Please use this identifier to cite or link to this item:
Measuring Internet Stock Performance- A DEA Approach Based on ROE Ratio
Data envelopment analysis (DEA)
Return on Equity (ROE)
|引用:||Artur, B., Karen, S.C. and Gudrun, B., 2003, “Performance Consequences of Brand Equity Management: Evidence from Organizations in the Value Chain”, Journal of Product & Brand Management, 12(4), 220-236 Banker, R.D., 1984, “Estimating Most Productive Scale Size Using Data Envelopment Analysis”, European Journal of Operational Research, 17, 35-44 Banker, R.D., Charnes, A. and Cooper, W., 1984, “Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis”, Management Science, 30, 1078-1092 Barua, A., Brockett, P.L., Cooper, W.W., Deng, H., Parker, B.R., Ruefli, T.W. and Whinston, A., 2004, “Multi-Factor Performance Measure Model with an Application to Fortune 500 Companies”, Socio-Economic Planning Sciences, 38, 233-253 Carlos, C.S., Yolanda, F.C. and Cecilio, M.M., 2005, “Measuring DEA Efficiency in Internet Companies”, Decision Support Systems, 38, 557-573 Cengiz, K., Ufuk C. and Ziya U., 2003, “Multi-Criteria Supplier Selection Using Fuzzy AHP”, Logistics Information Management, 16(6), 382-394 Charnes, W., Cooper, A. and Rhodes, E., 1978, “Measuring the Efficiency of Decision Making Units”, European Journal of Operational Research, 2, 429-444 Chen, T. Y. and Yeh, T. L., 1998, “A Study of Efficiency Evaluation in Taiwan's Banks”, International Journal of Service Industry Management, 9(5), 1-8 Chuang, S.P., 2002, “A Study on Electronic Business Performance Evaluation using Fuzzy Integral”, unpublished master thesis, Department of Information Management, Da-Yeh University, Taiwan Collins, R.A., 1980, “An Empirical Comparison of Bankruptcy Prediction Model”, Financial Management, 9(2), 52-57 Deng, J.L., 1982, “Control Problems of Grey Systems”, Systems and Control Letters, 5, 288-294 Elyasiani, E. and Mehdian, S., 1995, “The Comparative Efficiency Performance of Small and Large U.S Commercial Banks in the Pre-and Post-deregulation Eras”, Applied Economics, 27, 1069-1079 Espahbodi, P., 1991, “Identification of Problem Banks and Binary Choice Models”, Journal of Banking and Finance, 15, 53-71 Farrell, M.J., 1957, “The Measurement of Productive Efficiency”, Journal of the Royal Statistical Society, 120, 253-290 Felix, T.S. and Chan, H.J., 2003, “An Innovative Performance Measurement Method for Supply Chain Management”, Supply Chain Management: An International Journal, 8(3), 209-223 Gulser, M. and Ilhan, M., 2001, “Risk and Return in the World's Major Stock Markets”, Journal of Investing, pp. 62-67. Hasan, M. and Kerr, R.M., 2003, “The Relationship between Total Quality Management Practices and Organizational Performance in Service Organizations”, the TQM Magazine, 15(4), 286-291 Ho, C.T., 2001, “A Study on the Application of Decision Analysis on Performance Measurement for Small and Medium Business”, the 46th ICSB World Conference, 1-21 Ho, C. T. and Wang, Y. C., 2004, “Performance Evaluation for Trust Firms Reorganizing into Commercial Banks in Taiwan”, Euro Asia Journal of Management, 14(28), 113-134 Hsiao, L.S., 2001, “Management Performance Evaluation System of Strategic Alliance”, unpublished master thesis, Department of Information Management, Da-Yeh University, Taiwan Hsieh, S.C., 2004, “The Comparison and Analysis of Efficiency between Banks inside and outside of Financial Holding Company in Taiwan”, unpublished master thesis, Department of Economics, Shih Hsin University, Taiwan Hsu, B., 2004, “The Operating Efficiency Analysis of PCB Industry in Taiwan - An Application of Data Envelopment Analysis”, unpublished master thesis, Department of Economics, Soochow University, Taiwan Huang, S.N. and Kao, T.L., 2006, “Measuring Managerial Efficiency in Non-Life Insurance Companies: An Application of Two-Stage Data Envelopment Analysis”, International Journal of Management, 23(3), 699-720 Johnes, J. and Jones, G., 1995, “Research Funding and Performance in U.K. University Department of Economics: A Frontier Analysis”, Economics of Education Review, 14(3), 310-314 Kalakota, R. and Whinston, A.B., 1996, “Frontiers of Electronic Commerce”, Addison-Wesley Publish Company Kleine, A., 2004, “A General Model Framework for DEA”, Omega, 32(1), 17-23 Lee, Y.F., 2000, “The Evaluation of the Effect of the Subsidies from the Ministry of Education to Public and Private Colleges”, unpublished master thesis, Department of Public Finance, Faculty of Public Affairs, National Taipei University, Taiwan Liang, W.Y., 2003, “The Analytic Hierarchy Process in Project Evaluation: An R&D Case Study in Taiwan”, Benchmarking: An International Journal, 10(5), 445-456 Lin, R., 2001, “The Discussion on the Questions of the Taxes”, unpublished master thesis, Department of Accounting, Chinese CultureUniversity, Taiwan Lo, C.H., 2002, “Research in Influential Factors between E-Commerce and Physicalcontract of Logistic Services”, unpublished master thesis, Graduate school of Business Management, Tatung University, Taiwan Lo, S.F. and Lu, W.M., 2006, “Does Size Matter? Finding the Profitability and Marketability Benchmark of Financial Holding Companies”, Journal of Operational Research, 23(2), 229-246 Luo, X., 2003, “Evaluating the Profitability and Marketability Efficiency of Large Banks - An Application of Data Envelopment Analysis”, Journal of Business Research, 56, 627-635 Meric and Gulser, 2001, “Risk and Return in the World's Major Stock Markets”, Journal of Investing, 10(1), 62-67 Ministry of Industrial Affairs, “Electronic Commerce FAQ”, 1997 Murthi, B.P.S., Yoon K.C. and Preyas D., 1997, “Efficiency of Mutual Funds and Portfolio Performance Measurement: A Non-Parametic Approach”, European Journal of Operational Research, 98, 408-418 Narasimhan, R., 1983, “An Analytic Hierarchical Process to Supplier Selection”, Journal of Purchasing & Material Management, 19 (1), 27-32 Oral, M. and Yolalan, R., 1990, “An Empirical Study on Measuring Operating Efficiency and Profitability of Bank Branches” European Journal of Operational Research, 46(3), 282-294 Peter, W., 2003, “Performance Management of Australian and Singaporean Expatriates”, International Journal of Manpower, 24(5), 517-534 Seiford, L.M. and Zhu, J., 1999, “Profitability and Marketability of the Top 55 U.S Commercial Banks”, Management Science, 45(9), 1270-1288 Sherman, H.D., and Gold, F., 1985, “Bank Branch Operating Efficiency: Evaluation with Data Envelopment Analysis”, Journal of Banking and Finance, 9, 29-41 Tsai, H.C., Chen, C.M. and Tzeng, G.H., 2006, “The Comparative Productivity Efficiency for Global Telecoms”, International Journal of Production Economics, 103, 509-526 Tsai, Y. H., 2005, “Measuring Bank Efficiency: An Application of Fuzzy Data Envelopment Analysis”, unpublished master thesis, Department of Banking and Finance, National Chi Nan University, Taiwan Wang, R.Z., Dai, H.B. and Lin, S.Y., 1997, “The Development of E-Commerce and the Researching Opportunity of the Dealers in Taiwan”, Market Intelligence Center Wen, H. J., Lim, B. and Huang, H.L., 2003, “Measuring E-Commerce: A Data Envelopment Analysis (DEA) Approach”, Industrial Management and Data Systems, 103(9), 703-710 Yao, C. and Agha I. A., 2002, “Output-Input Ratio Analysis and DEA Frontier,” European Journal of Operational Research, 142(3), 476-479 Zhu, J., 2000, “Multi-Factor Performance Measure Model with an Application to Fortune 500 Companies”, European Journal of Operational Research, 123, 105-124|
Investors pay more expectation to the high performance companies when they choose the investing target. The main topic of this research is to see “whether investing in companies with high financial performance can get a high return on investment or not”. After the “Internet bubble”, the U.S Internet stock market still appeals to numerous inventors. However, investors are still concerned about the high risk in investing in Internet stocks. Because of high risk, a stock selecting process for investors is needed. Therefore, the U.S Internet stock market is considered as a worthy research target. This research adopts the concept of Return on Equity (ROE) and Data Envelopment Analysis (DEA) to assess the performance of 27 U.S listed online companies. The DEA evaluation process is separated into two processes. Process 1 measures the operating performance of a company, and we use operating efficiency and effectiveness to see the operating performance. Process 2 measures how much return a company can generate for their investors. The main contribution of this thesis is to formulate a new DEA evaluation process for investors and managers. For investors, this is a new stock selecting strategy; for managers, it is a new performance evaluation process. The empirical results show that for the Internet industry, the effectiveness of a company is more important than operating efficiency. If investors invest in online companies with a high score in total efficiency, they can gain higher returns. If investors invest in companies with a low score in total efficiency, they gain lower returns.
|Appears in Collections:||科技管理研究所|
Show full item record
TAIR Related Article
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.