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ping the number of inputs and outputs low, allows us to meet various
rules of thumb. Soteriou and Zenios (1998) and Boussofiane et al. (1991) state that the number of
units should be larger than the product of the number of inputs and outputs. Dyson et al. (2001)
argue that the number of units should be at least twice the product of the number of inputs and
outputs. Nunamaker (1985) mentions that the sample size should be at least three times larger
than the sum of the number of inputs and outputs.
6. We would like to thank an anonymous referee for recommending this analysis.
7. Experimenting with other values of α in the range of 0.4 to 0.8 does not alter the presented curve.
8. We would like to thank an anonymous referee for suggesting this analysis.
9. Since our sample covers fives years in total, it was not possible to consider a five-year window as
in Asmild et al. (2004) and Webb (2003). Charnes et al. (1985) actually use a window of 3 months,
since their analysis is performed on a monthly basis between October 1981 and May 1982.
10. The p-values in the case of the K-W test were as follows: Window 1 (PTE: 0.218, SE: 0.275),
Window 2 (PTE: 0.697, SE: 0.030), Window 3 (PTE: 0.471, SE: 0.263), Window 4 (PTE: 0.431, SE:
0.121). To conserve space we do not present details on the efficiency scores, which are available
from the authors upon request.
11. Bank’s size is measured by the logarithm of total assets. As for time, we use dummy variables with
1999 as the base year. Several other bank specific characteristics could be potentially used in the
regression as control variables. However, we include only size and ownership for two reasons. First,
to minimize (to the extent that it is possible) potential endogeneity problems. Second, to preserve
the quality of the regression due to the small number of observations in the sample (see Weill, 2003).
During the Tobit regression we excluded 3 observations due to missing values for total assets.
12. The same results were obtained in a univariate Tobit regression with ownership being the only
independent variable.
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