Efficiency and profitability of European banks: how important is operational efficiency?

Most previous research on efficiency in banking takes a regulatory perspective. In contrast, this paper investigates the empirical relation between efficiency and profitability in five large economies of the European Union during the period 1998-2005 and discusses the results from the perspective of corporate bank strategy. Methodologically the existing literature is expanded by the use of DEA super-efficiency values to regress profitability, the incorporation of risk by calculative costs of capital, and a model specification built on the modern understanding of banks as centers of value creation. The results of the conducted static and dynamic regression analyses show that profitable banks operate with higher technical efficiency than their competitors. Furthermore, the strategic environment and in this regard the structure and concentration of the national financial sector have a considerable impact on a bank's financial performance. Both issues proved to be statistically and economically significant. Thus, the results support the appropriateness of the generic strategy of cost leadership for the European banking market. Banks following this strategic position were able to achieve higher excess returns during the analyzed period. --Banks,corporate strategy,efficiency,operational efficiency,profitability

Change in population and land use intensity under the aspect of the physical environment and accessibility

The land use in the Tangale-Waja area is analysed according to the two basic categories of geography: Firstly the manifold interaction between men and environment which form the spatial characteristics of an area, and secondly the decrease of influence with increasing distance. The importance of these two elementary factors is described by indicators as accessibility for the period from the precolonial situation until the time after World War II, when new roads were constructed through the mountainous area. Living in a hilly environment the self contained population (formerly called "hill pagans") had developed special agricultural techniques which can be considered ecologically well adapted. The opening up of the area after the pacification, Christianity and education, led to a considerable increase in population, the expansion of land under cultivation, and the change of settlement structure by down-hill population movement. This resulted in overuse of the fragile natural resources. The size of farm steads became too small for the family unit and the still low accessibility of the hinterland of the main interregional roads as well as inappropriate techniques of agricultural production are shortcomings causing heavy damage to the physical environment and decreasing living standards of the local population

Portugal and Spain entering the Common Market: Their industrial competitiveness revisited

The purpose of this paper is to assess the overall position as well as the relative strength and weakness of the Iberian manufacturing industries within an enlarged Community. Earlier studies of the authors (Donges, Schatzf 1980; Donges et al., 1982) are up-dated and extended to cover the bilateral trade relations between Portugal and Spain. Following a recapitulation of the major trade patterns of the Iberian countries, we examine the nature of their specialization, both with regard to the EC and among themselves. The increased import competition, employment changes and the adjustment problems faced by the two. countries will be analysed subsequently. The paper concludes with some considerations about an overall strategy to cope with the challenges induced by the accession.

Der Kyniker Diogenes als “Rasender Sokrates”. Zu Wielands Antikerezeption

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Noch einmal: Zur Geschichte der Leipziger Philologie

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Von Aborigines bis Telewischn - Griechische und Lateinische Anglizismen im Deutschen

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Mein Jannis Ritsos

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”Ich bin als Griechin geboren ...”

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The 'incidentaloma' of the pituitary gland. Is neurosurgery required?

We describe a series of 18 patients with an intrasellar mass incidentally discovered by computed tomography or magnetic resonance imaging. The average size of the mass was 13 mm, with a range from 5 to 25 mm. Initial ophthalmologic examination revealed bitemporal hemianopia in 2 patients. Results of routine endocrine testing showed partial hypopituitarism in 5 patients and growth hormone hypersecretion without signs and symptoms of acromegaly in 1 patient. Four patients underwent neurosurgery. Histologically, one chondroid chordoma and three pituitary adenomas were found. In the remaining 14 patients treated conservatively, repeated computed tomography and magnetic resonance imaging revealed no significant change in tumor size at the time of follow-up (median, 22 months). Our results suggest that the "incidentaloma" of the pituitary gland is a benign condition that does not necessarily require neurosurgical intervention