Publication: Exploring the benchmarks of the Taiwanese investment trust corporations: Management and investment efficiency perspectives
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Date
2016
Authors
Lu W.-M.
Liu J.S.
Kweh Q.L.
Wang C.-W.
Journal Title
Journal ISSN
Volume Title
Publisher
Elsevier
Abstract
Through an additive efficiency decomposition (AED) approach in data envelopment analysis (DEA), we evaluate the management and investment efficiencies of Investment Trust Corporations (ITCs) in Taiwan for the period 2007-2011. Furthermore, the AED-DEA and a network-based ranking approach in DEA are jointly used to rank and identify ITCs that can be treated as benchmarks. Frontier projections for ITCs are also highlighted. In general, our results demonstrate that the sample ITCs have higher investment efficiency than the management efficiency. Foreign ITCs appear to be the most efficient ones as compared to local ITCs and financial-holding ITCs. Finally, we construct a competitive map to help mutual fund managers improve their operating performance, resource allocation, and investment strategy formulation. � 2015 Elsevier B.V. and Association of European Operational Research Societies (EURO) within the International Federation of Operational Research Societies (IFORS). All rights reserved.
Description
Data envelopment analysis; Economics; Efficiency; Efficiency decomposition; Investment efficiency; Investment strategy; Management efficiency; Mutual fund managers; Network-based; Operating performance; Performance; Investments