Performance measurement with expectiles

Financial performance evaluation is intimately linked to risk measurement methodologies. There exists a well-developed literature on axiomatic and operational characterization of measures of performance. Hinged on the duality between coherent risk measures and reward associated with investment strategies, we investigate representation of acceptability indices of performance using expectile-based risk measures that recently attracted a lot of attention inside the financial and actuarial community. We propose two purely expectile-based performance ratios other than the classical gain-loss ratio and the Omega ratio. We complement our analysis with elicitability of expectile-based acceptability indices and their conditional version accounting for new information flow.

     

Performance measurement integrated information framework in e-Manufacturing

The implementation of Internet technologies has led to e-Manufacturing technologies becoming more widely used and to the development of tools for compiling, transforming and synchronising manufacturing data through the Web. In this context, a potential area for development is the extension of virtual manufacturing to performance measurement (PM) processes, a critical area for decision making and implementing improvement actions in manufacturing. This paper proposes a PM information framework to integrate decision support systems in e-Manufacturing. Specifically, the proposed framework offers a homogeneous PM information exchange model that can be applied through decision support in e-Manufacturing environment. Its application improves the necessary interoperability in decision-making data processing tasks. It comprises three sub-systems: a data model, a PM information platform and PM-Web services architecture. A practical example of data exchange for measurement processes in the area of equipment maintenance is shown to demonstrate the utility of the model.     

知识团队绩效考核与薪酬设计

文章主要从管理实践的角度出发,运用反馈原理,将知识团队绩效考核与薪酬机制设计联系起来,建立知识团队绩效考核指标体系和薪酬体系。其中在薪酬体系的设计中运用个性化原则,在注重体现知识团队贡献的同时,充分考虑了知识员工个体的特点和主要需要。     

Performance measurement considering the interdependence of evaluators and criteria

This research constructs a performance evaluation mechanism in regard to the interdependence of evaluators and criteria. The interest in performance evaluation has spawned a number of studies that investigated criteria or evaluators for organizations’ performance evaluation. However, very little attention has been paid to address the relationship between the evaluators and criteria. It is quite clear that there are different standpoints exist in different evaluators, consequently particular evaluators usually emphasize certain groups of criteria more than others. On the other hand, considering different criteria the strength of relation of evaluator changes accordingly. We address the existence of interaction between evaluator and criteria, because the two factors play major roles in the performance evaluation. This consideration gives top managers the chance to explore and realize the relationship between evaluators and criteria. It also reveals the evaluators’ synthetic standpoints about criteria, which are meaningful for managerial purposes.     

Performance measurement and joint production of intended and unintended outputs

Journal of Productivity Analysis - The generation of unintended residuals when producing intended outputs is the key factor behind our serious problems with pollution. The way this joint production...     

基于价值增长的商业银行EVA评价方法思考

随着我国商业银行,法人治理结构的日益完善,价值最大化已成为银行经营管理的最终目标。目前广泛应用的新方法——经济增加值法,为银行价值的衡量提供了可借鉴的思想和方法。本文首先阐述了银行价值构成和经济增加值理论基础,然后分析了银行价值创造和EVA的内在联系及相互影响,最后指出基于价值增长的EVA绩效评价方法,对我国商业银行价值最大化经营目标的实现具有积极作用。     

Comment: Performance measurement and joint production of intended and unintended outputs

Journal of Productivity Analysis -     

Comments: Performance measurement and joint production of intended and unintended outputs

Journal of Productivity Analysis -     

Performance measurement and best-practice benchmarking of mutual funds: combining stochastic dominance criteria with data envelopment analysis

We propose a method for mutual fund performance measurement and best-practice benchmarking, which endogenously identifies a dominating benchmark portfolio for each evaluated mutual fund. Dominating benchmarks provide information about efficiency improvement potential as well as portfolio strategies for achieving them. Portfolio diversification possibilities are accounts for by using Data Envelopment Analysis (DEA). Portfolio risk is accounted for in terms of the full return distribution by utilizing Stochastic Dominance (SD) criteria. The approach is illustrated by an application to US based environmentally responsible mutual funds.     

浅谈初始计量、后续计量和再计量

电梯的和谐设计主要是要考虑电梯与人、电梯各部件、电梯与环境之间的和谐关系。文章从电梯与人、电梯各部件之间的关系、电梯与环境之间所产生的各个关系入手,表述了电梯之间的人、机关系、各部件之间的关系以及电梯与周围环境之间的关系。     

浅谈初始计量、后续计量和再计量

文章在会计计量概念的基础上,结合会计确认中的初始确认、后续确认和再确认环节,对初始计量、后续计量和再计量进行了探讨。     

Applying efficiency measurement techniques to the measurement of productivity change

Deterministic frontier analysis (DFA), stochastic frontier analysis (SFA), and data envelopment analysis (DEA) are alternative analytical techniques designed to measure the efficiency of producers. All three techniques were originally developed within a cross-sectional context, in which the objective is to compare the efficiencies of producers. More recently all three techniques have been extended for use in a panel data context. In the latter context it is possible to measure productivity change, and to decompose measured productivity change into its sources, one of which is efficiency change. However when efficiency measurement techniques, particularly SFA, have been applied to panel data, it has infrequently been made clear what the objective of the analysis is: the measurement of efficiency, which may vary through time as well as across producers, or the measurement and decomposition of productivity change. In this paper I explore the use of each technique in a panel data context. I find DFA and DEA to have achieved a more satisfactory reorientation toward productivity measurement than SFA has.     

Indirect productivity measurement

Caves, Christensen and Diewert [1982a] showed that the Törnqvist productivity index is superlative in a considerably more general sense than had been previously believed. We examine the allocative and technical efficiency hypotheses on which their finding rests. We show that the allocative efficiency hypothesis can be modified, which makes the Törnqvist index superlative in a wider sense than even Caves, Christensen and Diewert showed, since it is consistent with a type of allocative efficiency other than the standard cost minimization and revenue maximization hypotheses considered by Caves, Christensen and Diewert. We also show that if the technical efficiency hypothesis is relaxed, the CCD result may no longer hold, and the distance functions that form the basis of the Malmquist productivity indexes, and hence of the Törnqvist productivity index, must be calculated. We then show how to calculate the underlying distance functions, and we argue that there are real advantages to doing so.The refereeing process of this paper was handled through N.R. Adam.     

Stochastic productivity measurement

Stochastic productivity indicators are defined, and superlative measures of these indicators are derived. It is shown that, in the presence of complete markets or a common-expectations equilibrium, differences in the market values of firms are superlative indicators of cross-sectional productivity differences. Exactness results are used to decompose nonstochastic productivity indicators into a measure of true productivity change and a measure of ‘luck’. The decomposition is illustrated empirically.

Meanings of measurement

Abstract

In public domains, performances – also in ambiguous fields like policing – are controlled, by making them transparent, by comparing them, and by linking them to targets. Although this ‘numerical capture' of complex phenomena has been heavily criticized, management by measurement is blossoming and in specific cases, measurements like crime monitoring have played a role in reducing crime. The question, however, is whether such improvements are caused by distinctive measurement methods, or by ‘something else'. This paper will analyze how one particular measurement method, the so-called Rotterdam ‘Safety Index', contributed to safety policies. It will show how this dubious instrument is made meaningful; how, indeed, ‘something else' is at work. Political and administrative key players made certain moves in order to ‘link', ‘store', and ‘advocate' the Safety Index. These acts, moreover, occurred amidst distinctive socio-political conditions. Because of ‘acts in context', the Index became a workable tool, producing tangible effects.     

并购重组业绩承诺与公司绩效

本文以沪深两市A股上市公司重大资产重组事件为样本,研究并购重组业绩承诺对上市公司绩效的影响。本文发现:重组协议订立阶段,针对目标资产签订业绩补偿协议的首次公告使得作为收购方的上市公司获得了更高的短期市场超额收益;并购重组活动完成后的3年间,目标资产存在业绩承诺的上市公司在长期市场绩效上同样表现得更加抢眼,但才财务绩效上却与目标资产不存在业绩承诺的上市公司并无显著差别。以上结果说明,并购重组业绩承诺得到了资本市场较多的认同与肯定,但从长期财务绩效来看,业绩承诺的价值创造能力尚待进一步证实。本文的发现对投资者、收购活动参与各方及监管层均有一定的参考价值。     

论政府绩效管理与绩效审计

通过对我国政府绩效管理框架的描述以及政府绩效管理体系下政府行为对审计目标、审计范围和审计质量等方面的影响分析得出:政府绩效管理与绩效审计之间存在密切联系,且这种联系是多向的、混合的,有时甚至还是负向的。为此,针对我国绩效管理方式、政府行为给绩效审计造成的不利影响,提出改进我国绩效审计的若干政策建议。     

光电测距三角高程测量问题的探讨

文章对光电测距三角高程在实践中应用的几个问题进行了探讨和理论分析熏并给出了解决办法和合理建议。