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Appendix A

Carlos Sánchez-González (Universidad EIA, Colombia)

The Efficiency of Mutual Fund Families

ISBN: 978-1-78743-800-2, eISBN: 978-1-78743-799-9

Publication date: 19 April 2018

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Citation

Sánchez-González, C. (2018), "Appendix A", The Efficiency of Mutual Fund Families, Emerald Publishing Limited, Leeds, pp. 99-115. https://doi.org/10.1108/978-1-78743-799-920181009

Publisher

:

Emerald Publishing Limited

Copyright © 2018 Emerald Publishing Limited

Table 16:

Comparative CRS-SBM Scores for 2009 with Different Measures of Labor.
Portfolio Management Stage
Using Number of Employees Using Personnel Expenses
MFMC SBM Ref. Rank SBM Ref. Rank
2 0.40521 7, 14, 76 42 0.38819 7, 14, 76 44
4 1.00000 4 1 1.00000 4 1
6 0.13156 14, 50, 76 82 0.16045 14, 50, 76 78
7 1.00000 7 1 1.00000 7 1
9 0.23876 76 65 0.22978 76 67
12 0.63083 14, 46 25 0.69551 14, 46 23
14 1.00000 14 1 1.00000 14 1
15 0.24576 14, 46 61 0.26034 14, 46 59
20 0.21855 14, 46, 51 69 0.23557 14, 46, 51 64
21 0.23710 14, 46 66 0.24590 14, 46 62
24 0.25751 14, 46, 76 57 0.27218 76 57
29 0.38650 45, 76, 131 45 0.40643 45, 76, 131 41
31 0.51517 7, 14, 50, 51 32 0.44427 7, 14, 46 35
34 0.14753 14, 76 79 0.15063 76 81
35 0.56053 46, 76, 210 28 0.54203 50, 76, 174 28
36 0.06559 46, 76 89 0.07549 76, 174 88
37 0.24667 14, 46, 76 60 0.27455 14, 46, 76 56
38 0.04226 14, 50, 76 90 0.05607 7, 14, 50 91
40 0.12595 45, 46, 76, 100 84 0.15476 45, 76, 174 80
43 0.64348 7, 14, 76, 128 24 0.59058 7, 14, 46, 128 26
45 1.00000 45 1 1.00000 45 1
46 1.00000 46 1 1.00000 46 1
47 0.38456 14, 46, 50, 76 46 0.39978 7, 14, 50 42
49 0.18292 46, 76 75 0.18258 46, 76 73
50 1.00000 50 1 1.00000 50 1
51 1.00000 51 1 1.00000 51 1
53 0.03428 45, 76 92 0.04477 45, 76, 100, 174 92
55 1.00000 55 1 1.00000 55 1
57 0.36334 46, 76, 210 48 0.34954 46, 76, 210 49
58 0.39576 14, 46, 51 43 0.41342 14, 46, 51 39
61 0.19978 14, 50, 76 73 0.17760 7, 14 75
62 1.00000 62 1 1.00000 62 1
63 0.45249 14, 46, 51 38 0.43186 14, 46, 51 37
69 0.03591 45, 46, 76 91 0.05638 45, 50, 76, 174 90
71 0.70489 7, 14, 50, 76 22 0.76189 7, 14, 50, 76 22
76 1.00000 76 1 1.00000 76 1
78 0.30618 46, 76 53 0.31866 46, 76 52
83 0.37017 14, 46, 50, 76 47 0.49336 7, 127, 140 32
84 0.46416 14, 46, 51 36 1.00000 84 1
85 0.52118 14, 46, 51 31 0.53493 14, 46, 51 29
86 0.48328 14, 46, 51 34 0.56848 14, 46, 51 27
93 0.14737 14, 50, 76 80 0.14435 50, 76 84
95 0.60825 7, 14, 46, 50, 51, 140 26 0.62757 7, 14, 46, 127, 140 24
98 0.15652 7, 14, 76 78 0.14605 7, 14 82
100 1.00000 100 1 1.00000 100 1
103 0.18388 76 74 0.13271 46, 128 85
105 0.01502 14, 46 94 0.02238 14, 46, 50 94
110 0.34448 7, 14, 50, 76 49 0.37690 7, 14, 50, 76 46
113 0.17287 14, 51 76 0.20992 14, 50 69
115 0.08306 46, 50, 76, 100 86 0.11679 76, 100, 174 86
121 0.24066 14, 46, 50 64 0.23113 14, 46, 127 65
125 0.00176 14, 46 95 0.00175 14, 46 95
126 0.24345 46, 76 63 0.24475 50, 76 63
127 1.00000 127 1 1.00000 127 1
128 1.00000 128 1 1.00000 128 1
130 0.85387 7, 14, 51, 128, 140 21 0.81420 7, 14, 51, 128, 140 21
131 1.00000 131 1 1.00000 131 1
132 0.25683 76 58 0.23040 50, 76 66
133 0.20976 45, 46, 76 71 0.17856 45, 46, 76 74
137 0.25320 46, 76 59 0.27671 76, 174 55
139 0.45351 46, 76, 210 37 0.44078 45, 46, 76 36
140 1.00000 140 1 1.00000 140 1
142 0.28848 14, 46, 51 56 0.28020 14, 46, 51 54
152 1.00000 152 1 0.16647 45, 76, 100, 174 77
154 0.65242 14, 46, 76 23 0.61763 7, 14, 46, 76 25
156 0.29329 50, 76 55 0.35208 76, 174 48
159 0.21585 14, 46, 76 70 0.22536 14, 46, 76 68
160 0.31310 14, 46, 76 51 0.32353 46, 76 51
161 0.54754 14, 50, 76 30 0.53026 50, 76 30
162 0.47966 14, 46, 76 35 0.48333 50, 76 33
163 0.41834 7, 14, 50, 76 40 0.41213 7, 14, 46, 76 40
168 0.20792 46, 76 72 0.20245 46, 76 70
173 0.40896 14, 50, 51 41 0.36590 7, 14, 46 47
174 1.00000 174 1 1.00000 174 1
176 0.58569 14, 50, 51, 76 27 0.52523 7, 14, 46, 50 31
177 0.12601 14, 50, 76 83 0.15941 76, 174 79
182 0.38700 14, 50, 76 44 0.38750 14, 46, 50 45
185 0.32710 14, 51 50 0.29825 7, 14, 46 53
190 0.49875 7, 14, 50, 76 33 0.46920 7, 14, 46, 76 34
191 0.55086 46, 76, 174 29 0.39083 45, 76, 174 43
192 0.15836 14, 50, 76 77 0.17071 76, 174 76
193 1.00000 193 1 1.00000 193 1
194 0.42958 46, 76, 210 39 0.43137 46, 76, 210 38
195 0.30678 46, 76, 210 52 0.34296 46, 76, 174 50
196 0.02243 14, 46, 76 93 0.02336 14, 46, 76 93
197 0.30023 45, 76, 174 54 0.26811 45, 76 58
198 0.22702 14, 46, 50, 76 68 0.25106 14, 46, 50, 76 61
200 0.11143 14, 46 85 0.14519 14, 46, 127 83
203 0.07050 45, 46, 76 88 0.06514 45, 46, 76 89
204 0.24552 14, 46, 76 62 0.25271 14, 50, 76 60
206 0.14670 45, 46, 76 81 0.19499 76, 174 71
207 0.08097 14, 46, 76 87 0.08387 14, 46, 76 87
210 1.00000 210 1 1.00000 210 1
217 1.00000 217 1 1.00000 217 1
221 0.23553 50, 76, 174 67 0.19116 50, 76, 174 72

Note: MFMC is the identifying number of the mutual fund management company (Official registers, CNMV). SBM corresponds to the efficiency score obtained by the slacks-based measure under CRS (Eq. (I.15)). Ref. corresponds to the reference set for each company obtained by the SBM approach (Eq. (I.21)). Rank represents the ranking of the SBM scores which have been sorted by value, where SBM scores with value of 1.00000 obtain the highest ranking 1.

Table 17:

Comparative CRS-SBM Scores for 2009 with Different Measures of Capital.
Portfolio Management Stage
Using Shareholders’ Equity Using Furniture and Equipment
MFMC SBM Ref. Rank SBM Ref. Rank
2 0.40521 7, 14, 76 42 0.14820 14, 76, 127 64
4 1.00000 4 1 1.00000 4 1
6 0.13156 14, 50, 76 82 0.14564 14, 50, 76 66
7 1.00000 7 1 0.60022 12, 14, 50, 76, 127 23
9 0.23876 76 65 0.13238 14, 50, 76 70
12 0.63083 14, 46 25 1.00000 12 1
14 1.00000 14 1 1.00000 14 1
15 0.24576 14, 46 61 0.19277 14, 46 55
20 0.21855 14, 46, 51 69 0.18583 14, 46 57
21 0.23710 14, 46 66 0.34658 12, 14, 46, 127 33
24 0.25751 14, 46, 76 57 0.15320 14, 50, 76 63
29 0.38650 45, 76, 131 45 0.09405 76 76
31 0.51517 7, 14, 50, 51 32 0.26786 14, 51, 76 40
34 0.14753 14, 76 79 0.10147 76 74
35 0.56053 46, 76, 210 28 0.28415 50, 76 38
36 0.06559 46, 76 89 0.03314 50, 76 87
37 0.24667 14, 46, 76 60 0.06299 14, 50, 76 83
38 0.04226 14, 50, 76 90 0.04588 12, 14, 50, 76 85
40 0.12595 45, 46, 76, 100 84 0.04379 50, 76 86
43 0.64348 7, 14, 76, 128 24 1.00000 43 1
45 1.00000 45 1 0.29914 76, 100 36
46 1.00000 46 1 1.00000 46 1
47 0.38456 14, 46, 50, 76 46 0.20653 14, 50 51
49 0.18292 46, 76 75 0.22863 76, 139 45
50 1.00000 50 1 1.00000 50 1
51 1.00000 51 1 1.00000 51 1
53 0.03428 45, 76 92 0.00379 14, 50, 76 95
55 1.00000 55 1 1.00000 55 1
57 0.36334 46, 76, 210 48 0.09897 14, 50, 76 75
58 0.39576 14, 46, 51 43 0.50144 12, 46, 127 25
61 0.19978 14, 50, 76 73 0.18283 14, 50, 76 58
62 1.00000 62 1 0.20695 14, 50, 51, 76 50
63 0.45249 14, 46, 51 38 0.30849 14, 46, 51 35
69 0.03591 45, 46, 76 91 0.00735 14, 50 94
71 0.70489 7, 14, 50, 76 22 0.67773 12, 43, 50, 76 21
76 1.00000 76 1 1.00000 76 1
78 0.30618 46, 76 53 0.16103 14, 50, 76 60
83 0.37017 14, 46, 50, 76 47 0.22730 14, 50, 76 46
84 0.46416 14, 46, 51 36 0.47878 14, 46, 51 26
85 0.52118 14, 46, 51 31 1.00000 85 1
86 0.48328 14, 46, 51 34 1.00000 86 1
93 0.14737 14, 50, 76 80 0.11659 14, 50, 76 72
95 0.60825 7, 14, 46, 50, 51, 140 26 0.45715 14, 50, 127 29
98 0.15652 7, 14, 76 78 0.02392 14 89
100 1.00000 100 1 1.00000 100 1
103 0.18388 76 74 0.13552 76 69
105 0.01502 14, 46 94 0.46509 76, 131, 139 28
110 0.34448 7, 14, 50, 76 49 0.25858 14, 50, 76, 127 41
113 0.17287 14, 51 76 0.15994 14, 50 61
115 0.08306 46, 50, 76, 100 86 1.00000 115 1
121 0.24066 14, 46, 50 64 0.24069 14, 50 42
125 0.00176 14, 46 95 0.00892 76 92
126 0.24345 46, 76 63 0.14008 50, 76 67
127 1.00000 127 1 1.00000 127 1
128 1.00000 128 1 0.19289 14, 46 54
130 0.85387 7, 14, 51, 128, 140 21 0.32377 14, 50, 127 34
131 1.00000 131 1 1.00000 131 1
132 0.25683 76 58 0.37387 76 31
133 0.20976 45, 46, 76 71 0.07055 14, 50, 76 82
137 0.25320 46, 76 59 0.08798 50, 76 79
139 0.45351 46, 76, 210 37 1.00000 139 1
140 1.00000 140 1 1.00000 140 1
142 0.28848 14, 46, 51 56 0.55662 12, 43, 50, 76 24
152 1.00000 152 1 1.00000 152 1
154 0.65242 14, 46, 76 23 0.42598 14, 50, 76 30
156 0.29329 50, 76 55 0.21282 50, 76 49
159 0.21585 14, 46, 76 70 0.14749 50, 76 65
160 0.31310 14, 46, 76 51 0.24032 50, 76 43
161 0.54754 14, 50, 76 30 0.46896 76 27
162 0.47966 14, 46, 76 35 0.35205 14, 50, 76 32
163 0.41834 7, 14, 50, 76 40 0.20179 12, 14, 76, 127 53
168 0.20792 46, 76 72 0.11122 50, 76 73
173 0.40896 14, 50, 51 41 0.16215 14, 51 59
174 1.00000 174 1 1.00000 174 1
176 0.58569 14, 50, 51, 76 27 0.61178 12, 50, 76, 127 22
177 0.12601 14, 50, 76 83 0.08964 50, 76 78
182 0.38700 14, 50, 76 44 0.23744 14, 50, 76 44
185 0.32710 14, 51 50 0.20472 14, 50, 127 52
190 0.49875 7, 14, 50, 76 33 0.22185 14, 50, 76 47
191 0.55086 46, 76, 174 29 0.28638 50, 76 37
192 0.15836 14, 50, 76 77 0.15624 50, 76 62
193 1.00000 193 1 1.00000 193 1
194 0.42958 46, 76, 210 39 0.18687 12, 50, 76 56
195 0.30678 46, 76, 210 52 0.28313 76, 139 39
196 0.02243 14, 46, 76 93 0.00822 14, 46 93
197 0.30023 45, 76, 174 54 0.08343 76 81
198 0.22702 14, 46, 50, 76 68 0.09032 14, 50, 76 77
200 0.11143 14, 46 85 0.08670 14, 46 80
203 0.07050 45, 46, 76 88 0.01689 76 90
204 0.24552 14, 46, 76 62 0.13568 14, 50, 76 68
206 0.14670 45, 46, 76 81 0.04676 14, 76 84
207 0.08097 14, 46, 76 87 0.02679 14, 50, 76 88
210 1.00000 210 1 0.22037 14, 50, 76 48
217 1.00000 217 1 0.01562 14, 50, 76 91
221 0.23553 50, 76, 174 67 0.12272 50, 76 71

Note: MFMC is the identifying number of the mutual fund management company (Official registers, CNMV). SBM corresponds to the efficiency score obtained by the slacks-based measure under CRS (Eq. (I.15)). Ref. corresponds to the reference set for each company obtained by the SBM approach (Eq. (I.21)). Rank represents the ranking of the SBM scores which have been sorted by value, where SBM scores with value of 1.00000 obtain the highest ranking 1.

Table 18:

Comparative CRS-SBM Scores for 2009 with Different Measures of Capital.
Overall Efficiency
Using Shareholders’ Equity Using Furniture and Equipment
MFMC SBM Ref. Rank SBM Ref. Rank
2 0.06684 100 74 0.02964 125 83
4 0.07747 100 64 0.05435 125 57
6 0.09868 100 55 0.07137 125 46
7 0.08650 100 59 0.03606 125 78
9 0.23953 100 19 0.13264 125 23
12 0.00002 100 95 0.00002 125 95
14 0.24104 100 18 0.15410 125 19
15 0.05933 100 83 0.03893 125 70
20 0.23018 100 20 0.14711 125 21
21 0.11611 100 49 0.07845 125 40
24 0.06891 100 72 0.03643 125 77
29 0.07943 100 62 0.02987 125 82
31 0.07714 100 65 0.03996 125 69
34 0.08981 100 57 0.05520 125 56
35 0.10771 100 52 0.04227 125 65
36 0.31329 100 14 0.20167 125 14
37 0.11910 100 48 0.06094 125 53
38 0.06778 100 73 0.04835 125 61
40 0.29908 100 15 0.17298 125 16
43 0.07326 100 68 0.03872 125 71
45 1.00000 45 1 0.27930 125 7
46 0.60339 100 7 0.50343 100 3
47 0.08880 100 58 0.04872 125 60
49 0.14272 100 37 0.17812 125 15
50 0.26275 100 16 0.16986 125 17
51 0.13888 100 38 0.07283 125 45
53 0.35490 100 11 0.16249 100 18
55 0.12805 100 42 0.07477 125 42
57 0.18196 100 27 0.07367 125 43
58 0.16127 100 33 0.10611 125 30
61 0.00117 100 94 0.00077 125 94
62 0.17493 100 28 0.07133 125 47
63 0.01846 100 93 0.01111 125 93
69 0.32852 100 13 0.23460 100 10
71 0.12169 100 46 0.06453 125 51
76 0.12508 100 44 0.20537 125 13
78 0.14369 100 36 0.07108 125 48
83 0.04583 100 90 0.02682 125 87
84 0.17140 100 30 0.11114 125 29
85 0.07218 100 69 0.04625 125 62
86 0.06392 100 77 0.03720 125 73
93 0.19697 100 26 0.12886 125 24
95 0.06981 100 70 0.03573 125 79
98 0.09003 100 56 0.05198 125 59
100 1.00000 100 1 1.00000 100 1
103 1.00000 103 1 0.45490 125 4
105 0.04605 100 89 0.08273 125 36
110 0.07889 100 63 0.04400 125 64
113 0.04774 100 87 0.03168 125 80
115 0.17193 100 29 0.20953 125 12
121 0.06331 100 79 0.04149 125 66
125 1.00000 125 1 1.00000 125 1
126 0.12112 100 47 0.06260 125 52
127 0.06583 100 75 0.03676 125 76
128 0.02722 100 92 0.01534 125 92
130 0.05414 100 84 0.02593 125 88
131 0.83185 45, 100, 217 6 0.21834 125 11
132 0.06399 100 76 0.13910 125 22
133 0.25524 100 17 0.12715 125 25
137 0.21064 100 23 0.10192 125 31
139 0.34998 100 12 0.29046 125 6
140 0.04534 100 91 0.02156 125 91
142 0.06106 100 82 0.04010 125 68
152 0.37313 100 10 0.24035 125 9
154 0.06351 100 78 0.03116 125 81
156 0.12481 100 45 0.06802 125 50
159 0.11241 100 50 0.05814 125 54
160 0.13288 100 41 0.07944 125 38
161 0.06268 100 80 0.03720 125 74
162 0.07697 100 66 0.03751 125 72
163 0.05326 100 85 0.02524 125 90
168 0.16093 100 34 0.08328 125 34
173 0.04681 100 88 0.02550 125 89
174 0.22081 100 22 0.07887 125 39
176 0.07694 100 67 0.04082 125 67
177 0.12704 100 43 0.07637 125 41
182 0.06908 100 71 0.03681 125 75
185 0.04822 100 86 0.02917 125 84
190 0.06186 100 81 0.02746 125 86
191 0.22495 100 21 0.10010 125 32
192 0.10456 100 54 0.09520 125 33
193 0.08055 100 61 0.02817 125 85
194 0.10909 100 51 0.04433 125 63
195 0.08512 100 60 0.11509 125 27
196 0.53158 100 8 0.38728 125 5
197 0.15332 100 35 0.05612 125 55
198 0.10700 100 53 0.05371 125 58
200 0.16554 100 32 0.11288 125 28
203 0.20074 100 25 0.11956 125 26
204 0.13595 100 39 0.07327 125 44
206 0.16866 100 31 0.08298 125 35
207 0.13347 100 40 0.07961 125 37
210 0.20425 100 24 0.06813 125 49
217 1.00000 217 1 0.15366 100 20
221 0.45852 100, 103 9 0.26628 125 8

Note: MFMC is the identifying number of the mutual fund management company (Official registers, CNMV). SBM corresponds to the efficiency score obtained by the slacks-based measure under CRS (Eq. (I.15)). Ref. corresponds to the reference set for each company obtained by the SBM approach (Eq. (I.21)). Rank represents the ranking of the SBM scores which have been sorted by value, where SBM scores with value of 1.00000 obtain the highest ranking 1.

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