Radic, Nemanja and Fiordelisi, Franco (2009) Cross Country Comparison of Efficiency in Investment Banking. In: European Association of Academic Teachers in Banking and Finance, 2009 Annual Conference, 3rd - 6th September 2009, Rome, Italy. (Unpublished)

This paper aims to identify the framework for comparing investment banks efficiencies across nations. In order to overcome traditional limitations two methods are adopted: first, where separate frontiers are estimated to check for the
existence of structural differences between the countries; and second method which accounts for the influences of environmental factors on the industry, by including indicator of these factors in a definition of a common frontier. We use translog cost and profit function in order to measure X-efficiency. Data set consist from more
than 900 investment banks from G7 countries (US, UK, Japan, Italy, Germany, France and Canada) and Switzerland over the period 2000-2007.

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