The Effect of the Launch of Bitcoin Futures on the Cryptocurrency Market: An Economic Efficiency Approach

We analyze the economic efficiency of the cryptocurrency market after the launch of Bitcoin futures by means of the Data Envelopment Analysis and Malmquist Indexes. Our results show that the introduction of Bitcoin futures did not affect the economic efficiency of the cryptocurrency market. However, we observe that Bitcoin obtained the highest risk-return trade-off due to its liquidity compared to the rest of cryptocurrencies. Therefore, our paper underlines the support of investors on Bitcoin to the detriment of the rest of cryptocurrencies.

Measuring efficiency of Brazilian courts: one decade later

<p><span>Medindo a eficiência dos tribunais brasileiros: uma década depois</span></p><p><span><br /></span></p><p><span>ABSTRACT<br />The Judiciary is perhaps one of the most scrutinized political institutions in Brazil. Its credibility, independence and efficiency are considered to have crucial impacts on social, political and economic outcomes. This paper aims at measuring (in)efficiency of the Brazilian Judiciary and its dynamism in recent years (2009-2015). We use DEA (Data Envelopment Analysis) and the Malmquist index to evaluate efficiency and productivity<br />change in Brazilian courts. Our results show that, more than a decade after the Conselho Nacional de Justiça’s (CNJ) first attempts to publicize judicial statistics in the beginning of the year 2000, local courts have substantially improved the discipline and the quality of data production and collection. Yet, there is still much room for progress. In terms of productivity, the picture has not changed much; also, the Malmquist indexes showed little improvement throughout the years.</span></p><p><span><br /></span></p><p><span>RESUMO<br />O Judiciário é, talvez, uma das instituições políticas mais escrutinadas no Brasil. Sua credibilidade, independência e eficiência têm impactos cruciais nos resultados sociais, políticos e econômicos. Este trabalho visa medir a (in)eficiência do Judiciário brasileiro e sua dinâmica nos últimos anos (2009-15). Utilizamos a Análise Envoltória de Dados — Data Envelopment Analysis (DEA) e o Índice de Malmquist para avaliar a eficiência e a mudança de produtividade nos tribunais. Nossos resultados mostram que, mais de uma década depois das primeiras divulgações de estatísticas pelo Conselho Nacional de Justiça (CNJ), os tribunais locais melhoraram substancialmente a disciplina e a qualidade da produção e coleta de dados. Mas há ainda muito espaço para progresso. Em termos de produtividade, a situação não mudou muito; também os Índices de Malmquist apresentaram pouca evolução ao longo dos anos.</span></p>

Malmquist Indexes of Productivity Change in Tunisian Manufacturing Industries

This research aims to investigate the extent and nature of productivity growth in manufacturing industries using nonparametric frontier techniques. In order to decompose the total factor productivity (TFP) into technical efficiency change and technological change we use the output-oriented Malmquist productivity index method for 34 Tunisian manufacturing industries over the period 2002–2016. The results indicated that TFP has witnessed an average growth of two percent over the period 2002–2016. The productivity growth identified was attributed to the improvements in the technology (or frontier-shift) rather than improvements or changes in the efficiency.

Agricultural basic industry subjects productivity development examination in the region Trnava (SR) by adopting the Malmquist indexes

Analysis of the productivity and efficiency development could be used to asses the trend and factors influencing this process. The main goal of this paper is estimation of the Total Factor Productivity (TFP) development of agricultural farms in the Trnava region in the period 2002–2006. Results of this analysis could be used to detect the trend in the TFP development. The results of the analysis confirmed there is no evident trend in the average TFP indicators. This could be explained by the variation of technical efficiency change and technological changes during this period. These two factors represent the components of the TFP indicator. According to the present development of the TFP indicator, it is not possible to unambiguously forecast the future trend.