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

Carlos Sánchez-González, José Luis Sarto () and Luis Vicente ()
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José Luis Sarto: Department of Accounting and Finance, Faculty of Economics and Business Studies, Universidad de Zaragoza
Luis Vicente: Department of Accounting and Finance, Faculty of Economics and Business Studies, Universidad de Zaragoza

Documentos de Trabajo from Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza

Abstract: 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.

Keywords: Mutual funds companies; Efficiency; DEA; SBM; Sub-Stages approach (search for similar items in EconPapers)
JEL-codes: G20 G23 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eff
Date: 2013-01
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Persistent link: https://EconPapers.repec.org/RePEc:zar:wpaper:dt2013-01

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