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

Author

Listed:
  • Carlos Sánchez-González

    () (Department of Accounting and Finance, Faculty of Economics and Business Studies, Universidad de Zaragoza)

  • 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)

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.

Suggested Citation

  • Carlos Sánchez-González & José Luis Sarto & Luis Vicente, 2013. "The efficiency of Spanish mutual funds companies: A slacks-based measure approach," Documentos de Trabajo dt2013-01, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
  • Handle: RePEc:zar:wpaper:dt2013-01
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Mutual funds companies; Efficiency; DEA; SBM; Sub-Stages approach;

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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