Do Larger Brokerage Firms Enjoy Larger Economies of Scale and Scope?
1
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
This study examined whether firm size determines the economiesof scale and scope of securities firms. Results showed that the firmsbroadly achieved economies of scale and substantially benefitted fromthe economies of scope in the Korean brokerage sector. In particular,greater economies of scale were present in large firms. Overall, agreat possibility and necessity of industrial restructuring throughM&A among brokerage firms exist in the Korean brokerage sector.
Abstract
This study examined whether firm size determines the economiesof scale and scope of securities firms. Results showed that the firmsbroadly achieved economies of scale and substantially benefitted fromthe economies of scope in the Korean brokerage sector. In particular,greater economies of scale were present in large firms. Overall, agreat possibility and necessity of industrial restructuring throughM&A among brokerage firms exist in the Korean brokerage sector.
참고문헌 (15)
- Bell, F. W, "Costs in Commercial Banking: A Quantitative Analysis of Bank Behavior and Its Relation to Bank Regulation" (1968), Federal Reserve Bank of Boston
- Benston, G. J., "Branch Banking and Economies of Scale", The Journal of Finance, 20(2), pp.312~331 (1965)
- Benston, G. J, "Scale Economies in Banking: a Restructuring and Reassessment", Journal of money, credit and banking, pp.435~456 (1982)
- Measuring the Contribution of Public Infrastructure Capital in Sweden, "Berndt, E. R.", National Bureau of Economic Research, ~, pp.No. w3842 (1991)
- Christensen, L. R, "Transcendental Logarithmic Production Frontiers", The Review of Economics and Statistics, pp.28~45 (1973)
- Chung, U. C, "A Study on the Efficiency of Korean Securities Industry: Based on Fourier Flexible Cost Function", Journal of Money and Finance, 5(1), pp.145~185 (2000)
- Goldberg, L. G, "Economies of Scale and Scope in the Securities Industry", Journal of Banking & Finance, 15(1), pp.91~107 (1991)
- Jagtiani, J., "Scale Economies and Cost Complementarities in Commercial Banks: On-and off-balance-sheet Activities", Journal of Banking & Finance, 19(7), pp.1175~1189 (1995)
- Kook, C. P, "Measuring the Economies of Scale and Scope in the Korean Securities Industry", Journal of Money and Finance, 12(2), pp.1~42 (2007)
- Lee, W. H, "Economics of Scale and Scope in the Korean Securities Industry", Korean Journal of Financial Studies, 14(1), pp.179~219 (1992)
- Mester, L. J., "Traditional and Nontraditional Banking: An Informationtheoretic Approach", Journal of Banking and Finance, 16(3), pp.545~566 (1992)
- Park, K. S, "Studies on Efficiency of Securities Industry and Stock Market Report", Korea Institute of Finance, 5(5), pp.1~198 (1994)
- 박수남, "증권산업구조와 경영효율성, 증권회사의 성과", 한국증권학회지, 38(4), pp.479~505 (2009), 한국증권학회
- Schmiedel, H, "Economies of Scale and Technological Development in Securities Depository and Settlement Systems", Journal of Banking & Finance, 30(6), pp.1783~1806 (2006)
- Toivanen, O., "Economies of Scale and Scope in the Finnish Non-life Insurance Industry", Journal of Banking & Finance, 21(6), pp.759~779 (1997)