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The Efficiency of Mutual Fund Families Insights from the Spanish Market 1st Edition by Carlos Sánchez González 9781787439832 1787439836

Name: The Efficiency of Mutual Fund Families Insights from the Spanish Market 1st Edition by Carlos Sánchez González 9781787439832 1787439836
SKU: EB-51626212
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The Efficiency of Mutual Fund Families Insights from the Spanish Market 1st Edition Carlos Sánchez González Digital Instant Download

Author(s): Carlos Sánchez González

ISBN(s): 9781787437999, 178743799X

Edition: 1

File Details: EPUB, 8.75 MB

Year: 2018

Language: English

SKU: EB-51626212 Category: Uncategorized Tags: 1787439836, 9781787439832, Carlos Sánchez González, Fund Families, Mutual Fund

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The Efficiency of Mutual Fund Families Insights from the Spanish Market 1st Edition Carlos Sánchez González – Ebook Instant Download/Delivery ISBN(s): 9781787439832, 1787439836

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ISBN 10:1787439836
ISBN 13:9781787439832
Author: Carlos Sánchez González

The Efficiency of Mutual Fund Families
Insights from the Spanish Market

The investment alternatives offered by mutual funds have had a significant effect on the savings patterns of many countries. Industry research has primarily focused on the funds themselves rather than on their management companies, but like other financial institutions, these companies, also known as mutual fund families, have experienced great periods of both expansion and contraction. It is important to address the efficiency of these institutions, as well. Carlos Sánchez González fills this gap in our knowledge with this empirical study. He develops an innovative model that considers the management stages of mutual fund companies, overcoming the traditional dispute between the different approaches used in banking and insurance research. Using data envelopment analysis (DEA) to evaluate efficiency levels, Sánchez González investigates the Spanish case, one of the most relevant industries in the Euro market, in order to provide insights into issues that have never been explored before. His study consists of two parts. The first explains the basic concepts, offers a brief explanation of the basic DEA models, and gives a review of the most important applications to financial institutions, all while developing a unique set of industry-specific variables in order to show how to apply the original slacks-based measure (SBM) approach. The second reviews the major concepts of SBM variations and shows how they can be applied to the Spanish mutual fund family industry in order to obtain unprecedentedly accurate empirical measures of its efficiency. This ground-breaking work offers much food for thought to academic researchers and postgraduate students of management, finance, and marketing.

Table contents:

Part I The Efficiency of Mutual Fund Families: Using a Slacks-based Measure
Chapter 1 Introduction to Part I
Chapter 2 Background
2.1. Basic Concepts
2.2. Basic DEA Models
2.3. Applications to Financial Institutions
Chapter 3 Model and Variables
3.1. Multi-management Stages Model in a Mutual Fund Management Company (MFMC)
3.2. Variables of the Model: The Case of the Spanish Market
Chapter 4 Data and Empirical Analysis: The Case of the Spanish Market
4.1. Data
4.2. Empirical Analysis
4.3. Influence of the Variable-returns-to-scale on the Efficiency Rankings
4.4. Robustness of the More Controversial Variables of the Model
Chapter 5 Conclusions and Summary of the Applications in the Spanish Market
Appendix A
Part II Further Evaluation of Efficiency of Mutual Fund Management Companies
Chapter 1 Introduction to Part II
Chapter 2 Variations of the Slacks-based Measure (SBM) of Efficiency
2.1. Basic Concepts of the New Measures
2.2. Comparative Evaluation between the SBM Original Model and SBM Variation I
2.3. Random Searches for Facets (Variation IV)
2.4. The Search for Locally Efficient Companies Applying Variation III
Chapter 3 Persistence in Funds Management Companies: Do the Best Winners and Losers Usually Repeat?
3.1. Persistence Studies in the Mutual Fund Industry
3.2. Methodology of Performance Persistence
3.3. Empirical Results of Efficiency Persistence: The Case of the Spanish Market
Chapter 4 Conclusions and Summary of the Applications in the Spanish Market