The Efficiency of Mutual Fund Families
Insights from the Spanish Market
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- Description
- Contents
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- About
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.
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
In order to understand the rationale behind the mutual fund industry, Sánchez-González offers new insights into issues that have not been studies before in the European market. He develops an innovative model that considers the different management stages of mutual fund families--also known as mutual fund companies in the context of the study--thereby overcoming the traditional dispute between the different approaches used in banking and insurance research. However, he says, the variables he considers in this model are unique and specific to mutual fund companies rather than a mere replication of the variables used in the banking and insurance literature.