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Full Description
The investment alternatives offered by mutual funds have had
a significant effect on the savings patterns of many countries. Industry
research has primarily focused on the funds themselves rather than on their
management companies, but like other financial institutions, these companies,
also known as mutual fund families, have experienced great periods of both
expansion and contraction. It is important to address the efficiency of these
institutions, as well.
Carlos Sánchez González fills this gap in our knowledge with
this empirical study. He develops an innovative model that considers the
management stages of mutual fund companies, overcoming the traditional dispute
between the different approaches used in banking and insurance research. Using
data envelopment analysis (DEA) to evaluate efficiency levels, Sánchez González
investigates the Spanish case, one of the most relevant industries in the Euro
market, in order to provide insights into issues that have never been explored
before.
His study consists of two parts. The first explains the
basic concepts, offers a brief explanation of the basic DEA models, and gives a
review of the most important applications to financial institutions, all while
developing a unique set of industry-specific variables in order to show how to apply
the original slacks-based measure (SBM) approach. The second reviews the major
concepts of SBM variations and shows how they can be applied to the Spanish
mutual fund family industry in order to obtain unprecedentedly accurate empirical
measures of its efficiency.
This ground-breaking work offers much food for thought to
academic researchers and postgraduate students of management, finance, and
marketing.
Contents
PART I: THE EFFICIENCY OF MUTUAL FUND COMPANIES: USING A SLACKS-BASED MEASURE 1. Introduction to Part I
2. Background
2.1 Basic Concepts
2.2 Basic DEA Models
2.3 Applications to Financial Institutions
2.3.1 Context of Study
2.3.2 Brief Literature Review
2.3.3 Brief Discussion on the Production and Asset Approaches
3. Model and Variables
3.1 Multi-Management Stages Model in a Mutual Fund Management Company (MFMC)
3.2 Variables of the Model: Example in the Spanish Market
4. Data and Empirical Analysis: Example in the Spanish Market
4.1 Data
4.2 Empirical Analysis
4.3 Influence of the Variable-Returns-to-Scale on the Efficiency Rankings
4.4 Robustness of the More Controversial Variables of the Model
4.5 Conclusion and Summary of the Applications to the Spanish Market
PART II: FURTHER EVALUATION OF EFFICIENCY OF MUTUAL FUND MANAGEMENT COMPANIES
1. Introduction to Part II
2. Variations of the Slacks-based measure (SBM) of efficiency
2.1 Basic concepts of the new measures
2.2 Comparative evaluation between the SBM original model and SBM Variation I
2.3 Random searches for facets (Variation IV)
2.4 The search for locally efficient companies applying Variation III
3. Persistence in funds management companies: Do the best winners and losers usually repeat?: Example in the Spanish Market
3.1 Methodology of performance persistence
3.2 Empirical results of efficiency persistence
3.3 Conclusions and Summaries of the Applications to the Spanish Market
