A study was conducted on the labour-hours costs of Federal Deposit Insurance Corporation (FDIC) audits of banks. Data were obtained on 91 such audits. Some of these were conducted by the FDIC alone and some jointly with state auditors. Auditors rated banks’ management as good, satisfactory, fair or unsatisfactory. The model estimated was:log y = 2.41 + 0.3674 logx1 +0.2217 logx2 + 0.0803 logx3 -0.1755 x4 + 0.2799 x5 + 0.5634 x6 – 0.2572 x7 + eR^2 = 0.766Coefficient estimates associated with standard errors:x1 = 0.0477×2 = 0.0628×3 = 0.0287×4 = 0.2905×5 = 0.1044×6 = 0.1657×7 = 0.0787Where:y = FDIC auditor labour-hoursx1 = total assets of bankx2 = total number of offices in bankx3 = ratio of classified loans to total loans for bankx4 = ‘1’ if management was good, ‘0’ otherwisex5 = 1 if management was ‘fair’ 0 otherwisex6 = 1 if management was ‘unsatisfactory’ 0 otherwisex7 = 1 if audit was conducted jointly with the state, 0 otherwiseWrite a summary of these results.
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