The directional distance function model is a generalization of the radial model in data envelopment analysis (DEA). The directional distance function model is appropriate for dealing with cases where undesirable outputs exist. However, it is not a units-invariant measure of efficiency, which...

With the development of technology, single functional antibacterial materials can no longer meet the demands of some particular application areas. Therefore, some multifunctional materials equipped with both “bacteria-killing” and “bacteria-defending” functions have been created in...

Purpose Using the sample between 2005 and 2011, the purpose of this paper is to investigate the effect of a new fund entry on incumbents using the overlap measure in portfolio holdings. Design/methodology/approach Empirical methodology is used in this study. Findings The authors find that...

Compared to mutual funds, hedge funds prefer smaller, opaque value securities, and have higher turnover and more active share bets. Decomposing returns into three components, we find that hedge funds are better than mutual funds at stock picking by only 1.32% per year on a value-weighted basis,...

In this paper we consider the problem of testing the hypothesis about the sub-mean vector. For this propose, the asymptotic expansion of the null distribution of Rao's U-statistic under a general condition is obtained up to order of n-1. The same problem in the k-sample case is also...

We consider a Stackelberg model under demand slope uncertainty in an environment where the follower owns information advantage. Specifically, we show that the second mover obtains higher expected profit than the first mover when the leader only knows the prior beliefs and the follower gains the...

The use of equity incentives is significantly greater in countries with stronger insider trading restrictions, and these higher incentives are associated with higher total pay. These findings are robust to alternative definitions of insider trading restrictions and enforcement, and to panel...