This paper aims to analyze the efficiency of the funds in technological, healthcare, and consumer cyclical sectors based on the U.S. News & World Report rankings. We employed a Principal Component ...Analysis to select the indicators to explain efficiency. Then, we have used an alternative approach that combines Data Envelopment Analysis (DEA) with Multiple Criteria Decision Aiding, the Value-Based DEA, to assess the efficiency of funds for 1 year (2020), 3 years (2018–2020), and 5 years (2016–2020). The results highlight that in 2020 the number of efficient funds is much smaller than in previous periods and this can be justified by the effect of the COVID-19 pandemic crisis. The sectors with the most efficient funds are technology and healthcare. The factors that determine the efficiency of funds in the health sector and the technology sector are quite different, although they have not undergone major changes in the three periods considered. For managers, health funds are seen as low risk and hardly consider the return factors in all analyzed periods, which is often considered as benchmarks for inefficient funds. In the technology sector, Beta and Alpha are generally the indicators with the greatest weight in fund efficiency, showing that these funds beat the market in terms of returns and are less risky than the benchmark. This study seeks to complete the scarce existing literature on the subject, namely in the sectors under analysis, seeking to identify the indicators that fund managers ponder most to consider a fund as efficient. As far as we know, the joint efficiency analysis of these sectors and the impact they suffered from the COVID-19 pandemic are new in the literature.
PurposeThe main goal of this paper is better understand the risk/return trade-off of investing in socially responsible investment funds (SRIF) and green investment funds ...(GIF).Design/methodology/approachTo achieve our aim a green investment fund portfolio, a socially responsible investment portfolio and a conventional fund (CF) portfolio from the United States of America (USA) were selected to compare the efficiency of these three different portfolios, by using Value-Based Data Envelopment Analysis (DEA) methodology.FindingsThe results point out that SRIF and GIF are more efficient than CF. For five years, the CFs have not outperformed the GIF.Originality/valueThe results suggest that there is a growing awareness on the part of investors that sustainable companies are the companies that will allow a better quality of life and a more sustainable environment. It seems that somehow managers and investors are aware that the market will compensate them for thinking about a cleaner and more equitable world.
European bank's performance and efficiency Neves, Elisabete Duarte; Gouveia, Maria do Castelo; Proença, Catarina Alexandra Neves
Journal of risk and financial management,
04/2020, Letnik:
13, Številka:
4
Journal Article
Recenzirano
Odprti dostop
The research interest in bank profitability and efficiency is linked to the economic situation and an important issue for policymakers is to ensure economic stability. Nevertheless, managerial ...decisions and the environment could play a critical role in ensuring proper and efficient allocation of the resources. The purpose of this study is to understand which are the main factors that can influence the performance and efficiency of 94 commercial listed banks from Eurozone countries through a dynamic evaluation, in the period between 2011 and 2016. To achieve this aim, the generalized method of moments estimator technique is used to analyze the influence of some bank-specific characteristics, controlled by management, on the profitability as a measure of bank performance. After that, through the value-based data envelopment analysis (DEA) methodology, those factors are considered in determining the efficient banks. The results show that banking efficiency depends on set bank-specific characteristics and that the effect of determinants on efficiency differs, considering the macroeconomic conditions.
The increased volatility in capital markets since the outbreak of the 2008 global financial crisis and the investor's lack of confidence in the banking sector represented significant challenges to ...portfolio fund managers. The current study assesses the performance of Portuguese mutual fund portfolios considering the period 2007-2014 using the value-based DEA method. This approach combines data envelopment analysis (DEA) with multiple criteria decision aiding. A dynamic evaluation including value judgements is carried out using data from 15 Portuguese equity funds. The results unveil the impact of the global crisis in the Portuguese investment funds industry. They show that Portuguese investment funds performed better between 2011 and 2013; this suggests that equity funds investors became more confident in these vehicles due to political measures reinforcing financial markets. The methodology followed in this study contributes to help investors in the identification of the funds with the best practices according to their judgments.
The European Regional Development Fund devoted around 66 billion Euros to the financial support of innovation and productivity in European enterprises over the 2014-2020 programming period. In this ...framework, we assessed the implementation of the Operational Programmes dedicated to fostering research and innovation, particularly in small and medium-sized enterprises. With this aim, we used a network slack-based data envelopment analysis model paired with cluster analysis that encompasses a multitude of performance framework indicators to assess 53 Operational Programmes from 19 countries. Our findings suggest that compared to transition and less developed regions, more developed regions present a higher room for improvement. Also, less developed regions present a better performance when they employ their funding against more developed regions, suggesting that further funding should be channelled for leveraging research and innovation in the former regions. Finally, Operational Programme managers should focus on solving the problems both inherent to the poor outcomes in terms of enhancing the number of researchers working in improved research infrastructures and promoting the technology transfer between research institutions and enterprises.
A Data Envelopment Analysis (DEA) é uma abordagem não paramétrica, baseada em programação linear, para avaliar a eficiência relativa de um conjunto de unidades organizacionais (Decision Making Units ...– DMUs) caracterizadas pelo “consumo” de múltiplosinputs para a “produção” de múltiplos outputs, em geral não comensuráveis. A estrutura matemática dos modelos clássicos DEA permite flexibilidade na escolha dos coeficientes de ponderação dosinputs e outputs, de modo que cada DMU possa ser vista da forma mais favorável. Os diferentes modelos DEA procuram determinar quais são as DMUs que formam a fronteira eficiente (ou superfície envolvente) no sentido de Pareto-Koopmans.O objetivo principal desta tese é apresentar uma abordagem alternativa para incorporar as preferências do Decisor nas avaliações usando modelos DEA. Para isso, propomos um método de duas fases, que explora as ligações entre DEA e Análise de Decisão Multicritério (MCDA). Esta nova perspetiva usa uma variante do modelo DEA aditivo, a fim de superar algumas das suas desvantagens, recorrendo a conceitos de modelos de utilidade multiatributo com informação imprecisa. A ideia subjacente é a de converter os fatores de input e output em funções de utilidade (marginais), lineares ou não, de acordo com a informação de preferências proveniente dos Decisores. Posteriormente, as funções de utilidade são agregadas usando uma soma ponderada (modelo aditivo de Teoria de Utilidade Multiatributo), sendo cada DMU livre de escolher os pesos associados a essas funções que minimizam a diferença de utilidade para a melhor DMU. No método de duas fases a medida de eficiência atribuída a cada DMU tem um significado intuitivo, correspondendo a uma medida "min-max regret" (perda de utilidade), e permite a introdução de restrições com valor representativo sobre os pesos dos fatores. Esta abordagem é particularmente útil na interpretação dos resultados e definição de objetivos e metas realistas, aumentando a confiança do Decisor na metodologia e nos resultados obtidos.Para além desta abordagem facilitar captar e incluir preferências do Decisor no método de duas fases desenvolvido, usamos também o conceito de super-eficiência no sentido de calcular um intervalo de eficiência para cada DMU na presença de intervalos de valores para as performances das DMU em cada factor. Desta forma é possível realizar uma análise de robustez das conclusões assumindo a incerteza dos dados.A metodologia foi aplicada na avaliação de eficiência de 12 unidades de cuidados de saúde primários e num estudo de benchmarking para uma das atividades da EDP Distribuição, ambos com a intervenção de Decisores. Estes dois casos reais mostram que as abordagens propostas podem ajudar os Decisores na identificação de oportunidades de melhoria, introdução de medidas corretivas e na informação de metas futuras, bem como proporcionar conclusões robustas na presença de incerteza.
Acute pancreatitis (AP) is a severe inflammation of the pancreas presented with sudden onset and severe abdominal pain with a high morbidity and mortality rate, if accompanied by severe local and ...systemic complications. Numerous studies have been published about the pathogenesis of AP; however, the precise mechanism behind this pathology remains unclear. Extensive research conducted over the last decades has demonstrated that the first 24 h after symptom onset are critical for the identification of patients who are at risk of developing complications or death. The identification of these subgroups of patients is crucial in order to start an aggressive approach to prevent mortality. In this sense and to avoid unnecessary overtreatment, thereby reducing the financial implications, the proper identification of mild disease is also important and necessary. A large number of multifactorial scoring systems and biochemical markers are described to predict the severity. Despite recent progress in understanding the pathophysiology of AP, more research is needed to enable a faster and more accurate prediction of severe AP. This review provides an overview of the available multifactorial scoring systems and biochemical markers for predicting severe AP with a special focus on their advantages and limitations.
Acute pancreatitis (AP) is an inflammatory disorder of the pancreas that, when classified as severe, is associated with high morbidity and mortality. Promptly identifying the severity of AP is of ...extreme importance for improving clinical outcomes. The aim of this study was to compare the prognostic value of serological biomarkers, ratios, and multifactorial scores in patients with acute biliary pancreatitis and to identify the best predictors. In this observational and prospective study, the biomarkers, ratios and multifactorial scores were evaluated on admission and at 48 h of the symptom onset. On admission, regarding the AP severity, the white blood count (WBC) and neutrophil-lymphocyte ratio (NLR), and regarding the mortality, the WBC and the modified Marshall score (MMS) showed the best predictive values. At 48 h, regarding the AP severity, the hepcidin, NLR, systemic inflammatory response index (SIRI) and MMS and regarding the mortality, the NLR, hepcidin and the bedside index for severity in AP (BISAP) score, showed the best predictive values. The present study enabled the identification, for the first time, of SIRI as a new prognostic tool for AP severity, and validated hepcidin and the NLR as better prognostic markers than C-reactive protein (CRP) at 48 h of symptom onset.
Acute pancreatitis (AP) is a severe disease associated with high morbidity and mortality. Clinical studies can provide some data concerning the etiology, pathophysiology, and outcomes of this ...disease. However, the study of early events and new targeted therapies cannot be performed on humans due to ethical reasons. Experimental murine models can be used in the understanding of the pancreatic inflammation, because they are able to closely mimic the main features of human AP, namely their histologic glandular changes and distant organ failure. These models continue to be important research tools for the reproduction of the etiological, environmental, and genetic factors associated with the pathogenesis of this inflammatory pathology and the exploration of novel therapeutic options. This review provides an overview of several murine models of AP. Furthermore, special focus is made on the most frequently carried out models, the protocols used, and their advantages and limitations. Finally, examples are provided of the use of these models to improve knowledge of the mechanisms involved in the pathogenesis, identify new biomarkers of severity, and develop new targeted therapies.
Metal coordination complexes are chemotherapeutic and anti-inflammatory agents. The ruthenium complex FOR811A (Ru(bpy)2(2-MIM)Cl(PF6)3) FOR811A was evaluated in mice models of acute inflammation and ...behavioral tests. Animals received FOR811A (3, 10 or 30 mg/kg; i.p.), indomethacin (20 mg/kg; i.p.), L-NAME (20 mg/kg; i.v.) aminoguanidine (50 mg/kg; i.p.) or dexamethasone (0.5 mg/kg; s.c.) 30 min before inflammatory stimulation. Paw edema was induced by carrageenan (400 μg/paw), TNF-α or L-arginine (15 nmol/paw) (5 ng/paw) and evaluated by hydropletismometry 4 h later. Peritonitis was induced by carrageenan (500 μg; i.p.) and evaluated 4 h later for hypernociception and quantification of total/differential leukocytes, total protein reduced glutathione (GSH) and myeloperoxidase (MPO). FOR811A inhibited the paw edema induced by carrageenan at 3 (64%; p < 0.0001), 10 (73%; p < 0.0001) and 30 mg/kg (66%; p < 0.0001), and at 10 mg/kg that induced with L-arginine by 75% or TNF-α by 55% (p = 0.0012). Paw tissues histological analysis showed reduction in mast cells (46%; p = 0.0027), leukocyte infiltrate (66%; p < 0.0001), edema and hemorrhagic areas. Immunohistochemical evaluation revealed inhibition of iNOS (62%; p < 0.0001) and TNF-α (35%; p < 0.0001). In the peritonitis model FOR811A increased (2.8X; p < 0.0001) hypernociceptive threshold, reduced total leukocytes (29%; p < 0.0001), neutrophils (47%; p = 0.0003) and total proteins (36%; p = 0.0082). FOR811A also inhibited MPO (47%; p = 0.0296) and increased GSH (1.8X; p < 0.0001). In the behavioral tests, FOR811A reduced (30.6%) the number of crossings in the open field, and increased (16%) the number of falls in the Rota rod. Concluding, FOR811A presents anti-inflammatory and antioxidant effects, via nitric oxide pathway.
•FOR811A is a ruthenium coordination complex presenting antiinflammatory action.•FOR811A inhibits mice acute inflammation involving TNFα and NO.•FOR811A inhibits acute inflammation via modulation of iNOS.
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