The efficiency of Spanish mutual funds companies: a slacks-based measure approach

• Autores: Carlos Sanchez Gonzalez, José Luis Sarto Marzal, Luis Alfonso Vicente Gimeno
• Localización: Documentos de trabajo ( Universidad de Zaragoza. Facultad de Economía y Empresa ), ISSN-e 2171-6668, Nº. 1, 2013
• Idioma: inglés
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• Resumen

  • This paper is the first analysis of the efficiency of Mutual Funds companies in Europe. Based on the recent approach of Holod and Lewis (2011), our paper overcomes some of the potential limitations of the DEA methodology by applying the variations to the slacks-based measure (Tone, 2010). Our fund-company model questions the significant role of the portfolio management activities of the company in the distribution results and therefore in the final profits obtained by the company shareholders. Finally, the application of SBM Variation III finds several globally inefficient but locally efficient companies according to standardized size of competitors.