A procedure for ranking efficient units in data envelopment analysis
Management Science
Evaluating mutual fund performance: an application of minimum convex input requirement set approach
Computers and Operations Research
Mutual funds performance evaluation based on endogenous benchmarks
Expert Systems with Applications: An International Journal
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Data envelopment analysis DEA is an efficient tool for evaluating mutual fund performance. It is important for investors to select the best funds for investment. In evaluation of mutual fund performance, besides quantitative elements, there are many qualitative elements that are of importance to the investors. In this paper, value efficiency analysis VEA was used in mutual funds performance evaluation to incorporate the investors judgements about qualitative elements into the evaluation. Also, the results of this approach were compared with those of general DEA models. This approach is based on choosing convenient variables inputs and outputs by reviewing the past studies. Then the input/output data are analysed using the concept of value efficiency, a novel procedure for incorporating the decision maker's preferences into DEA via the most preferred solution MPS.