000099346 001__ 99346
000099346 005__ 20230921135440.0
000099346 0247_ $$2doi$$a10.21511/imfi.16(4).2019.30
000099346 0248_ $$2sideral$$a122905
000099346 037__ $$aART-2019-122905
000099346 041__ $$aeng
000099346 100__ $$0(orcid)0000-0002-3816-9747$$aFerruz Agudo, L.$$uUniversidad de Zaragoza
000099346 245__ $$aStochastic frontiers of efficiency for Brazilian investment funds: A panel data analysis
000099346 260__ $$c2019
000099346 5060_ $$aAccess copy available to the general public$$fUnrestricted
000099346 5203_ $$aFoundations, methodological and empirical possibilities of measurement and analysis in the performance of financial investments within investment funds have been developed since they were once introduced in the 1970s, thus establishing a path of growing acceptance in financial markets and universities'' academies. The first approaches over the efficiency of these funds, considering their stochastic implications, occurred in the late 1990s and have evolved with the help of SFA - Stochastic Frontier Analysis, although it still needs more careful verification. This article measured and analyzed the stochastic frontier of efficiency over 33 different Brazilian investment funds from 2012 to 2015. For doing so, Battese and Coelli's (1995) specifications was used. It shows the effects of inefficiencies, which are defined as explicit functions of specific factors in the context of panel data funds. They are estimated by the maximum likelihood method. Sharpe ratios (SR) were also calculated for comparative purposes. Based on these two indicators (SFA and SR), the most recommendable funds to invest and the ones in which the application should not be performed were identified. Such procedures have stimulated the necessary and promising studies, as well as future researches, which, in turn, may establish new methodological formulation as an efficient and effective instrument to choose the best and the safest funds to invest.
000099346 540__ $$9info:eu-repo/semantics/openAccess$$aby$$uhttp://creativecommons.org/licenses/by/3.0/es/
000099346 592__ $$a0.179$$b2019
000099346 593__ $$aBusiness and International Management$$c2019$$dQ3
000099346 593__ $$aStrategy and Management$$c2019$$dQ4
000099346 593__ $$aFinance$$c2019$$dQ4
000099346 593__ $$aAccounting$$c2019$$dQ4
000099346 593__ $$aEconomics and Econometrics$$c2019$$dQ4
000099346 655_4 $$ainfo:eu-repo/semantics/review$$vinfo:eu-repo/semantics/publishedVersion
000099346 700__ $$aTusi da Silveira, J.S.
000099346 700__ $$aKnebel Baggio, D.
000099346 700__ $$aSchneider, I.N.
000099346 700__ $$aBaccin Brizolla, M.M.
000099346 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab.
000099346 773__ $$g16, 4 (2019), 352-365$$tInvestment Management and Financial Innovations$$x1810-4967
000099346 8564_ $$s462555$$uhttps://zaguan.unizar.es/record/99346/files/texto_completo.pdf$$yVersión publicada
000099346 8564_ $$s1295314$$uhttps://zaguan.unizar.es/record/99346/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada
000099346 909CO $$ooai:zaguan.unizar.es:99346$$particulos$$pdriver
000099346 951__ $$a2023-09-21-13:31:28
000099346 980__ $$aARTICLE