scholarly journals A fundamental evaluation of the top five South African banks after the financial crisis

2013 ◽  
Vol 6 (3) ◽  
Author(s):  
Chris Van Heerden ◽  
André Heymans
Keyword(s):  
South African ◽  
Share Price ◽  
General Notion ◽  
Data Envelopment ◽  
Financial Measures ◽  
Dea Model ◽  
Multi Stage ◽  
Increased Risk ◽  
Price Trends ◽  
Investment Portfolios

A significant correlation exists between financial crises and bank liquidity problems, thus exposing the investor to increased risk where the banking industry forms part of their investment portfolios. Also, due to more volatile markets and more complex financing banking activities, the general notion of evaluating only share price trends to determine future investment prospects can become misleading. This paper, therefore, focuses on a multi-stage Data Envelopment Analysis (DEA) model as a complementary share performance tool to the traditional set of fundamental factors. When combining the results from the DEA model and a set of traditional financial measures, Nedbank and FirstRand were found to be the more sensible investment choices for the period under investigation.

scholarly journals A New DEA Model for Evaluation of Supply Chains: A Case of Selection and Evaluation of Environmental Efficiency of Suppliers

Symmetry ◽  
2019 ◽  
Vol 11 (4) ◽  
pp. 565 ◽  
Author(s):  
Krmac ◽  
Djordjević
Keyword(s):  
Sensitivity Analysis ◽  
Complex Problem ◽  
Environmental Efficiency ◽  
Data Envelopment Analysis Model ◽  
Data Envelopment ◽  
Analysis Model ◽  
Chain Management ◽  
Dea Model ◽  
Multi Stage ◽  
Stage System

Supply Chain Management (SCM) represents an example of a complex multi-stage system. The SCM involves and connects different activities, from customer’s orders to received services, all with the aim of satisfying customers. The evaluation of a particular SCM is a complex problem because of the internally linked hierarchical activities and multiple entities. In this paper, the introduction of a non-radial DEA (Data Envelopment Analysis) model for the evaluation of different components of SCM, primarily in terms of sustainability, is the main contribution. However, in order to confirm the novelty and benefits of this new model in the field of SCM, a literature review of past applications of DEA-based models and methods are also presented. The non-radial DEA model was applied for the selection and evaluation of the environmental efficiency of suppliers considering undesirable inputs and outputs resulting in a better ranking of suppliers. Via perturbation of the data used, behavior, as well as the benefits and weaknesses of the introduced model are presented through sensitivity analysis.

scholarly journals Benchmarking Of Johannesburg Stock Exchange CEO Compensation

2012 ◽  
Vol 11 (9) ◽  
pp. 1061 ◽  
Author(s):  
Merwe Oberholzer ◽  
Marli Theunissen
Keyword(s):  
South African ◽  
Ceo Compensation ◽  
Empirical Investigation ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Data Envelopment ◽  
Small Companies ◽  
Return On Equity ◽  
Dea Model ◽  
Johannesburg Stock Exchange

The purpose of the study is to empirically compare CEO compensation benchmarks set by the frequently used Linear Regression Analysis (LRA), which is based on averages and Data Envelopment Analysis (DEA), which is based on best practices. To fulfill this purpose, an empirical investigation on South African listed companies was executed using a sample of 187 Johannesburg Stock Exchange (JSE) companies, grouped into three categories according to their sizes by using total assets, i.e. large, medium and small companies. For the LRA model, total CEO compensation is the dependent variable (y) with return on equity (as a measurement of performance) and total assets (as measurement of company size) as the independent variables (x). In the LRA model, the expected CEO compensation was calculated as a benchmark for each company and then compared to the actual value of the CEO compensation. In the DEA model, total CEO compensation is the input variable and return on equity and total assets the two output variables. The input-orientated technical efficiency estimate was calculated and the input targets (benchmarks for CEO compensation) set by the DEA model were compared to the actual CEO compensation. The study found that, using the LRA model, CEOs are on average actually underpaid in monetary terms by 36.8%, 33.2% and 17.8% for the large, medium and small companies, respectively. In contrast, the results for these three groups using DEA have shown that CEOs are on average actually overpaid in monetary terms by 47.6% 55.3% and 49.9%. This implies that LRA favors CEOs in comparison with the DEA model. Therefore, the study concludes that the frequently used LRA model is probably a reason that contributes to excessive CEO compensation.

scholarly journals Assortative Matching of Tourists and Destinations: Agents or Algorithms?

2021 ◽  
Vol 13 (4) ◽  
pp. 1987
Author(s):  
Ralf Buckley ◽  
Mary-Ann Cooper
Keyword(s):  
Tourism Industry ◽  
Digital Data ◽  
Share Price ◽  
Academic Disciplines ◽  
Destination Marketing ◽  
Assortative Matching ◽  
Multiple Sources ◽  
Travel Agents ◽  
Price Trends ◽  
Automated Algorithms

We propose that assortative matching, a well-established paradigm in other industry sectors and academic disciplines, can underpin the concept of destination matching. This provides a new foundation to integrate research concepts and terminology in destination marketing and destination choice. We argue that the commercial tourism industry already applies destination matching approaches, with three historical phases. Initially, matching of tourists and destinations relied on the tacit expertise of specialist agents. This still applies in specialist subsectors. For generalist travel and accommodation, human agents were partially replaced by online travel agents, OTAs, which are customised algorithms operating only in the travel sector. These still exist, but their share price trends suggest decreasing significance. Currently, automated assortative algorithms use multiple sources of digital data to push appealing offers to potential purchasers, across all retail sectors. Digital marketing strategies for tourism products, enterprises, and destinations are now just one category of generalised product–purchaser matching, using entirely automated algorithms. Researchers do not have access to proprietary algorithms, but we can identify which components they incorporate by analysing their underlying patents. We propose that theories of destination marketing and choice need to reflect these recent and rapid real-world changes via deliberate analysis of destination matching.

scholarly journals Operational Efficiency of Chinese Provincial Electricity Grid Enterprises: An Evaluation Employing a Three-Stage Data Envelopment Analysis (DEA) Model

2018 ◽  
Vol 10 (9) ◽  
pp. 3168 ◽  
Author(s):  
Haoran Zhao ◽  
Huiru Zhao ◽  
Sen Guo
Keyword(s):  
Data Envelopment Analysis ◽  
Environmental Variables ◽  
Market Competition ◽  
Environmental Values ◽  
Operational Efficiency ◽  
Data Envelopment ◽  
Electricity Grid ◽  
Frontier Analysis ◽  
Dea Model ◽  
Statistical Noise

With the implementation of new round electricity system reform in China, the provincial electricity grid enterprises (EGEs) of China should focus on improving their operational efficiency to adapt to the increasingly fierce market competition and satisfy the requirements of the electricity industry reform. Therefore, it is essential to conduct operational efficiency evaluation on provincial EGEs. While considering the influences of exterior environmental variables on the operational efficiency of provincial EGEs, a three-stage data envelopment analysis (DEA) methodology is first utilized to accurately assess the real operational efficiency of provincial EGEs excluding the exterior environmental values and statistical noise. The three-stage DEA model takes the amount of employees, the fixed assets investment, the 110 kV and below distribution line length, and the 110 kV and below transformer capacity as input variables and the electricity sales amount, the amount of consumers, and the line loss rate as output variables. The regression results of the stochastic frontier analysis model indicate that the operational efficiencies of provincial EGEs are significantly affected by exterior environmental variables. Results of the three-stage DEA model imply that the exterior environmental values and statistical noise result in the overestimation of operational efficiency of provincial EGEs, and the exclusion of exterior environmental values and statistical noise has provincial-EGE-specific influences. Furthermore, 26 provincial EGEs are divided into four categories to better understand the differences of operational efficiencies before and after the exclusion of exterior environmental values and statistical noise.

scholarly journals A Range Adjusted Measure of Super-Efficiency in Integer-Valued Data Envelopment Analysis with Undesirable Outputs

2021 ◽  
Vol 9 (4) ◽  
pp. 378-398
Author(s):  
Chunhua Chen ◽  
Haohua Liu ◽  
Lijun Tang ◽  
Jianwei Ren
Keyword(s):  
Data Envelopment Analysis ◽  
Transportation Systems ◽  
Decision Makers ◽  
Data Envelopment ◽  
Undesirable Outputs ◽  
Super Efficiency ◽  
Dea Model ◽  
Dea Models ◽  
Analysis Models ◽  
Transport Accidents

Abstract DEA (data envelopment analysis) models can be divided into two groups: Radial DEA and non-radial DEA, and the latter has higher discriminatory power than the former. The range adjusted measure (RAM) is an effective and widely used non-radial DEA approach. However, to the best of our knowledge, there is no literature on the integer-valued super-efficiency RAM-DEA model, especially when undesirable outputs are included. We first propose an integer-valued RAM-DEA model with undesirable outputs and then extend this model to an integer-valued super-efficiency RAM-DEA model with undesirable outputs. Compared with other DEA models, the two novel models have many advantages: 1) They are non-oriented and non-radial DEA models, which enable decision makers to simultaneously and non-proportionally improve inputs and outputs; 2) They can handle integer-valued variables and undesirable outputs, so the results obtained are more reliable; 3) The results can be easily obtained as it is based on linear programming; 4) The integer-valued super-efficiency RAM-DEA model with undesirable outputs can be used to accurately rank efficient DMUs. The proposed models are applied to evaluate the efficiency of China’s regional transportation systems (RTSs) considering the number of transport accidents (an undesirable output). The results help decision makers improve the performance of inefficient RTSs and analyze the strengths of efficient RTSs.

scholarly journals Effects of injectable progestogen contraception versus the copper intrauterine device on HIV acquisition: sub-study of a pragmatic randomised controlled trial

2017 ◽  
Vol 43 (3) ◽  
pp. 175-180 ◽  
Author(s):  
G Justus Hofmeyr ◽  
Mandisa Singata-Madliki ◽  
Theresa A Lawrie ◽  
Eduardo Bergel ◽  
Marleen Temmerman
Keyword(s):  
Randomised Controlled Trial ◽  
South African ◽  
Pregnancy Termination ◽  
Controlled Trial ◽  
Intrauterine Device ◽  
Randomised Trial ◽  
Contraceptive Device ◽  
Increased Risk ◽  
Hiv Acquisition ◽  
Randomised Controlled

BackgroundEvidence from observational studies suggests an increased risk of HIV acquisition among women using depot medroxyprogesterone acetate (DMPA) contraception.MethodsWithin the context of a South African programme to increase women's access to the intrauterine contraceptive device (IUD), we conducted a pragmatic, open-label, parallel-arm, randomised controlled trial (RCT) of the IUD versus injectable progestogen contraception (IPC) at two South African hospitals. The primary outcome was pregnancy; secondary outcomes included HIV acquisition. Consenting women attending termination of pregnancy services were randomised after pregnancy termination between July 2009 and November 2012. Condoms were promoted for the prevention of sexually transmitted infections. Voluntary HIV testing was offered at baseline and at 12 or more months later. Findings on HIV acquisition are reported in this article.ResultsHIV acquisition data were available for 1290 initially HIV-negative women who underwent a final study interview at a median of 20 months after randomisation to IPC or an IUD. Baseline group characteristics were comparable. In the IPC group, 545/656 (83%) of participants received DMPA, 96 (15%) received injectable norethisterone enanthate, 14 (2%) received the IUD and one received oral contraception. In the IUD group 609 (96%) received the IUD, 20 (3%) received IPC and 5 (1%) had missing data. According to intention-to-treat analysis, HIV acquisition occurred in 20/656 (3.0%) women in the IPC arm and 22/634 (3.5%) women in the IUD arm (IPC vs IUD, risk ratio 0.88; 95% confidence interval 0.48–1.59;p=0.7).ConclusionsThis sub-study was underpowered to rule out moderate differences in HIV risk, but confirms the feasibility of randomised trial methodology to address this question. Larger RCTs are needed to determine the relative risks of various contraceptive methods on HIV acquisition with greater precision.Trial registration numberPan African Clinical Trials Registry number PACTR201409000880157 (04-09-2014).

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