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The aim of the paper is to estimate cost efficiency and its determinants of the Czech and Slovak commercial banks within the period of 2005–2015. In this paper two-stage Data Envelopment Analysis (DEA) is used. In the first stage, I estimate the relative cost efficiency applying the input-oriented model with variable return to scale and find that the Czech banks were more cost efficient than the Slovak banks. The main reason of cost inefficiency is the excess of clients' deposits in the banks' balance sheet. In the second stage, I use the panel data analysis and estimate the determinants of cost efficiency in the two countries. I choose 8 bank-specific and macroeconomic factors that influence cost efficiency. The results show that the larger banks with higher liquidity risk and with a lower value of the net interest margin were more efficient. It confirms the reason of inefficiency determined from the DEA model. Banks were highly cost efficient during the economic expansion with a lower value of the inflation rate.

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The paper tests the hypothesis on whether refined economic value added (REVA) is highly associated with stock return compared to traditional performance measures. The goal of the study is to provide empirical evidence on the relative and incremental information content of REVA and traditional performance measures, such as net income (NI), net operational profit after tax (NOPAT), and earning per share (EPS). The study involves 395 non-financial companies listed in Bursa Malaysia over the period of 2002–2011. Pearson correlation coefficient and panel data single and multiple regression models were employed to analyze the data. The empirical results indicate that the relative information content of the REVA was not greater than that of NI and NOPAT to explain stock returns. NI and NOPAT were highly correlated with stock return compared to REVA. Additionally, the incremental information content test indicated that REVA makes some additional contribution to information content beyond the NI, NOPAT, and EPS. Finally, the panel multiple regression models showed that there was a strong relationship between NI, NOPAT, and REVA with stock return, but there was no meaningful association between EPS and stock returns. Overall, the results do not support the hypothesis that REVA can be considered superior to traditional accounting measures in association with stock returns.

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. Breitung , J. ( 2000 ): T he Local Power of Some Unit Root Tests for Panel Data . In: Baltagi , D. (ed.): Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Advances in Econometrics . Elsevier Science Inc., pp. 161 – 178

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. Arellano , M. – Bond , S. ( 1991 ): Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations . Review of Economic Studies , 58 ( 2 ): 277 – 297

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Hoshi, T., Kashyap, A. and Scharfstein, D. (1991): Corporate Structure and Investment: Evidence from Japanese Panel Data. Quarterly Journal of Economics , 105: 1, pp. 33-60. Corporate Structure and Investment: Evidence from

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Kumbhakar S., Bhattacharyya A. Productivity growth in passenger-bus transportation, a heteroskedastic error component model with unbalanced panel data, Empirical Economics , Vol. 21, 1996, pp. 557–573. Bhattacharyya

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217 Wooldridge, J. M. (2002): Econometric Analysis of Cross-section and Panel Data. Cambridge, Mass.: The MIT Press. Econometric Analysis of Cross

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64 73 Akça, H. - Ata, A.Y. - Karaca, C. (2012): Inflation and Corruption Relationship: Evidence from Panel Data in Developed and Developing Countries. International Journal of

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. – Bond , S. R. ( 1991 ): Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations . Review of Economic Studies , 58 ( 2 ): 277 – 297

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Acta Oeconomica
Authors: José Augusto Lopes Da Veiga, Alexandra Ferreira-Lopes, Tiago Neves Sequeira, and Marcelo Serra Santos

Growth in South Africa (1975–2011) . Mediterranean Journal of Social Sciences , 4 ( 13 ): 761 – 772 . Chudik , A. – Pesaran , M. H. ( 2015 ): Panel Data Models with Weakly

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