The Performance Analysis Of Open-ended Fund Based On The Stochastic Nonparametric Envelope Of Data(StoNED)

This dissertation is an applied economics dissertation of empirical study. The aim is to analyze the performance of open-ended fund in China in terms of efficiency on the basis of Stochastic Non-Parametric Envelope of Data(StoNED), which is the combination of Data Envelope Analysis (DEA) and Stochastic Frontier Analysis(SFA), with the expectation of providing insightful suggestions and examples for the development of fund industry.The paper is divided into two parts: theoretic part in which assumptions and model specification have been introduced, and empirical part in which 15 open-end funds in the main land China have been exemplified as an empirical study of the StoNED. Meanwhile, the comparison between StoNED and DEA has been conducted in order to amplify the merits of the proposed method.The methodology of this paper——StoNED——is one of the improvements of frontier analysis. Each open-ended fund is targeted as a decision-making-unit(DMU), of which the performance is assessed in terms of efficiency. StoNED is a brand new way of evaluating the efficiency, not only spreading the method to a wider extent, but also enriching the ways of performance analysis.