Operational and investment efficiency of investment trust companies: Do foreign firms outperform domestic firms?

Nourani, Mohammad; Kweh, Qian Long; Lu, Wen-Min; Gurrib, Ikhlaas

doi:10.1186/s40854-022-00382-1

Financial Innovation

Table 7 Average investment efficiencies and metafrontier inefficiencies from 2011 to 2020

From: Operational and investment efficiency of investment trust companies: Do foreign firms outperform domestic firms?

Firms	MIE	GIE	ITGR	ITGI	ITI	MII
Domestic ITCs
Capital (CAP)	0.698	0.698	1.000	0.000	0.302	0.302
Cathay (CA)	0.630	0.633	0.995	0.003	0.367	0.370
CTBC (CTBC)	0.633	0.812	0.788	0.179	0.188	0.367
First Securities (FS)	0.574	0.632	0.932	0.058	0.368	0.426
Fubon (FB)	0.734	0.741	0.990	0.007	0.259	0.266
Fuh Hwa (FH)	0.509	0.522	0.983	0.012	0.478	0.491
Hua Nan (HN)	0.586	0.602	0.973	0.016	0.398	0.414
Jih Sun (JS)	0.735	0.758	0.970	0.024	0.242	0.265
KGI (KGI)	0.602	0.639	0.943	0.037	0.361	0.398
Mega (MG)	0.753	0.763	0.988	0.010	0.237	0.247
Reliance (RS)	0.739	0.867	0.851	0.128	0.133	0.261
Shin Kong (SK)	0.661	0.691	0.952	0.030	0.309	0.339
Sino Pac (YF)	0.411	0.428	0.960	0.018	0.572	0.589
Tai Shin (TS)	0.591	0.615	0.950	0.025	0.385	0.409
Uni-President (EZ)	0.677	0.683	0.991	0.006	0.317	0.323
Union (UN)	0.650	0.787	0.833	0.137	0.213	0.350
Yuan Ta (YT)	0.941	0.943	0.998	0.002	0.057	0.059
Foreign ITCs
Alliance Bernstein (AB)	0.639	0.788	0.813	0.149	0.212	0.361
Allianz (AGI)	0.503	0.840	0.584	0.337	0.160	0.497
Blackrock (BR)	0.823	0.838	0.968	0.015	0.162	0.177
Deutsche Far Eastern (DWS)	0.366	0.440	0.838	0.074	0.560	0.634
Eastspring (ES)	0.526	0.895	0.607	0.370	0.105	0.474
Franklin Templeton (FTH)	0.525	0.823	0.647	0.298	0.177	0.475
HSBC (HSBC)	0.443	0.734	0.612	0.291	0.266	0.557
Invesco (GIN)	0.746	0.831	0.858	0.085	0.169	0.254
JPMorgan (JP)	0.589	0.969	0.609	0.381	0.031	0.411
Manulife (HL)	0.426	0.628	0.683	0.202	0.372	0.574
Mirae Asset (MA)	0.672	0.682	0.975	0.011	0.318	0.328
Nomura (NOM)	0.489	0.825	0.583	0.337	0.175	0.511
Paradigm (HD)	0.577	0.648	0.872	0.070	0.352	0.423
PineBridge (PB)	0.612	0.873	0.695	0.261	0.127	0.388
Prudential Financial, Inc. (PRU)	0.610	0.927	0.646	0.317	0.073	0.390
Schroders (SC)	0.641	0.719	0.853	0.079	0.281	0.359
UBS (UBS)	0.424	0.445	0.934	0.021	0.555	0.576
Average	0.610	0.727	0.849	0.117	0.273	0.390
Average Domestic	0.654
Average Foreign	0.565

MIE metafrontier investment efficiency, GIE group-specific investment efficiency, ITGR investment technology gap ratio, ITGI investment technology gap inefficiency, ITI investment technical inefficiency, MII metafrontier investment inefficiency

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