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Profit efficiency instead provides an indication on the optimality of the chosen mix of inputs and outputs. The comparison of cost and profit efficiency scores may give an indication on a likely market power effect. x*j p corresponds to the input demand vector that minimizes the costs with the given price of inputs and is obtained from a linear combination of banks that produces at least as much of each of the inputs using the same or less amount of inputs and the cost will be C*j ϭ ͚wpj x*pj which is by definition less than or equal to the cost of the bank j (Cj ϭ ͚wpjxpj) Banking M&As’ Performance in Europe 27 The cost efficiency62 for bank j (CEj) can be calculated as follows: * Cj CEj ϭ ϭ Cj ͚w * pjxpj p ͚w pjxpj p Where CEj Յ 1 represents the ratio between the minimum cost C*j associated with the use of the input vector x*j that minimizes the costs and the observed costs Cj for bank.
Whereas, we use the banks’ revenue structures to define their activity profiles. As for the activity profiles of the merging banks, it is difficult to define with certainty the activities of European banks since disclosure requirements are such that only very few banks provide information on the type of their loan portfolios or the different types of non-interest income generated by the different business units. 57 We rely on broad revenue and asset-based measures of diversified versus focused activities.
47 Generally 1. The lack of clear-cut results on the effects of M&A could reflect difficulties in measuring efficiency improvements. 2. Studies restricted to short post-merger periods might fail to detect value gains that can only emerge slowly, after some years. 49 Moreover, culture clashes may be especially harmful in banking,50 as the relationship with customers depends heavily on soft information, which is more difficult to transfer than such objective information as balance sheet data. The resignation of key executives or the emergence of morale problems due to reassignments or employee turnover may cause a loss of information, especially when the new management has little time to develop customer information.