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The efficiency of mutual fund companies: Evidence from an innovative network SBM approach |
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| Institution: | 1. School of Management, University of Science and Technology of China, Hefei, Anhui 230026, PR China;2. Systems Analysis Laboratory, Department of Mathematics and Systems Analysis, Aalto University School of Science, P.O. Box 11100, 00076 Aalto, Finland;3. School of Management, Hefei University of Technology, Hefei, Anhui 230009, PR China;4. School of Economics, Hefei University of Technology, Hefei, Anhui 230009, PR China;1. School of Economics and Management, Beihang University, Beijing 100191, PR China;2. College Auditing and Evaluation, Nanjing Audit University, Nanjing, Jiangsu Province 211815, China;3. Manning School of Business, University of Massachusetts at Lowell, Lowell, MA 01845, USA |
| Abstract: | This paper is the first DEA (Data Envelopment Analysis) evaluation of the efficiency of a sample of mutual fund companies in a large Euro fund industry, i.e. Spain. Our novel network model links the efficiency of the core activities (portfolio management and marketing/distribution) of a mutual fund company to the efficiency of its operational management function. Our results highlight the important networking effects at the marketing stage and question the prime role of portfolio management skills in the overall efficiency of a mutual fund company. The evaluation of robust efficiency clusters indicates that the efficiency rankings obtained with our network model persist significantly along our sample period. Finally, the application of the SBM (Slacks-Based Measure) Variation III to our network model allows us to identify a large number of globally inefficient but locally efficient companies with reference to competitors with similar management resources. |
| Keywords: | Mutual fund companies Network DEA SBM variations Portfolio management efficiency Marketing efficiency Operational management efficiency |
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