Capital adequacy has become the main regulatory tool to achieve financial stability in the last twenty years. While most papers analysed the effect of capital adequacy on risk taking, there is a lack of evidence on the relationship between deleveraging and the return on equity capital. In this...

Turkish electricity reform is entering a new phase through the Turkish Government's proposal to create 21 new distribution companies, 18 of them through merger. Two aspects of merger analysis are the operational cost savings and the potential production efficiency gains. This paper concentrates...

The paper investigates the impact of country size on aggregate national efficiency, using a nonparametric programming methodology to measure output distance functions and relative national efficiency for a group of 85 developing countries over the period 1980-89. Tobit regression models are...