出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：Data envelopment analysis is applied to US airlines industry for the period of 1985-1995 to determine technical efficiency of each airline for each year.Results of efficiency analysis are applied to determine if efficiency and stock returns are related.Two portfolios,one consisting of efficient airlines,and the other consisting inefficient airlines,are formed each year.The efficient portfolio outperforms the inefficient portfolio by an annual margin of 23% using raw returns.
