Branda, Martin; Kopa, Miloš - In: Czech Journal of Economics and Finance (Finance a uver) 62 (2012) 2, pp. 106-124
In this article, the authors deal with the efficiency of world stock indices. Basically, they compare three approaches: mean-risk, data envelopment analysis (DEA), and stochastic dominance (SD) efficiency. In the DEA methodology, efficiency is defined as a weighted sum of outputs compared to a...