scholarly journals How efficient are pension fund managers in Chile?

2005 ◽  
Vol 9 (2) ◽  
pp. 289-311 ◽  
Author(s):  
Armando Barrientos ◽  
Aziz Boussofiane
Keyword(s):  
Technical Efficiency ◽  
Pension Fund ◽  
Pension Reform ◽  
Data Envelopment ◽  
Efficiency Frontier ◽  
Upward Trend ◽  
Rates Of Return ◽  
Fund Managers ◽  
Pension Fund Management

The paper measures and evaluates technical efficiency among pension fund managers in Chile. Recent pension reform has established pension fund management market in nine countries in Latin America. The new pension providers compete for affiliates on the basis of fees, rates of return, and quality of service, and are subject to extensive regulation. Applying data envelopment analysis to data from Chile 1982-1999, the paper examines issues of efficiency, competition, and regulation. The analysis concludes that pension fund managers operate below the estimated "efficiency frontier", and there is no evidence of a sustained upward trend in technical efficiency over time.

scholarly journals Technical efficiency of the Chilean AFP

2019 ◽  
Vol 17 (2) ◽  
Author(s):  
Sebastián Cristóbal Araya-Pizarro ◽  
Luperfina Rojas-Escobar
Keyword(s):  
Technical Efficiency ◽  
Pension Fund ◽  
Maximum Efficiency ◽  
Data Envelopment ◽  
Allocation Of Resources ◽  
Average Efficiency ◽  
Fund Managers ◽  
Fixed Assets ◽  
Personnel Expenses ◽  
Investment In Fixed Assets

The research analyzes the degree of technical efficiency of the pension fund managers of Chile (AFP), through the Data Envelopment Analysis (DEA CCR-O), efficiency measurement technique that studies the performance of productive units under a treatment multidimensional non-parametric variable. The model proposed in the study considers as inputs personnel expenses and investment in fixed assets; and as income the commission income. The results show that the average efficiency of the entities for the years 2011-2017 was 68% and that only the AFP Model presented the maximum efficiency for the period analyzed. It is concluded that the allocation of resources destined to the administration of pension funds is susceptible to be improved about the estimated technical efficiency.RESUMENLa investigación analiza el grado de eficiencia técnica de las administradoras de fondos de pensiones de Chile (AFP), mediante el Análisis Envolvente de Datos (DEA CCR-O), técnica de medición de la eficiencia que estudia el desempeño de unidades productivas bajo un tratamiento multidimensional no-paramétrico de las variables. El modelo planteado en el estudio considera como entradas los gastos de personal y la inversión en activos fijos; y como salida los ingresos por comisiones. Los resultados muestran que la eficiencia promedio de las entidades para los años 2011-2017, fue de 68% y que solo la AFP Modelo presentó la eficiencia máxima para el periodo analizado. Se concluye que la asignación de los recursos destinados a la administración de fondos de pensiones es susceptible de ser mejorada en lo concerniente a la eficiencia técnica estimada.RESUMOA pesquisa analisa o grau de eficiência técnica dos gestores de fundos de pensão do Chile (AFP), por meio da Análise Envoltória de Dados (DEA CCR-O), técnica de medição de eficiência que estuda o desempenho das unidades produtivas em tratamento. variáveis não paramétricas multidimensionais. O modelo proposto no estudo considera como insumos gastos com pessoal e investimento em ativos fixos; e como rendimento o rendimento de comissões. Os resultados mostram que a eficiência média das entidades para os anos 2011-2017 foi de 68% e que apenas o Modelo AFP apresentou a máxima eficiência para o período analisado. Conclui-se que a alocação de recursos destinados à administração de fundos de pensão é suscetível de ser melhorada quanto à eficiência técnica estimada.

scholarly journals EBA's Capital Exercise and Technical Efficiency of the Banks

2020 ◽  
Vol 12 (4) ◽  
pp. 371-402
Author(s):  
Adhiraj Singh Rathore
Keyword(s):  
Technical Efficiency ◽  
Financial Distress ◽  
Capital Requirements ◽  
Data Envelopment ◽  
Tobit Regression ◽  
Macroeconomic Conditions ◽  
Country Level ◽  
European Banking ◽  
The Impact

This study uses a sample of 194 banks from 15 EU countries and two-stage data envelopment analysis (DEA) to provide evidence on the impact of the European Banking Authority (EBA)'s capital exercise on banks' efficiency. In the first stage of the analysis, we measure the efficiency by employing DEA. We then use Tobit regression to investigate the impact of the capital exercise on banks' technical efficiency. We estimate several specifications while controlling for bank-specific attributes and country-level characteristics accounting for macroeconomic conditions, financial development and market structure. The results indicate that EBA's capital exercise came, as a shock for the banks would be contributing towards making the banks more stable. It would be preventing banks from excessive risk-taking activities. Furthermore, it would be allowing the banks to withstand the financial distress and contributing in banks be- coming less prone to the systemic risk. The study finds that the capital requirements would be creating favourable economic conditions, which would be, affect the extent, depth and quality of financial intermediation and banking services.

scholarly journals Examining the Efficiency of Zakat Management: Indonesian Zakat Institutions Experiences

2018 ◽  
Vol 3 (1) ◽  
pp. 37-55
Author(s):  
Solahuddin Al-Ayubi ◽  
Ascarya . ◽  
Bayu Taufiq Possumah
Keyword(s):  
Technical Efficiency ◽  
Jel Classification ◽  
Scale Efficiency ◽  
Data Envelopment ◽  
Upward Trend ◽  
Personnel Costs ◽  
Classification Code ◽  
Subsequent Decrease ◽  
Input Variables ◽  
Production Approach

This study evaluates the efficiency of Indonesian Zakat Institutions (IZI), including technical, pure technical and scale efficiencies using a production approach. This study also examines the sources of inefficiency. By employing the Data Envelopment Analysis (DEA) technique, this study proposes a solution to improving the efficiency of IZI. The input variables of this study are the number of amil, the number of volunteers, the number of offices, socialization costs, personnel costs, and operational costs. The output variables of this study include the amount of zakat collected, the distribution of consumptive zakat, the distribution of productive zakat, the number of muzakki and the number of mustahiq. The results indicate that between 2010-2013 IZI Mass technical efficiency were higher than IZI Non-Mass on average. In 2014, IZI Non-Mass exceeded IZI Mass technical efficiency. IZI Mass pure technical efficiency had an upward trend during 2011-2013, but then declined during 2014-2016. However, IZI Non-Mass pure technical efficiency experienced an upward trend during 2011-2012,  then slightly decreased in 2013. Although the efficiency increased in 2014-2015, there was a subsequent decrease in 2016. After a period of fluctuation during 2011-2013, the scale efficiency of IZI Mass decreased in 2014 and stabilized in 2015-2016. Similarly, IZI Non-Mass fluctuated during 2011-2012, then stabilizing until 2016. The increasing problems of IZI Mass and IZI Non-Mass are the socialization costs, the number of volunteers, the amount of zakat collected, and the distribution of consumptive zakat, which cumulatively reduces the intermediation function of zakat institutions. IZI must resolve these issues to ameliorate the efficiency of zakat institutions.   Keywords: Indonesian Zakat Institutions, Efficiency, Technical Efficiency JEL Classification Code: L31, D61

scholarly journals DISPARITAS EFISIENSI TEKNIS ANTAR SUB SEKTOR DALAM INDUSTRI MANUFAKTUR DI INDONESIA, APLIKASI DATA ENVELOPMENT ANALYSIS

2007 ◽  
Vol 3 (1) ◽  
pp. 10-26
Author(s):  
Settings Etty Puji Lestari
Keyword(s):  
Data Envelopment Analysis ◽  
Technical Efficiency ◽  
Data Envelopment ◽  
Policy Strategy ◽  
Performance Quality ◽  
Manufacture Sector ◽  
Manufacture Industry ◽  
High Level ◽  
A Company

Efficiency is a parameter to measure performance quality of a company or agency, including manufacture industrial. One of tools was used to measure technical efficiency is Data Envelopment Analysis (DEA). This article attempts to investigate the existence of difference technical efficiency between sub sector in manufacture industry in Indonesia period 1990-2002 using DEA. This estimation result discovered that the generally performance of manufacture sector industrial in Indonesia growth in spanning perception 1990 and 2002 relative stabilize altought have decrease percentage of efficiency in economic crisis. On the contrary, these conditions do not followed by disparity efficiency growth between sub sectors which exactly experience of negative growth at perception period. The fact sign that policy strategy industrialize during the time not improve yet high level productivity, but on the other hand policy strategy industrialize during the time have enough succeeded to develop equity level between sub sector in manufacture industry

scholarly journals IS THE EFFICIENCY OF BANKS DEGENERATING DUE TO THE MOUNTING OF NON-PERFORMING ASSETS? AN EMPIRICAL INVESTIGATION USING DEA

2020 ◽  
Author(s):  
Sudarshan Maity ◽  
Tarak Nath Sahu
Keyword(s):  
Data Envelopment Analysis ◽  
Technical Efficiency ◽  
Banking Sector ◽  
Empirical Investigation ◽  
Banking System ◽  
Data Envelopment ◽  
Upward Trend ◽  
Using Data ◽  
Asset Quality ◽  
Ccr Model

Indian banking system is saddled with bad loans which have resulted in huge losses. Profitability remains a concern due to the rise of NPAs. Investors should not expect high reporting profits from banks due to the ascending provision of the NPAs. Banks are not performing well and they may not be much efficient due to the rise of NPAs daily. Using data envelopment analysis, the present study intends to assess technical efficiency of banks. As the requirement of homogeneity is fulfilled, the input oriented CCR model is applied. The study finds that the number of efficient banks has shortened and the average overall technical efficiency of selected banks moves downward throughout the study period. It also reveals that the inefficiency is mostly due to the upward trend of NPAs. Asset quality plays the most crucial role toward the performance of banking sector. Thus, banks and regulators should control the upward trend of NPAs to enhance the efficiency level.  

scholarly journals Benchmarking of contributory organisations within the framework of technical efficiency

2019 ◽  
Vol 11 (1) ◽  
pp. 80-91
Author(s):  
Žaneta Rylková ◽  
Jarmila Šebestová
Keyword(s):  
Technical Efficiency ◽  
Customer Service ◽  
Value Added ◽  
Data Envelopment ◽  
Model Combination ◽  
Non Profit ◽  
Efficiency Performance ◽  
Organisational Strategy ◽  
Inputs And Outputs

Abstract Organisations should evaluate their goals in the areas of customer service provision, overall organisational strategy, finance, and human resource management. The performance of specific services provided to the client should be monitored and evaluated in greater detail. The comparison should be made between similar organisations aiming to improve services and technical efficiency. Most organisations, profit and non-profit alike, do not know how to evaluate and compare their efficiency. Retirement homes were selected for evaluation. The review focused on the technical efficiency for the years 2015-2017. To achieve the goal, Data Envelopment Analysis (DEA) was used as a specialised model tool for assessing the technical efficiency, performance or productivity of a group of homogeneous or comparable production units based on selected inputs and outputs. Due to different types of inputs and outputs, the method was selected from among multi-criteria decision-making methods. Two models, Model X and Model Y, including specific inputs and outputs, were designed to evaluate and compare the technical efficiency of selected retirement homes. According to the results, the output-oriented model (Model Y) was more effective for retirement homes compared to the input-oriented model (Model X). The value added could be seen in the model combination and comparison between different studies, which helps to understand the transferability of the results. The analysis confirmed the necessity to combine the DEA method with the quality of service assessment to be able to benchmark the real efficiency of service of a selected type of an organisation.

scholarly journals Performance Evaluation of Mutual Funds: A Data Envelopment Analysis

2018 ◽  
Vol III (II) ◽  
pp. 212-236
Author(s):  
Romana Bangash ◽  
Arif Hussain ◽  
Muhammad Hassan Azhar
Keyword(s):  
Regression Analysis ◽  
Mutual Funds ◽  
Mutual Fund ◽  
Efficiency Score ◽  
Data Envelopment ◽  
Efficiency Frontier ◽  
Explanatory Variables ◽  
Fund Managers ◽  
Cost Efficient ◽  
Fund Size

This study conducts a regression analysis between the efficiency scores and the explanatory variables. Data was collected for explanatory variables like age of the mutual fund, size of fund family, number of funds in funds family, and volatility (beta). As this study used input oriented model, mutual funds were categorized and relatively evaluated on the basis of similar outcomes and inputs charged. Out of 44 mutual funds understudy, only 7 of the mutual funds were cost efficient. This indicates that nearly 37 of the mutual funds under study have more costs associated to them as compared to the return they are offering to the investors. It has been safely assumed that all the mutual funds, which are below the efficiency frontier, should compare themselves with the industry benchmark efficient mutual funds. In order to make these inefficient mutual funds reach the optimum and higher efficiency score, the fund managers should check every input and determine the slack they can afford to reduce the input without reducing the output generating from it.

STUDY OF THE IMPACT OF RAISING THE RETIREMENT AGE ON ECONOMIC GROWTH IN THE DIGITAL ECONOMY IN RUSSIA AND EUROPE

2020 ◽  
Author(s):  
Svetlana Apenko ◽  
◽  
Olga Kiriliuk ◽  
Elena Legchilina ◽  
Tatiana Tsalko ◽  
...  
Keyword(s):  
Quality Of Life ◽  
Economic Growth ◽  
Economic Policy ◽  
Labor Relations ◽  
Pension Reform ◽  
Digital Economy ◽  
Institutional Changes ◽  
Retirement Age ◽  
The Impact

The article presents the results of a study of the impact of pension reform in Russia on economic growth and quality of life in a digital economy, taking into account the experience of raising the retirement age in Europe. The aim of the study was to identify and analyze the impact of raising the retirement age on economic growth in the context of the development of digitalization in Russia and a comparative analysis with European countries. Results: the studies conducted allowed us to develop a system of indicators characterizing the impact of raising the retirement age on economic growth and the quality of life of the population in the context of digitalization. The authors found that raising the retirement age leads to a change in labor relations in Russia and Europe. The application of the proposed indicators can be used in the formation of a balanced state socio-economic policy in the field of institutional changes in the field of labor relations and raising the retirement age. The study was carried out under a grant from the RFBR № 19-010-00362 А.

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