Tsai, Jeng-yan; Chang, Chuen-ping - In: Journal of applied finance & banking 2 (2012) 4, pp. 69-84
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...