Chinese Open-End Fund Operational Efficiency Appraisal Using Data Envelopment Analysis

Author

Guanghui Song ; Wenwei Guo

Author_Institution

Sch. of Bus. Adm., South China Univ. of Technol., Guangzhou

fYear

2008

fDate

4-6 Nov. 2008

Firstpage

570

Lastpage

575

Abstract

This study uses data envelopment analysis (DEA) to evaluate the operational efficiency of 50 Chinese open-end funds, and makes a comparative analysis of selected fundspsila operational efficiency according to the fund size, investment type and investment style from the perspective of the overall and division. The result showed that bond funds had the maximum and stable average efficiency, hybrid funds made poor efficiency and equity funds ranked between them. Medium-scale funds showed the maximum and stable average operational efficiency among equity funds. Similarly, index funds showed the maximum operational efficiency and the strong continuing growth among the equity funds with different investment styles. Value funds showed the steady performance, while growth funds had significant operational efficiency of growth with greater fluctuation.

Keywords

data envelopment analysis; decision making; investment; China; bond funds; data envelopment analysis; equity funds; growth funds; investment style; investment type; open-end fund operational efficiency; value funds; Appraisal; Bonding; Data envelopment analysis; Electronic mail; Investments; Portfolios; Research and development management; Risk analysis; Risk management; Stock markets; data envelopment analysis; open-end fund; operational efficiency;

fLanguage

English

Publisher

ieee

Conference_Titel

Risk Management & Engineering Management, 2008. ICRMEM '08. International Conference on

Conference_Location

Beijing

Print_ISBN

978-0-7695-3402-2

Type

conf

DOI

10.1109/ICRMEM.2008.18

Filename

4673293