X-Efficiency in Banking: Looking beyond the Balance Sheet
使用分布自由和随机前沿方法估算银行成本与利润X效率，发现纳入表外业务指标会提高经济成本和生产成本X效率估计值，但对利润X效率影响不大；表外业务构成有助于解释银行间效率差异，而银行规模及表内外业务组合与X效率估计值基本不相关。
The distribution free and stochastic frontier estimation methods are used to derive bank specific measures of cost and profit Xefficiency. This is done to investigate the importance of including aggregate measures of off-balance-sheet (OBS) activities. The results indicate that economic cost and production cost X-efficiency estimates increase with the inclusion of the OBS measure. Profit Xefficiency estimates are largely unaffected. Further, the composition of banksÕ OBS activities appears to help explain interbank differences in cost and profit X-efficiency estimates, whereas bank size and the mix between on- and off-balance-sheet banking activities are largely uncorrelated with the X-efficiency estimates.