This study attempts to provide one of the first comprehensive analyses on the misratings in sovereign credit ratings. The analyses are performed using partial frontier methods which should be considered innovative in this literature. By combining a robust variant of the Free Disposal Hull (FDH)...

This paper analyses the relationship between active management and performance in US equity mutual funds over the period 2001-2011 for both gross and net returns. Mutual funds achieve nonzero abnormal performance through strategies that produce differentiated results which are not captured by...

We analyse the performance persistence and survivorship bias of Islamic and Socially Responsible Investment (SRI) funds. The remarkable growth of these two types of ethical funds over the last two decades raises the question of how non-financial attributes influence performance and performance...

This study explores the impact of ownership types on efficiency of Italian water utilities. Theories and evidence have shown a puzzling relationship between ownership and performance. Moreover, a recent study argues that this relationship can be further complicated by the effect of...

In recent years the European airline industry has undergone critical restructuring. It has evolved from a highly regulated market predominantly operated by national airlines to a dynamic, liberalized industry where airline firms compete freely on prices, routes, and frequencies. Although several...