Market Efficiency, Anomalies, and Important Current Issues in Economics and Finance

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: closed (20 November 2023) | Viewed by 2837

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Department of Finance, College of Management, Asia University, Wufeng, Taichung 407705, Taiwan
Interests: behavioral models; mathematical modeling; econometrics; energy economics; equity analysis; investment theory; risk management; behavioral economics; operational research; decision theory; environmental economics; public health; time series analysis; forecasting
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Department of Finance, Instituto Politécnico de Viana do Castelo, 4900-347 Viana do Castelo, Portugal
Interests: market efficiency; neuro economics; corporate governance
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Special Issue Information

Dear Colleagues,

The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. In addition, there are many important current issues in both Economics and Finance. A Special Issue on Efficiency, Anomalies, and Important Current Issues in Economics and Finance will be devoted to advancements in the theoretical development of efficiency, anomalies, and Important Current Issues in Economics and Finance as well as applications in efficiency, anomalies, and Important Current Issues in Economics and Finance.

We invite investigators to contribute original research articles in theory, practice and applications of Efficiency, Anomalies, and Important Current Issues in Economics and Finance. All submissions must contain original unpublished work not being considered for publication elsewhere.

Prof. Dr. Wing-Keung Wong
Dr. João Paulo Torre Vieito
Guest Editors

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Published Papers (1 paper)

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Research

13 pages, 292 KiB  
Article
The Cost Efficiency and Competition Relationship: Evidence from Saudi Arabian Banks and Non-Structural Approaches to Analysis
by Hind Alnafisah and Lama Alwohaibi
Economies 2024, 12(1), 15; https://doi.org/10.3390/economies12010015 - 5 Jan 2024
Viewed by 2232
Abstract
Over the last two decades, the regulators of the financial services sector in Saudi Arabia have aimed to develop a level of fair competition in the provision of banking services across the country. This paper utilizes non-structural approaches, the H-statistic developed by, and [...] Read more.
Over the last two decades, the regulators of the financial services sector in Saudi Arabia have aimed to develop a level of fair competition in the provision of banking services across the country. This paper utilizes non-structural approaches, the H-statistic developed by, and the Granger causality test. The second approach involves determining the Granger-based causal relationship between banks’ cost efficiency and competition via data envelope analysis (DEA) using the generalized method of moments (GMM) panel. The study’s data were drawn from 11 traditional banks in Saudi Arabia, covering the period from 2015 to 2021 (yearly data). The results of the non-structural approach, i.e., the H-statistic, demonstrate that the average fund rate had a positive effect on competition; however, the physical capital price index, the index of leverage, and the credit risk negatively affect the total revenue. Furthermore, a positive H-statistic value reflects the positive causality between competition and cost efficiency (higher efficiency results in a higher level of competition). The DEA results indicate that competition in the year 2021 was influenced by the competition level of the previous year (2020); moreover, the relationship between the previous year’s cost efficiency Granger value, the greater availability, and the lower prices of banking products had a significant influence on the competition in the years under consideration (since a positive significant result from the test is available), which reflects the higher level of market structure and the greater availability and lower prices of banking products. Cost efficiency in the year 2021 was also positively influenced by the cost efficiency level of the previous year (2020), with competition forcing efficiency via the cutting of costs. Full article
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