Firm Efficiency and the Regulatory Closure of S&Ls: An Empirical Investigation
用两步法研究储蓄贷款机构（S&L）的效率低下与监管关闭的关系，发现效率越低越可能被关闭，且经济萧条州的机构关闭概率更高。
This paper uses a two-step methodology to examine the relationship between firm inefficiency and the regulatory closure of savings and loans (S&Ls). In the first step, using multiproduct, translog stochastic cost frontiers, the authors estimate inefficiency scores separately for mutual and stock S&Ls operating in the Southwest in 1988. They use the inefficiency scores in second step logit models to identify determinants of regulatory closure. For both mutual and stock S&Ls, the authors find a significant positive relationship between firm inefficiency and regulatory closure. They also find a greater probability of closure for S&Ls in economically depressed states. Copyright 1993 by MIT Press.