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On the basis of the bootstrap‐Data Envelopment Analysis (DEA), this paper estimates technical, scale, and pure technical efficiencies for the agricultural marketing cooperatives in China's Zhejiang Province and employs a single truncated bootstrap procedure to identify the key determinants of efficiencies. The empirical results suggest that pure technical inefficiency was the main source of the technical inefficiency. Factors having significantly positive impacts on efficiency of cooperatives are local economic development level, entrepreneurship of managers, and human capital of members. The size of financial leverage and the number of board members have a negative impact on pure technical efficiency. Copyright © 2013 John Wiley & Sons, Ltd.

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This paper develops a methodology to identify asset price response to news in the framework of the Campbell-Shiller log-linear present-value equation. We further show that a slow price adjustment in real estate markets not only induces a high serial autocorrelation in excess returns, but also dampens the return volatility and the correlation with excess returns in other asset markets. Using Hong Kong real estate and stock market data, we find that the quarterly real estate price assimilates only about half the effect of market news, whereas the quarterly stock price incorporates the news fully. Our analysis identifies a cumulative price adjustment that recovers lost information in real estate returns due to market inefficiency and thereby restores the real estate return volatility and the correlation between real estate and stock markets. Copyright 2001 by the American Real Estate and Urban Economics Association.

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