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 …

resource immobility. The firm-efficiency interpretation of the RBV posits that heterogeneity in, for example, technology or … know-how, leads to inter-firm efficiency differences which can persist because of imperfect imitability. Thus the … persistence of efficiency leads to the persistence of profitability. There has been no empirical research into the firm-efficiency …

exactly the same factors. In this article, we introduce a simple metric we call the factor efficiency ratio that gauges the … demonstrate the strong relationship between efficiency and risk-adjusted returns. In doing so, we also highlight several potential …