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Economies
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Market Efficiency, Anomalies, and Important Current Issues in Economics and...
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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 2382

Special Issue Editors

Prof. Dr. Wing-Keung Wong

E-Mail Website
Guest Editor
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
Special Issues, Collections and Topics in MDPI journals
Dr. João Paulo Torre Vieito

E-Mail Website
Guest Editor
Department of Finance, Instituto Politécnico de Viana do Castelo, 4900-347 Viana do Castelo, Portugal
Interests: market efficiency; neuro economics; corporate governance
Special Issues, Collections and Topics in MDPI journals

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 All submissions must contain original unpublished work not being considered for publication elsewhere.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

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Economies is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

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 - 05 Jan 2024
Viewed by 1891
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
(This article belongs to the Special Issue Market Efficiency, Anomalies, and Important Current Issues in Economics and Finance)
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