Measuring the financial and social performance of French mutual funds: A data envelopment analysis approach

Socially responsible investors pursue both financial and non-financial goals. In this paper, we attempt to assess the performance of French socially responsible mutual funds (SRMFs). We consider the data envelopment analysis (DEA) approach, which allows us to assign a unique efficiency score while combining financial and social characteristics, using various combinations within different types of risk (total risk, market risk, and downside risk). We report the list of funds found to be DEA efficient using various output-oriented models. We also compare our obtained results with the traditional and modern measures used in the literature (Sharpe, Treynor, and the information ratio). We contribute to the literature by testing the validity of the DEA methodology in the financial context. The findings have important implications for fund selection processes and would be mainly of interest to investors and fund managers who integrate environmental, social, and governance criteria into their investment choices.     

我国期货公司经营效率的DEA评价

本文利用DEA方法的(C2R)模型对我国有代表性的30家期货公司的经营效率进行了分析与评价,通过对输入输出指标数据的分析得出我国期货公司总体规模偏小、从业人员素质偏低和抗风险能力较差的结论;通过对我国期货公司经营有效性、输入冗余率和输出亏空率以及规模收益的评价分析,得出:我国期货公司经营效率水平不高,提高空间较大,总体上正逐步由恢复增长阶段向快速发展阶段转化。     

‘Gone to Gowings’ - An Analysis of Success Factors in Retail Longevity: Gowings of Sydney

Low productivity within service industries has been a major concern, but this situation is unlikely to improve without a general change in the way productivity is measured and managed. This paper aims to illustrate the value of stepwise data envelopment analysis (DEA) for measuring and benchmarking productivity. The issues and problems regarding productivity measurement as well as the advantages of using DEA in productivity measurement are analysed. The article extends current DEA applications by developing a stepwise approach to DEA. The latter technique combines correlation and DEA analysis for developing robust models and sound productivity measurement. The advantages of the proposed methodology are illustrated by applying it to a dataset of three-star hotels in the UK. Six inputs and three outputs are identified as the factors affecting rooms division efficiency in three star hotels.     

新型城镇化效率演化趋势及其驱动机制研究

在分析新型城镇化发展动力机制的基础上,通过构建新型城镇化效率的综合评价指标体系,运用超效率DEA模型和灰色系统理论GM(1,N)模型对1998-2010年河南省新型城镇化效率发展演化趋势及其驱动因素进行研究。结果表明:河南省的新型城镇化效率虽然整体上呈现上升趋势,但2000-2009年处于停滞阶段,2010年才突破发展瓶颈;农业现代化和现代服务业是河南省新型城镇化效率的驱动力量,而传统工业化发展模式和市场化水平低下是河南省新型城镇化效率的制约因素。     

Retail network performance evaluation: a DEA approach considering retailers' geomarketing

Stores develop customized assortments based on localization characteristics. In terms of performance analysis, these changes make it more difficult to analyse store performance. This adjustment procedure entails an internal benchmarking which needs small samples to control regional and assortment effects. This paper explores the influence of competitive environment and store neighbourhood characteristics on store efficiency by using three data envelopment analysis (DEA) models. This research is illustrated by using real data from a French supermarket retail chain at the product category level. It is shown that the two-steps DEA model is a relevant analysis tool to take into account location aspects. It presents a discriminant power strong enough to derive managerial implications with small samples.     

An empirical examination of performance in the clothing retailing industry: A case study

This article estimates the efficiency of the 40 retail stores of a prestigious clothing company that operates in the Portuguese fast-fashion retailing market. The study compares the performance among the stores and provides insights into ways of improving performance in the retail clothing industry. A two-stage approach is used in this article. In a first stage, Data Envelopment Analysis (DEA) techniques are used to evaluate the performance of each store and to rank the stores. The input-oriented model was used to assess the summer and winter collections between 2010 and 2013. The results show that the total technical efficiency of the company decreases over time. Except for the year 2013, over 90% of the stores show increasing returns to scale during 88% of the period analyzed. The company faces a clear problem of productivity in its retailing operations. This deficiency seems to be intrinsic to the firm as it involves more than 60% of the stores. In a second stage, a quantile regression technique was used. This showed primarily that for the lowest quantiles of the efficiency score conditional distribution the coefficients on experience are very low, even close to zero, which suggests that the efforts taken by the stores in terms of experience are barely recognized by consumers in this fast-fashion retailing chain.     

Analysing technical and allocative efficiency in the French grocery retailing industry

This paper focuses on the innovative two-stage procedure developed by Simar and Wilson to estimate the determinants of French retailing efficiency. During the first stage, the technical and allocative efficiency of French retailers will be assessed using the DEA (Data Envelopment Analysis) methodology to identify the best companies, in order to serve as peers for improving the performance of weaker companies. The companies analysed have therefore been ranked according to their total productivity over the period 2000–2004. During the second stage, the Simar and Wilson model will be used to bootstrap DEA scores via a truncated regression. The economic and managerial implications arising from this study will also be considered.     

Latent class metric conjoint analysis

A latent class methodology for conjoint analysis is proposed, which simultaneously estimates market segment membership and part-worth utilities for each derived market segment using mixtures of multivariate conditional normal distributions. An E-M algorithm to estimate the parameters of these mixtures is briefly discussed. Finally, an application of the methodology to a commercial study (pretest) examining the design of a remote automobile entry device is presented.     

数据包络分析法在上市公司经营业绩评价中的应用

本文认为,随着资本市场的发展,上市公司经营业绩评价日益成为股东、债权人、管理部门关心的主要问题。本文利用数据包络分析(DEA)的理论和方法,从DEA有效分析与有效沿面上的投影分析角度对不同上市公司的经营业绩进行了效率评价。这一方法简便易行且具有较强的可靠性,其综合评价结果可以提供比较重要的上市公司信息,能够提供更多的管理信息和经济信息,从而为企业提高经营业绩提供可靠数据,为投资者进行理性投资提供决策依据。     

New Zealand Bank Mergers and Efficiency Gains

ABSTRACT

This paper uses accounting ratios and DEA (Data Envelopment Analysis) to explore the efficiency impacts of 6 bank mergers in New Zealand between 1989 and 1998. The paper is the first reported application of DEA to the New Zealand banking sector, and its methodology is based around that used by Avkiran in his study published in the Journal of Banking and Finance in 1999 (Avkiran, 1999b).

Consistent with earlier research, acquiring banks were found to be generally larger than their targets, although they were not consistently more efficient. In a majority of cases the merger led to an increase in efficiency, consistent with a trend observed for the banking sector as a whole. No clear conclusions could be drawn on possible public benefits from the mergers.     

TESTING WAGE AND PRICE PHILLIPS CURVES FOR THE UNITED STATES

This paper demonstrates how the labour and product markets interact in determining as outcome a generalized reduced‐form price Phillips curve. For the labour market we consider a wage Phillips curve and for the product market a price Phillips curve. We estimate separately the wage and price Phillips curves for the USA, using ordinary least squares, non‐parametric estimation and three‐stage least squares techniques. The finding is that wages are always more flexible than prices with respect to their respective demand pressure and that price inflation responds somewhat more to a medium‐run cost pressure than does wage inflation. The implications for macroeconomic stability are demonstrated. We also show—as a link between product and labour markets—that employment is related to output as Okun's law states. In comparing linear and non‐linear estimates of the wage and price Phillips curves we find furthermore that for some relationships non‐linearities are important while not for others. Although overall the non‐linear estimates tend to confirm our linear estimates, non‐linearities in some relationships of the Phillips curve are important as well.     

Conditional market segmentation by neural networks: a Monte-Carlo study

An artificial neural network (ANN) algorithm is proposed that incorporates both market segmentation and discriminant (regression) analysis of the segments. The method simultaneously estimates the models relating consumer characteristics to market segments, i.e., subjects are assigned to (unique) segments so that subjects within a class show similar purchase behavior and share the same characteristics (psychographics/sociodemographics). Parameters of all models are estimated by the backpropagation algorithm. The performance of the ANN methodology is assessed in a Monte-Carlo study. In contrast to the usual stepwise approach adopted in segmentation studies, our study found that simultaneous segmentation and discrimination are preferable for finding an overall optimum in that this way clusters are formed not only to create homogeneous submarkets but also to show a good dicriminatory behavior.     

Synergies Among Advertising Channels: An Efficiency Analysis

The following article measures and compares efficiency of five advertising channels (TV, press, radio, online, and outdoor) with the help of DEA (Data Envelopment Analysis) methodology and looks for synergy effects among them. The synergy effect was indeed found in certain combinations of media while internet was found to be second least effective advertising channel, contrary to the expected.     

Adjusting Choice Models to Better Predict Market Behavior

The emergence of Bayesian methodology has facilitated respondent-level conjoint models, and deriving utilities from choice experiments has become very popular among those modeling product line decisions or new product introductions. This review begins with a paradox of why experimental choices should mirror market behavior despite clear differences in content, structure and motivation. It then addresses ways to design the choice tasks so that they are more likely to reflect market choices. Finally, it examines ways to model the results of the choice experiments to better mirror both underlying decision processes and potential market choices. Co-chairs. Author order is alphabetical.     

A data envelopment analysis on assessing the competitiveness of Korean hotels

With the ever-rising cost of doing business and increased competition, many hotels have experienced financial difficulties resultant from a gradual decline in profit and market share. Since the financial health of the hotel affects its investment capability in constantly improving customer services, the service performance and the subsequent competitiveness of the hotel often reflect its financial efficiency. As such, there is a growing need to assess the financial efficiency of the hotel in comparison with its competitors. To meet such a need, this paper proposes a data envelopment analysis (DEA) that develops a meaningful set of benchmarks that will dictate best practices and form a successful hotel business model. Using the examples of 31 luxury and budget hotels in Korea, this paper illustrates the usefulness of DEA for the continuous improvement of hotel business practices.     

探讨我国市场价格战的认识及合理实施

价格战扩大了市场需求,促进了产品创新,强化了企业追求效率的激励.本文在剖析我国市场价格战认识的基础上,探讨了我国市场价格战的合理实施,主要涉及到:我国市场价格战的实施条件以及实施系统化.     

基于流通环节视角的我国农产品流通效率及其演变特征

以2010—2019年的省级面板数据为研究基础,借助于BCC-DEA模型与DEA窗口分析,对我国农产品整体的批发、零售环节的流通效率进行了一系列估算分析,从数据分析的结果看,农产品流通整体、批发和零售环节的综合效率不高,三个环节都处在DEA非有效状态,且研究显示纯技术效率无效是导致整体综合效率偏低的关键所在。在不同的区域中,其效率也存在着一定的差异,东部地区省份与批发环境的效率偏高,西部省份与零售环节效率偏低。整体而言,农产品流通效率呈波动性上涨趋势,且中西部省份的上涨幅度远高于东部地区。最后,相应的研究显示这几方面效率偏低的主要原因发生了变化,国家需要进行政策调整,从而适应市场发展。     

The capital market spillover effect of product market advertising: Evidence from stock price synchronicity

We analyze whether product market advertising has a spillover effect on stock price synchronicity by transmitting firm-specific information to the capital market and attracting more investor attention. Using a sample of Chinese listed firms from 2009 to 2017, we find that firms with greater advertising expenditures have lower stock price synchronicity. The results are robust after we address endogeneity concerns. In accord with our hypothesis that product market advertising increases the amount of firm-level information capitalized into stock prices through the information channel, we find that the impact of advertising on synchronicity is more pronounced for firms with a higher degree of information asymmetry and firms in the consumer-product industry. Further tests show that product market advertising enhances the ability of current period returns to reflect future earnings, and thus rules out that the negative relationship between advertising and synchronicity is driven by noise trading. Our results imply that product market advertising plays an informative role and improves information efficiency in a capital market.     

Enhancing marketing with engineering: Optimal product line design for heterogeneous markets

Successful product line design and development often require a balance of technical and market tradeoffs. Quantitative methods for optimizing product attribute levels using preference elicitation (e.g., conjoint) data are useful for many product types. However, products with substantial engineering content involve critical tradeoffs in the ability to achieve those desired attribute levels. Technical tradeoffs in product design must be made with an eye toward market consequences, particularly when heterogeneous market preferences make differentiation and strategic positioning critical to capturing a range of market segments and avoiding cannibalization.We present a unified methodology for product line optimization that coordinates positioning and design models to achieve realizable firm-level optima. The approach overcomes several shortcomings of prior product line optimization models by incorporating a general Bayesian account of consumer preference heterogeneity, managing attributes over a continuous domain to alleviate issues of combinatorial complexity, and avoiding solutions that are impossible to realize. The method is demonstrated for a line of dial-readout scales, using physical models and conjoint-based consumer choice data. The results show that the optimal number of products in the line is not necessarily equal to the number of market segments, that an optimal single product for a heterogeneous market differs from that for a homogeneous one, and that the representational form for consumer heterogeneity has a substantial impact on the design and profitability of the resulting optimal product line — even for the design of a single product. The method is managerially valuable because it yields product line solutions efficiently, accounting for marketing-based preference heterogeneity as well as engineering-based constraints with which product attributes can be realized.     

我国农产品批发市场区域分布状况分析及其改进——基于人口密度视角

农产品批发市场作为我国农产品流通的主渠道,在联结产销、平衡供求、形成价格等诸多方面发挥着主导作用。由我国地域辽阔,区域经济发展不平衡,产业发展集聚程度差异较大,导致农产品批发市场在快速发展的同时,面临着区域分布不均衡、规模大小不协调等问题,难以满足不同地区居民的需求。为更好地发挥批发市场的作用,文章通过分析现有农产品批发市场区域分布特征,对东、中、西和东北部地区现有农产品批发市场覆盖城市人口数进行测算,并结合不同地区批发市场的规模差异、分布情况,借鉴国际经验,对我国未来建设农产品批发市场的区域布局和规模等级进行讨论,并提出对策建议,以期对科学规划布局各地区农产品批发市场提供参考。