This paper investigates the non-monotonic and non-linear effect of diversification on mutual fund performance. We apply a frontier-based efficiency measure, the stochastic frontier approach, to estimate fund efficiency and the benefit of diversification. The empirical results indicate that...

This article follows a three-stage data envelopment analysis (DEA) approach proposed by Fried et al. (2002) to decompose mutual fund underperformance, in order to obtain pure managerial performance. In the first stage, DEA is used to compute each fund's performance. In the second stage, a...

This study investigates the sources of bank productivity growth in China over the period 2002–2009. In order to perform this research, we propose an advanced index – input slack-based productivity index (ISP) – a model that disaggregates total factor productivity growth into each input...

This article introduces total-factor energy productivity change index (TFEPI) based on the concept of total-factor energy efficiency and the Luenberger productivity index to evaluate the energy productivity change of regions in China with a total-factor framework. Moreover, the TFEPI can be...

This paper measures the metafrontier total-factor energy efficiency (TFEE) of 47 regions in Japan for the period 1996-2008, using the stochastic frontier analysis (SFA). The two-step output-oriented SFA approach by Huang et al. (J Prod Anal 42:241-254, 2014) is followed but converted into a...

A two-player model is established in order to examine the effects of environmental policy instruments, budget control, and bribery on decision making of local government and the firms. With or without bribery, the central government can always promote the abatement input by stipulating a higher...

The solvency issue of life insurance companies has become more important in recent years as business risks turn increasingly greater. This study examines the relationship among investing risk, underwriting risk, and the capital ratio during the post risk-based capital regulation period of...