Using the Stochastic Frontier Approach (SFA) and Data Envelope Analysis (DEA), this study examines the influence of bank efficiencies on the market assessment of bank holding company (BHC) mergers. The following two questions are addressed: (1) Is the target BHC's frontier efficiency reflected in the bidder BHC's abnormal returns? and (2) Does the difference in frontier efficiency between the bidder and/or target banks relative to their peer institutions influence the acquirer's abnormal returns? In support of the Inefficient Management Hypothesis, the findings indicate that bidder wealth effects do incorporate the target's X‐efficiency as well as the difference in bidder/target efficiencies relative to their peer institutions.

The supplementation of sodium bicarbonate (NaHCO3) could increase performance or delay fatigue in intermittent high-intensity exercise. Prolonged tennis matches result in fatigue, which impairs skilled performance. The aim of this study was to investigate the effect of NaHCO3 supplementation on skilled tennis performance after a simulated match. Nine male college tennis players were recruited for this randomized cross-over, placebo-controlled, double-blind study. The participants consumed NaHCO3 (0.3 g. kg-1) or NaCl (0.209 g. kg-1) before the trial. An additional supplementation of 0.1 g. kg-1 NaHCO3 or 0.07 g. kg-1 NaCl was ingested after the third game in the simulated match. The Loughborough Tennis Skill Test was performed before and after the simulated match. Post-match [HCO3-] and base excess were significantly higher in the bicarbonate trial than those in the placebo trial. Blood [lactate] was significantly increased in the placebo (pre: 1.22 ± 0.54; post: 2.17 ± 1.46 mM) and bicarbonate (pre: 1.23 ± 0.41; post: 3.21 ± 1.89 mM) trials. The match-induced change in blood [lactate] was significantly higher in the bicarbonate trial. Blood pH remained unchanged in the placebo trial (pre: 7.37 ± 0.32; post: 7.37 ± 0.14) but was significantly increased in the bicarbonate trial (pre: 7.37 ± 0.26; post: 7.45 ± 0.63), indicating a more alkaline environment. The service and forehand ground stroke consistency scores were declined significantly after the simulated match in the placebo trial, while they were maintained in the bicarbonate trial. The match-induced declines in the consistency scores were significantly larger in the placebo trial than those in the bicarbonate trial. This study suggested that NaHCO3 supplementation could prevent the decline in skilled tennis performance after a simulated match.

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Abstract:The development of financial technology has fostered a wave revolutionary change in financial service industry worldwide. The objective of this study is to examine whether the adoption of Fintech contributes to the productivity growth of the Taiwan banking industry in 2015. To investigate such potential effect, the study use the preferred Cost Malmquist Index to estimate the 25 listed sample banks over the period from 2010 to 2015. The empirical result suggests the observed period 2014-2015, the ΔPTE, ΔAE, ΔPE, and ΔCSE are improving by 0.01%, 0.13%, 0.42%, and 0.10% respectively. Moreover, the degree of ΔT deterioration is much improved relative to the other observe periods without adoption of Fintech. It provides the positive evidence to support an adoption of Fintech contribute a potential growth of competiveness of the Taiwan banking industry.

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