envelopment analysis (DEA) context is used for the first time to measure the relative efficiency of sectoral ETFs. In the second … stage, a Tobit model is employed to identify the drivers of performance. The results indicate there is scope for efficiency …

demonstrate that the efficient funds form the smaller part of the examined sample of funds, the average efficiency rises over time …, and that the mean-variance efficiency hypothesis holds for the inefficient funds over the whole period. Moreover, the …

fund or strategy provides, whether the net expense ratio is reasonable for the style exposures provided and the efficiency … measures of style efficiency, one related to the expected style return of the strategy per bps of net expense ratio, which I … refer to as the Cost Efficiency Ratio (CER), and one related to the expected style return of the strategy relative to …

more central question of how overall operational efficiency contributes directly to performance of the firm's portfolios …