Do ETFs outperform CEFs in fixed income investing?

2015 ◽  
Vol 30 (4) ◽  
pp. 231-246 ◽  
Author(s):  
C. Edward Chang ◽  
Thomas M. Krueger ◽  
H. Doug Witte
Keyword(s):  
Performance Measures ◽  
Tracking Error ◽  
Exchange Traded Funds ◽  
Fixed Income ◽  
Turnover Rates ◽  
Operating Characteristics ◽  
Content Type ◽  
Market Values ◽  
Significant Difference ◽  
And Performance

Purpose – For a number of reasons ranging from their more recent introduction to their perceived lesser excitement relative to stock-based peers, there have been few studies of fixed income (mainly bond) exchange-traded funds (ETFs). The purpose of this paper is to fill the void by comparing performance measures of fixed income ETFs to fixed income closed-end funds (CEFs). Design/methodology/approach – This paper examines operating characteristics as well as risk and performance measures of all available fixed income ETFs and CEFs in the USA over the last five and ten years ending on December 31, 2014. Operating characteristics include expense ratios, annual turnover rates, tax cost ratios, and tracking error ratios. Performance measures include average annual returns, risks (measured by standard deviations), and risk-adjusted returns (measured by Sharpe ratios and Sortino ratios). Findings – This study finds material and significant difference in a variety of expenses, return measures, and risk measures. Sharpe and Sortino ratio significance is highly dependent on whether net asset values or market values serve as the dependent variable. ETFs would be the preferred choice of fixed income investors who are presumed to be focussing on market-based return measures. Originality/value – This paper empirically compares operating characteristics as well as risk and performance measures of US fixed income ETFs and fixed income CEFs in the same Morningstar categories over the last five and ten years.

Saving green while going green

2019 ◽  
Vol 45 (1) ◽  
pp. 21-35
Author(s):  
C. Edward Chang ◽  
Thomas M. Krueger ◽  
H. Doug Witte
Keyword(s):  
Mutual Funds ◽  
Performance Measures ◽  
Mutual Fund ◽  
Research Question ◽  
Turnover Rates ◽  
Operating Characteristics ◽  
Socially Responsible ◽  
Content Type ◽  
Responsible Investing ◽  
And Performance

Purpose The purpose of this paper is to examine the operating characteristics as well as risk and performance measures of all available self-proclaimed socially responsible funds (hereafter SRFs) in the USA over the ten-year (2007–2016) period. The first research question addressed is: Do SRFs perform as well as the average of all mutual funds in their respective categories? The second research question addressed is: Are SRF expense ratios correlated with fund performance? Design/methodology/approach This study analyzes all socially responsible equity mutual funds, as self-reported to Morningstar. This paper empirically compares operating characteristics and performance measures of SRFs relative to category averages in the US mutual fund industry. Operating characteristics include expense ratios and annual turnover rates. Performance measures include conventional return, risk and risk-adjusted return measures. Findings Although prior research suggests that socially responsible investing (SRI) indexes and SRI-friendly stocks have favorable returns, this study finds that these self-proclaimed SRFs underperform the average of all mutual funds in matched equity categories. However, this study demonstrates that a simple filter based on expense ratios can identify those SRFs that will enable investors to do quite well while doing good. Originality/value The contribution of this paper is twofold. First, the authors report that self-proclaimed SRFs, as a whole, have not generated competitive returns relative to other mutual funds in the same categories over the past ten years. This result contradicts the notion that socially responsible investors do not give up return performance when investing with their conscience. Second, the authors find that those SRFs with expense ratios in the lowest quartile of their respective category have significantly higher risk-adjusted returns and significantly lower turnover than category averages. Thus, by focusing on SRFs with low-expense ratios, socially responsible investors can do quite well while doing good.

Propagation of risks and their impact on performance in fresh food retail

2015 ◽  
Vol 26 (3) ◽  
pp. 568-602 ◽  
Author(s):  
Samir K Srivastava ◽  
Atanu Chaudhuri ◽  
Rajiv K. Srivastava
Keyword(s):  
Supply Chain ◽  
Supply Chains ◽  
Performance Measures ◽  
Theory And Practice ◽  
Food Retail ◽  
Content Type ◽  
Fresh Food ◽  
Retail Supply Chains ◽  
And Performance ◽  
Supply Chain Risks

Purpose – The purpose of this paper is to carry out structural analysis of potential supply chain risks and performance measures in fresh food retail by applying interpretive structural modeling (ISM). Design/methodology/approach – Inputs were taken from industry experts in identifying and understanding interdependencies among food retail supply chain risks on different levels (sourcing and logistics outside the retail stores; storage and customer interface at the stores). Interdependencies among risks and their impact on performance measures are structured into a hierarchy in order to derive subsystems of interdependent elements to derive useful insights for theory and practice. Findings – Using the ISM approach the risks and performance measures were clustered according to their driving power and dependence power. Change in/inadequate government regulations’ are at the bottom level of the hierarchy implying highest driving power and require higher attention and focussed mitigation strategies. Risks like lack of traceability, transport delays/breakdowns and temperature abuse, cross-contamination in transport and storage have medium driver and dependence powers. Research limitations/implications – The approach is focussed on food retail supply chains in the Indian context and thereby limits the ability to generalize the findings. The academics and experts were selected on convenience and availability. Practical implications – It gives managers a better understanding of the risks and performance measures that have most influence on others (driving performance measures) and those measures which are most influenced by others (dependent performance measures) in fresh food retail and also a tool to prioritize them. This kind of information is strategic for managers who can use it to identify which performance measures they should concentrate on managing the trade-offs between measures. The findings and the applicability for practical use have been validated by both experts and practicing managers in food retail supply chains. Originality/value – The work is perhaps the first to link supply chain risks with performance and explains the propagation of risks in food retail supply chains. It contributes to theory by addressing a few research gaps and provides relevant managerial insights for practitioners.

scholarly journals Exploring competitive strategic performance consistency in service organizations

2018 ◽  
Vol 22 (2) ◽  
pp. 165-182 ◽  
Author(s):  
Carlos F. Gomes ◽  
Mohammad Najjar ◽  
Mahmoud M. Yasin
Keyword(s):  
Performance Measures ◽  
Open System ◽  
Customer Orientation ◽  
Dynamic Environment ◽  
Service Organizations ◽  
Future Research ◽  
Content Type ◽  
Strategic Orientations ◽  
And Performance ◽  
Practical Implications

PurposeAs service organizations move toward the open system strategic customer orientation, they need to ensure consistency among competitive methods, performance measures and strategies utilized. This paper aims to examine the relationships among these important facets of today’s service organizations. The study at hand examines the relationship among competitive methods, implicit strategy and performance measures used by Portuguese service organizations.Design/methodology/approachThis research uses a survey-based methodology. Factor analysis, cluster analysis and regression analysis procedures are used to analyze the collected data from Portuguese service organizations.FindingsBased on the results of this study, it appears that some of the studied service organizations are steadily moving toward the open system mode of strategy, competitive methods and performance measurement. However, the majority of the service organizations examined appeared to be in a state of strategic confusion, as they appear to lack the consistency among competitive methods, performance measures and desired strategic orientations.Research limitations/implicationsThe sample used in this study is specific in nature, as it includes only Portuguese service organizations. Therefore, the results of this study should be interpreted with caution. Future research in other cultural service settings is recommended. Such research should emphasize the exploration of theoretical frameworks, which tend to practically integrate competitive methods, performance measures and strategic orientation.Practical implicationsThis study has direct practical implications for service managers, as they attempt to integrate their organizational systems. As such, the research in this study paves the way toward the practical integration and consistency among competitive methods, performance measures and strategic orientations needed to enhance the customer orientation. In this context, such integration and consistency are essential to enhance the strategic competitiveness of today’s service organizations operating in a dynamic marketplace.Originality/valueThis research combines bodies of knowledge dealing with competitive methods, performance measures and their impact on strategic orientations. The conceptual framework offered in this research attempts to facilitate the understanding for consistent practice pertaining to the competitiveness of the open system service organization in a dynamic environment. Such consistency is essential to the competitiveness of the organization in a dynamic environment.

An empirical investigation of buyer–supplier relationship typologies and their behavioral and performance outcomes

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Jin Li ◽  
Linlin Chai ◽  
Chanchai Tangpong ◽  
Michelle Hong ◽  
Rodney D. Traub
Keyword(s):  
Performance Measures ◽  
Online Survey ◽  
Performance Outcomes ◽  
Superior Performance ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Content Type ◽  
Behavioral Dynamics ◽  
And Performance ◽  
Supplier Relationship

Purpose This study aims to examine empirically the existence of four classical and four emerging buyer–supplier relationship (BSR) types and how they differ in terms of behavioral dynamics and performance measures. Design/methodology/approach This study uses an online survey to collect data from 371 purchasing managers in the USA. Findings A cluster analysis statistically supports the existence of five of these eight BSR types, including strategic/bilateral partnership, market/discrete, supplier-led collaboration, captive supplier/buyer dominant and captive buyer/supplier dominant BSRs. Further, ANOVA tests show that these five BSRs differ in terms of behavioral outcomes and performance measures. Research limitations/implications This study is based on a cross-sectional survey so it cannot examine how these BSR types may evolve over time, and it is not suitable to examine some rare types of BSRs. In addition, this study does not consider contextual factors that may moderate the influence of BSR types on the behavioral dynamics and performance measures. Practical implications Managers should consider the potential to be able to develop and enhance a strategic/bilateral relationship with their supply chain partners, which in at least some circumstances can lead to superior performance results. Similar observations can be made with respect to supplier-led and, to a lesser degree, buyer-led collaboration. Originality/value Most existing research of the BSR types is largely a product of theoretical classifications, and there is also a lack of research of their performance implications. This study fills these gaps in the literature.

Operational performance measures for startups

2018 ◽  
Vol 22 (1) ◽  
pp. 31-41 ◽  
Author(s):  
Nopadol Rompho
Keyword(s):  
Performance Measures ◽  
Statistical Tests ◽  
Chief Executive ◽  
Performance Measure ◽  
Survey Method ◽  
Analysis Tool ◽  
Content Type ◽  
Perceived Importance ◽  
Large Corporations ◽  
And Performance

PurposeThe purpose of this study is to investigate the uses of performance measures in startup firms, including perceived importance and performance of those measures. Design/methodology/approachThe survey method is used in this study. Data are collected from founders/chief executive officers/managers of 110 startups in Thailand. The correlation analysis and analysis of variance techniques are used as the analysis tool in this study. FindingsThe results show that there is a positive relationship between the perceived importance and the performance of each metric. However, no significant differences are found in the importance and performance of each metric among the various stages of startups. Research limitations/implicationsBecause there are so few startups compared to large corporations, the sample size of this study is relatively small, which is a limitation for some statistical tests. Practical implicationsStartup should measure and monitor the correct metrics in a particular stage, instead of trying to perform well in all areas, which will lead them to lose focus, and possibly even fail. Results obtained from this study will aid startups in properly monitoring and managing their performance. Originality/valueUnlike large corporations, the performance measures used by startups vary, and depend on a startup’s stage and type. Because of the fact that there are much fewer startups than large corporations, there are a limited number of studies in this area. This research is among the first studies that try to investigate the uses of performance measure for this new type of organizations.

An empirical investigation of critical success factors and performance measures for green manufacturing in cement industry

2016 ◽  
Vol 27 (8) ◽  
pp. 1076-1101 ◽  
Author(s):  
Dinesh Seth ◽  
R.L. Shrivastava ◽  
Sanjeev Shrivastava
Keyword(s):  
Performance Measures ◽  
Critical Success Factors ◽  
Success Factors ◽  
Process Management ◽  
Green Manufacturing ◽  
Cement Industry ◽  
Survey Method ◽  
Content Type ◽  
Critical Success ◽  
And Performance

Purpose The purpose of this paper is to aim for the development and analysis of green manufacturing (GM)-based framework on the identified critical success factors (CSFs) and performance measures (PMs) in the context of the Indian cement industry. Design/methodology/approach The research follows survey method for data collection. For framework development, it uses factor analysis on the identified CSFs and regression along with the appropriate measures for checking statistical consistency and validity. Findings This is the first research towards GM framework for the Indian cement industry. Till date, no framework is available which could guide researchers and practitioners of this environment unfriendly industry. Study exposes lack of connectivity between CSFs and PMs for a GM framework and highlights weaknesses of cement industry in this regard. It offers a generalised GM framework linking PMs with top management, human resource management, organisational culture, green practices, process management and supply chain management. Practical implications The framework is expected to help both researchers and practitioners from cement, construction and other industries who are serious towards GM implementation and are looking for appropriate mechanism. This framework if implemented properly will result in enhanced productivity. Originality/value This work is one of the few and pioneering efforts to investigate GM linking CSFs and PMs in Indian manufacturing sectors and the first in cement industry. Not many studies are available in the context of cement industry, which is the lifeblood of infrastructure and construction sectors. The importance of the work increases as it is conducted in the Indian context, which is undeniably an important economy of the world.

DEA performance assessment of Greek listed metallurgical firms

2014 ◽  
Vol 9 (1) ◽  
pp. 58-77 ◽  
Author(s):  
Ioannis Tsolas
Keyword(s):  
Performance Measures ◽  
Design Methodology ◽  
Market Value ◽  
Two Dimensions ◽  
Data Envelopment ◽  
Content Type ◽  
Dea Efficiency ◽  
Performance Dimensions ◽  
And Performance ◽  
Using Data

Purpose – This paper aims to assess two distinct aspects of performance in terms of technical (sales) efficiency and efficiency in market value generation of a sample of Greek metallurgical firms listed on the Athens Exchange by using data envelopment analysis (DEA). Design/methodology/approach – Both aspects of performance are measured by employing the DEA BCC model, combined with bootstrap and generalized proportional distance function (GPDF). Statistical analysis is performed to investigate whether there is a positive link between the two examined performance dimensions. Findings – Inefficiency is uncovered in both performance dimensions, but there is a lower level of performance in market value generation than in technical efficiency. Correlation analysis results do not point out positive links between performance measures for the sample firms. Research limitations/implications – The derived performance measures allow firm managers to set their own priorities and to seek out improvements along the two dimensions of performance; moreover, they may contribute to the reduction of information asymmetry among investors. Originality/value – This paper is one of a few that investigate the link between DEA-based sales performance and performance in market value generation. It contributes methodologically through the adoption of fundamental analysis principles in estimating efficiency in the two performance dimensions and the development of a DEA efficiency model in the presence of negative data.

scholarly journals Gold Exchange Traded Fund - Price Discovery and Performance Analysis

2018 ◽  
Vol 65 (4) ◽  
pp. 477-495
Author(s):  
Mathew Mallika ◽  
M. M. Sulphey
Keyword(s):  
Price Discovery ◽  
Tracking Error ◽  
Spot Price ◽  
Exchange Traded Funds ◽  
Vector Error Correction ◽  
Spot Prices ◽  
Deviation Analysis ◽  
Vector Error ◽  
And Performance ◽  
Exchange Traded Fund

Abstract The paper aims to examine the price discovery process and the performance of Gold Exchange Traded Funds especially with respect to two Gold ETFs, namely, Goldman Sachs Gold Exchange Traded Scheme (GoldBeEs) and SBI Gold Exchange Traded Scheme (SBIGETS), for the period 2009 – 2016. The study has employed Johansen cointegration and Johansen’s Vector Error Correction Model (VECM) for the price discovery analysis. The results of VECM reveal that the spot prices lead the Gold ETFs price during the study period. Tracking Error analysis shows that Gold ETFs have neither outperformed nor underperformed the spot price. Price Deviation analysis indicates that Gold ETFs are trading on an average lower than the spot price of gold. The entire analysis reveals that although the price discovery takes place in the spot market, Gold ETFs have performed as well as physical gold and the slight difference in price with that of Gold is only because of certain fees, which are applicable in the management of Gold ETFs.

Manipulation and performance persistence: an examination of Iranian equity mutual fund performance

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mahsa Hosseini ◽  
Mohammad Khodaei Valahzaghard ◽  
Ali Saeedi
Keyword(s):  
Mutual Funds ◽  
Performance Measures ◽  
Mutual Fund ◽  
Performance Measure ◽  
Performance Persistence ◽  
Content Type ◽  
Lower Tertile ◽  
Time Horizons ◽  
Equity Mutual Funds ◽  
And Performance

Purpose This paper aims to study manipulation and performance persistence in equity mutual funds. To this end, Manipulation-Proof Performance Measure (MPPM) and Doubt Ratio, along with a number of current performance measures are used to evaluate the performance of equity mutual funds in Iran. Design/methodology/approach The authors investigate performance manipulation by 1) comparing the results of the MPPM with the current performance measures, 2) checking the Doubt Ratio to detect suspicious funds. Additionally, the authors investigate performance persistence by forming and evaluating portfolios of the equity mutual funds at several time horizons. Findings The authors conclude that there is no evidence of performance manipulation in the equity mutual funds. Additionally, when comparing the performance of the upper (top) tertile portfolios and the lower tertile portfolios, in all of the studied 1, 3, 6 and 12-month horizons, the authors find performance persistence in the equity mutual funds. Originality/value To the best of the authors’ knowledge, this research is the first study to investigate the performance manipulation in the Iranian equity mutual funds, and also is the first study in Iran that uses the MPPM and the Doubt Ratio in addition to a number of current performance measures to investigate the performance persistence in the equity mutual funds at several time horizons.

Literature review on network security in Wireless Mobile Ad-hoc Network for IoT applications: network attacks and detection mechanisms

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Satyanarayana Pamarthi ◽  
R. Narmadha
Keyword(s):  
Network Security ◽  
Literature Review ◽  
Performance Measures ◽  
Ad Hoc ◽  
Mobile Ad Hoc Network ◽  
The Internet ◽  
Content Type ◽  
Iot Applications ◽  
Mobile Ad Hoc ◽  
And Performance

PurposeNowadays, more interest is found among the researchers in MANETs in practical and theoretical areas and their performance under various environments. WSNs have begun to combine with the IoT via the sensing capability of Internet-connected devices and the Internet access ability of sensor nodes. It is essential to shelter the network from attacks over the Internet by keeping the secure router.Design/methodology/approachThis paper plans to frame an effective literature review on diverse intrusion detection and prevention systems in Wireless Sensor Networks (WSNs) and Mobile Ad hoc NETworks (MANETs) highly suitable for security in Internet of Things (IoT) applications. The literature review is focused on various types of attacks concentrated in each contribution and the adoption of prevention and mitigation models are observed. In addition, the types of the dataset used, types of attacks concentrated, types of tools used for implementation, and performance measures analyzed in each contribution are analyzed. Finally, an attempt is made to conclude the review with several future research directions in designing and implementing IDS for MANETs that preserve the security aspects of IoT.FindingsIt observed the different attack types focused on every contribution and the adoption of prevention and mitigation models. Additionally, the used dataset types, the focused attack types, the tool types used for implementation, and the performance measures were investigated in every contribution.Originality/valueThis paper presents a literature review on diverse contributions of attack detection and prevention, and the stand of different machine learning and deep learning models along with the analysis of types of the dataset used, attacks concentrated, tools used for implementation and performance measures on the network security for IoT applications.

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