Determinants of bank efficiency: Evidence from a semi-parametric methodology

In this paper, we use a semi-parametric two-stage model to examine the effect of bank-specific, industry-specific and macroeconomic determinants of bank efficiency. This method, proposed by Simar and Wilson (2007), relaxes several deficiencies of previous two-stage analyses, which regress non-parametric estimates of bank efficiency on exogenous determinants. In particular, we propose a bootstrap procedure to be used in the second stage and we compare the results obtained to the equivalents of a Tobit model. We suggest that the Tobit regressions inaccurately provide insignificant estimates for the effect of bank size, industry concentration and economic investment on bank efficiency, a fact that illustrates the power of the new method. Since the effect of these determinants has been ambiguous in previous literature, this may be a desideratum for future research.Bank efficiency; semi-parametric models

Exploring the Nexus between Banking Sector Reform and Performance: Evidence from Newly Acceded EU Countries

The aim of this study is to examine the relationship between banking sector reform and bank performance – measured in terms of efficiency, total factor productivity growth and net interest margin – accounting for the effects through competition and bank risk-taking. To this end, we develop an empirical model of bank performance and draw on recent econometric advances to consistently estimate it. The model is applied to bank panel data from ten newly acceded EU countries. The results indicate that both banking sector reform and competition exert a positive impact on bank efficiency, while the effect of reform on total factor productivity growth is significant only toward the end of the reform process. Finally, the effect of capital and credit risk on bank performance is in most cases negative, while it seems that higher liquid assets reduce the efficiency and productivity of banks.Bank performance; Banking sector reform; Competition; Risk-taking

Determinants of bank efficiency: evidence from a semi-parametric mathodology

Purpose 13 This paper aims to analyze bank efficiency into a number of bank-specific, industryspecific and macroeconomic determinants. Design/methodology/approach 13 The authors follow a semi-parametric two-stage methodology, where productive efficiency is derived via a non-parametric technique in the first stage and then the scores obtained are linked to a series of determinants of bank efficiency, using a double bootstrapping procedure. Findings 13 Overall, it is found that the banking sectors of almost all the sample countries show a gradual improvement in their efficiency levels. The model used shows that a number of determinants like bank size, industry concentration and the investment environment have a positive impact on bank efficiency, which is not the case when standard Tobit models are employed. Research limitations/implications 13 The findings have important implications for the relevance of well-known hypotheses that refer to the performance of the banking sectors, like the structure conduct-performance and the efficient structure hypotheses. These implications are not necessarily verified when past conventional econometric methodologies are used. Practical implications 13 The paper offers new insights to policy makers, bank managers and practitioners on the relevance of a number of driving factors of bank efficiency that might help them to improve the performance of the banking system and enhance the quality of services provided. Originality/value 13 This is the first paper in the bank efficiency literature that employs a semiparametric two-stage model, which relaxes several deficiencies of previous two-stage empirical approaches thus, offering a solution to the many problematic features of standard censored regression

ACHINOS: A Multi-Anode Read-Out for Position Reconstruction and Tracking with Spherical Proportional Counters

The spherical proportional counter is a versatile gaseous detector with physics applications ranging from rare event searches to fast neutron spectroscopy. In its simplest form, the detector operates with a single channel read-out, and uses pulse-shape information to reconstruct the interaction radius, which is used for background discrimination and target volume definition. Recent developments in the read-out instrumentation have enabled the use of a multi-anode read-out structure, ACHINOS. The multiple anodes provide information about the interaction position which, coupled with the radial information, can be used to reconstruct an ionisation track. This ability has implications for several applications of the detector, for example, background discrimination in rare event searches.Comment: 4 pages, 3 figure

Timing techniques with picosecond-order accuracy for novel gaseous detectors

A simulation model is developed to train Artificial Neural Networks (ANN), for precise timing of PICOSEC Micromegas detector signals. The aim is to develop fast, online timing algorithms as well as minimising the information to be saved during data acquisition. PICOSEC waveforms were collected and digitised by a fast oscilloscope during a femptosecond-laser test beam run. A data set comprising waveforms collected with attenuated laser beam intensity, eradicating the emission of more than one photoelectron per light pulse from the PICOSEC photocathode, was utilised by a simulation algorithm to generate waveforms to train an ANN. A second data set of multi-photoelectron waveforms was used to evaluate the ANN performance in determining the PICOSEC Signal Arrival Time, relative to a fast photodiode time-reference. The ANN timing performance is the same as the results of a full offline signal processing, achieving a timing precision of 18.3$\pm$0.6 ps.Comment: 4 pages, 6 figure

Angular reconstruction of high energy air showers using the radio signal spectrum

The Hellenic Open University extensive air shower array (also known as Astroneu array) is a small scale hybrid detection system operating in an area with high levels of electromagnetic noise from anthropogenic activity. In the present study we report the latest results of the data analysis concerning the estimation of the shower direction using the spectrum of the RF system. In a recent layout of the array, 4 RF antennas were operating receiving a common trigger from an autonomous detection station of 3 particle detectors. The directions estimated with the RF system are in very good agreement with the corresponding estimations using the particle detectors demonstrating that a single antenna has the potential for reconstructing the shower axis angular direction

Fast Neutron Spectroscopy with a High-pressure Nitrogen-filled Large Volume Spherical Proportional Counter

We present a fast neutron spectroscopy system based on a nitrogen-filled, large volume gaseous detector, the Spherical Proportional Counter. The system has been successfully operated up to gas pressure of 1.5 bar. Neutron energy is estimated through measurement of the 14N(n,a)11B and 14N(n,p)14C reaction products. These reactions have comparable cross sections and Q-values with the 3He(n,p)3H reaction making nitrogen a good alternative to 3He use for fast neutron detection. Two detectors were built at the University of Birmingham and are currently used for the measurement of fast and thermal neutrons in the University of Birmingham and the Boulby underground laboratory, respectively.Comment: 3 pages, 6 Figure

First operation of an ACHINOS-equipped Spherical Proportional Counter with individual anode read-out

The multi-anode sensor ACHINOS revolutionised the spherical proportional counter's capabilities by enabling large size, high pressure operation, and TPC like capabilities through individual anode read-out. First measurements with an individually read out ACHINOS are performed, which enables improved calibration and response homogenisation. Experimental results demonstrating the improvement in energy resolution brought by the individual anode calibration are presented. These are complemented by detailed simulation studies on the effect of sensor design and manufacturing imperfections, and how they may be corrected both in hardware and analysis.Comment: 15 pages, 14 figure

Determinants of bank efficiency: Evidence from a semi-parametric methodology

In this paper, we use a semi-parametric two-stage model to examine the effect of bank-specific, industry-specific and macroeconomic determinants of bank efficiency. This method, proposed by Simar and Wilson (2007), relaxes several deficiencies of previous two-stage analyses, which regress non-parametric estimates of bank efficiency on exogenous determinants. In particular, we propose a bootstrap procedure to be used in the second stage and we compare the results obtained to the equivalents of a Tobit model. We suggest that the Tobit regressions inaccurately provide insignificant estimates for the effect of bank size, industry concentration and economic investment on bank efficiency, a fact that illustrates the power of the new method. Since the effect of these determinants has been ambiguous in previous literature, this may be a desideratum for future research