ENJOYING THE QUIET LIFE UNDER DEREGULATION? NOT QUITE
研究发现银行利润函数在投入价格上线性同质的假设缺乏理论依据，放弃该假设后市场力量与利润效率呈正相关，且放松管制并未显著支持“平静生活”假说。
SUMMARY Most empirical studies in the banking literature assume that the alternative profit function is linearly homogeneous in input prices. We show that such an assumption is theoretically unwarranted and that its use may yield misleading results. We use Koetter et al. ( Review of Economics and Statistics 2012; 94 (2): 462–480) as a benchmark to showcase how empirical results can be sensitive to the linear homogeneity assumption. Contrary to Koetter et al. , we find a positive relation between market power and profit efficiency when this assumption is dropped. This relation is slightly weakened after the wave of intrastate and interstate deregulation but not enough to support the ‘quiet life’ hypothesis. Copyright © 2014 John Wiley & Sons, Ltd.