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Efficiency evaluation of the Portuguese pension funds management companies

  • Garcia, Maria Teresa Medeiros

This paper ranks the pension funds management companies according to their change in total productivity for the period 1994-2007. We estimate the change in total productivity, breaking this down into technically efficient change and technological change by means of data envelopment analysis (DEA-Malmquist index). The aim of this procedure is to seek out those best practices that will lead to improved performance in the market. The implications arising from the study are considered in terms of managerial policy.

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Article provided by Elsevier in its journal Journal of International Financial Markets, Institutions and Money.

Volume (Year): 20 (2010)
Issue (Month): 3 (July)
Pages: 259-266

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Handle: RePEc:eee:intfin:v:20:y:2010:i:3:p:259-266
Contact details of provider: Web page: http://www.elsevier.com/locate/intfin

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  1. Carlos Manuel Pereira da Silva & Jo�o Paulo Tom� Calado & Maria Teresa Medeiros Garcia, 2004. "The Financial Sustainability of the Portuguese Social Security System," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 29(3), pages 417-439, July.
  2. Caves, Douglas W & Christensen, Laurits R & Diewert, W Erwin, 1982. "Multilateral Comparisons of Output, Input, and Productivity Using Superlative Index Numbers," Economic Journal, Royal Economic Society, vol. 92(365), pages 73-86, March.
  3. Michael C. Jensen, 1968. "The Performance Of Mutual Funds In The Period 1945–1964," Journal of Finance, American Finance Association, vol. 23(2), pages 389-416, 05.
  4. Chu, Sing Fat & Lim, Guan Hua, 1998. "Share performance and profit efficiency of banks in an oligopolistic market: evidence from Singapore," Journal of Multinational Financial Management, Elsevier, vol. 8(2-3), pages 155-168, September.
  5. Williamson, Oliver E, 1998. "The Institutions of Governance," American Economic Review, American Economic Association, vol. 88(2), pages 75-79, May.
  6. Carlos Pestana Barros & Maria Teresa Medeiros Garcia, 2007. "Analysing the Performance of the Pension Fund Industry with a Stochastic Frontier Model: A Case Study for Portugal," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 32(2), pages 190-210, April.
  7. Plantinga, Auke, 2006. "Performance measurement for pension funds," Research Report 06E10, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  8. Fabozzi, Frank J. & Focardi, Sergio M. & Jonas, Caroline L., 2005. "Market experience with modeling for defined-benefit pension funds: evidence from four countries," Journal of Pension Economics and Finance, Cambridge University Press, vol. 4(03), pages 313-327, November.
  9. Coggin, T Daniel & Fabozzi, Frank J & Rahman, Shafiqur, 1993. " The Investment Performance of U.S. Equity Pension Fund Managers: An Empirical Investigation," Journal of Finance, American Finance Association, vol. 48(3), pages 1039-55, July.
  10. Caves, Douglas W & Christensen, Laurits R & Diewert, W Erwin, 1982. "The Economic Theory of Index Numbers and the Measurement of Input, Output, and Productivity," Econometrica, Econometric Society, vol. 50(6), pages 1393-1414, November.
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