Hu, Jin-li; Yu, Hsueh-e.; Wang, Yi-ting - In: Journal of applied finance & banking 2 (2012) 4, pp. 85-101
This paper applies a four-stage data envelopment analysis (DEA) approach proposed by Fried et al. (1999) to measure the operational environment-adjusted efficiency of sixty mutual funds in Taiwan from 2006 to 2010. We adopt the approach for adjusting negative output as suggested by Lovell and...