry has been inefficient over the entire period of the study, the industry’s technical efficiency level - which had improved over the period 2003-2006 - deteriorated considerably after the regulatory changes were introduced. The industry experienced its highest negative efficiency growth in 2006 which was 43% and became more mix inefficient after 2005, with a considerably negative productivity change after 2007. Overall, changes of production possibility set and scale efficiency changes exerted dominant effects on productivity changes.Regulation, Productivity, Banking, Data envelopment analysis, Malmquist index,Hicks-Moorsteen index

Genuine Relationship: Pure Adaptation

The present research attempted to focus on the concept of adaptation (in theatre) from the perspective of Walter Benjamin’s philosophical concept of pure language firstly introduced in 1923. In so doing, three adapted into Persian performed plays Marg-e Foroushandeh (Borhani Marand, 2015), Ghat-e Dast dar Spokan (Khojasteh, 2015), and Pish az Sobhaneh-ye Jadali (Rezaee, 2016) were studied along with their English written source playtexts Death of a Salesman, A Behanding in Spokane and Before Breakfast, respectively by Arthur Miller, Martin McDonagh and Eugene O'Neill. In each case, the source playtext and its adapted performed play had to be seen as the two main fragmentary languages detached from a larger whole in the fall from grace. Using Ladoucer’s (1995) model of dramatic text translation, the alterations carried out in the main verbal and nonverbal text components (speech lines/dialogues and stage directions) were studied to see which performances were deserved to be considered as purely adapted ones. Finally, the results indicated that not all the transposed performances could be seen as pure adaptations rooted in creativity in its true sense, occupying a middle position between dependency and deviation

An evaluation of the world\u27s major airlines\u27 technical and environmental performance

This study is the first to use bootstrapped data envelopment analysis (DEA) models under variable returns to scale in order to examine both the environmental and technical efficiency of airlines. Using the regional classification of the International Air Transport Association (IATA), we chose 48 of the world\u27s major full-service and low-cost carriers from six different regions, and then estimated their performance over the period 2007- 2010. Our empirical results show that many of the most technically efficient airlines are from China and North Asia, while many of the most environmentally efficient airlines are from Europe. We also found that although the number of environmentally oriented full-service airlines is increasing, low-cost carriers are still more environmentally oriented. Our findings also show that almost all the low-cost carriers are technically operating under increasing returns to scale in all the studied years. However, this result was quite the opposite of what we found for the largest airlines

Banks’ efficiency and productivity analysis using the Hicks-Moorsteen approach: a case study of Iran

This study is the first to use the Hicks-Moorsteen TFP index developed by O’Donnell (2008, 2009, 2010c) to analyse efficiency and productivity changes in the banking system. The advantage of this approach over the popular Malmquist productivity index is that it is free from any assumptions concerning firm optimising behaviour, the structure of markets, or returns to scale. The effects of Iranian government regulations launched in 2005 on the Iranian banking industry are investigated through an analysis of performance over the period 2003-2008 assuming variable returns to scale. The results obtained show that although the Iranian banking industry has been inefficient over the entire period of the study, the industry’s technical efficiency level - which had improved over the period 2003-2006 - deteriorated considerably after the regulatory changes were introduced. The industry experienced its highest negative efficiency growth in 2006 which was 43% and became more mix inefficient after 2005, with a considerably negative productivity change after 2007. Overall, changes of production possibility set and scale efficiency changes exerted dominant effects on productivity changes

Secreted osteopontin is highly polymerized in human airways and fragmented in asthmatic airway secretions.

BackgroundOsteopontin (OPN) is a member of the small integrin-binding ligand N-linked glycoprotein (SIBLING) family and a cytokine with diverse biologic roles. OPN undergoes extensive post-translational modifications, including polymerization and proteolytic fragmentation, which alters its biologic activity. Recent studies suggest that OPN may contribute to the pathogenesis of asthma.MethodologyTo determine whether secreted OPN (sOPN) is polymerized in human airways and whether it is qualitatively different in asthma, we used immunoblotting to examine sOPN in bronchoalveolar lavage (BAL) fluid samples from 12 healthy and 21 asthmatic subjects (and in sputum samples from 27 healthy and 21 asthmatic subjects). All asthmatic subjects had mild to moderate asthma and abstained from corticosteroids during the study. Furthermore, we examined the relationship between airway sOPN and cellular inflammation.Principal findingsWe found that sOPN in BAL fluid and sputum exists in polymeric, monomeric, and cleaved forms, with most of it in polymeric form. Compared to healthy subjects, asthmatic subjects had proportionately less polymeric sOPN and more monomeric and cleaved sOPN. Polymeric sOPN in BAL fluid was associated with increased alveolar macrophage counts in airways in all subjects.ConclusionsThese results suggest that sOPN in human airways (1) undergoes extensive post-translational modification by polymerization and proteolytic fragmentation, (2) is more fragmented and less polymerized in subjects with mild to moderate asthma, and (3) may contribute to recruitment or survival of alveolar macrophages

A new technique for investigating the induced and profile drag coefficients of a smooth wing and a tubercled wing

The induced and profile drag coefficients of a wing are typically determined through a complex experimental technique, such as wake surveying. Such a technique requires measurement of all three orthogonal components of the downstream velocity to find the components of drag, which results in the necessary usage of a sophisticated and costly measurement device, such as multi-hole pressure probe. However, in this paper data is presented which demonstrate that the relative changes in the induced and profile drag coefficients can largely be determined through the sole measurement of the downstream, streamwise velocity. To demonstrate this, the induced and profile drags of two NACA 0021 wings, one with a smooth leading edge and the other wing a tubercled leading edge for comparison, are determined through the measurement of the three orthogonal velocities. The downstream, streamwise velocity distribution of each wing is then constructed and relationships can be determined. The wings were surveyed at 3°, 9°, and 12°. It has been found that the relative magnitude of the profile drag coefficient can be found for all considered angles of attack, while the relative magnitude of the induced drag coefficient can be found at 9° and 12°. These findings produce an innovative, simpler, and more cost effective experimental technique in determining the components of drag of a wing, and reduces the burdensome requirement of a sophisticated measurement device for such an experiment. Further investigation is required to determine the induced drag at 3°.Michael Bolzon, Richard Kelso, and Maziar Arjomand

STR-810: A FORMULATED APPROACH TO CISC SHEAR CONNECTION RESISTANCE AND FLEXIBILITY DESIGN

The design of simple shear connections has been extensively studied by several researchers. The design requirements for ductility and strength of these connections have been established through both experimental and theoretical approaches. However, the current Canadian design guidelines such as the Handbook of Steel Construction published by the Canadian Institute of Steel Construction (CISC) do not provide a formulated approach for the design of shear connections. In addition, the CISC design approach is somewhat out dated when it comes to providing adequate rotational ductility. In this paper, a formulated approach for the design of bolted double angle shear connections considering both strength and ductility is provided. The proposed design approach is discussed and compared with the current design approach outlined by the American Institute of Steel Construction (AISC). The proposed procedure is explained in detail through a design example

Banks’ efficiency and credit risk analysis using by-production approach: the case of Iranian banks

This article uses a by-production approach that integrates credit risk to monitor bank efficiency. The method overcomes the possible misspecification issues of the commonly assumed weak disposability (WDA) of undesirable outputs. In addition, our measure extends the classic by-production approach by including statistical aspects through subsampling techniques. We have also provided an algorithm to correct related infeasibilities. Using this approach, we investigate the performance of Iranian banks and credit risk management in the sector for the period 1998–2012. Non-performing loans (NPLs) have been used as an undesirable output and proxy for credit risk in our models. Based on our empirical results, although the banks generally exhibited efficiency improvements over time, their credit risk performance deteriorated considerably after the regulatory changes introduced in 2005. These findings confirm that credit quality can be monitored more actively across Iranian banks

An Analysis of Productivity Changes in the Iranian Banking Industry: a Bootstrapped Malmquist Approach

This study employs various bootstrapped Malmquist indices and efficiency scores to investigate the effects of government regulation on the performance of the Iranian banking industry over the period 2003-2008. An alternative decomposition of the Malmquist index, introduced by Simar and Wilson (1998a), is also applied to decompose technical changes further into pure technical change and changes in scale efficiency. A combination of these approaches facilitates a robust and comprehensive analysis of Iranian banking industry performance. While this approach is more appropriate than the traditional Malmquist approach, for the case of banking efficiency studies, it has not previously been conducted for any developing country’s banking system. The results obtained show that although, in general, the regulatory changes had different effects on individual banks, the efficiency and productivity of the overall industry declined after regulation. We also find that productivity had positive growth before regulation mainly due to improvements in pure technology, and that government ownership had an adverse impact on the efficiency level of state-owned banks. The bootstrap approach demonstrates that the majority of estimates obtained in this study are statistically significant

Bank outreach and performance: evidence from banking efficiency in Sri Lanka

This study evaluates the impact of geographical dispersion of bank branches and their growth on banking sector efficiency in Sri Lanka for the period 2006-2014. Deviating from conventional models used in literature this study employs double-bootstrap semi-parametric truncated regression models based on data envelopment analysis (DEA).Our empirical results show that bank efficiency is not significantly influenced by branch expansion and geographical dispersion in an environment of higher economic growth. This study concludes that a likely decline in bank efficiency with expansion in branch networks, as asserted in the mainstream literature, is not valid when there is a high demand for banking services in line with overall economic growth. Further, this study suggests that geographical dispersion of the banking sector can be used as a policy tool to achieve broad-based and inclusive growth for emerging and rapidly growing economies such as Sri Lanka