Akademik Veri Yönetim Sistemi
International Journal of Economic Perspectives, cilt.5, sa.3, ss.261-281, 2011 (Scopus)
The study aims to measure the financial efficiencies of the Turkish securities mutual funds (SMFs) and pension mutual funds (PMFs) for the 2009 period. Data Envelopment Analysis (DEA), a widely used nonparametric technique, has been applied to 36 SMFs and 36 PMFs in order to analyze the technical, pure and scale efficiency levels comparatively. The results of the efficiency analyses reveal that 33.3% of SMFs and 41.67% of PMFs have demonstrated CCR efficiency whilst 52.77% of SMFs and 69.44% of PMFs have shown BCC efficiency. Empirical results have also indicated that the PMFs have better financial efficiencies in comparison to the SMFs for 2009. Besides, both DEA models suggest that inputs should be decreased in various amounts for SMFs and PMFs in order to increase the financial efficiency levels of the funds. Furthermore, the DEA analyses propose minor amount of improvements in the excess return levels of the funds. This study concludes that Turkish SMFs and PMFs have shown significant level of financial efficiencies in 2009. © International Economic Society.