Which factors explain the efficiency and performance of Portuguese funds?

Maria Elisabete Neves, Maria do Castelo Gouveia, Konstantinos Vergos

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)peer-review


This paper aims to analyze the determinants of Portuguese funds’ performance and efficiency. The authors have used an alternative approach that combines data envelopment analysis (DEA) with multiple criteria decision aiding (MCDA), the value-based DEA, for assessing the efficiency of Portuguese equity and bonds portfolios for the 2019 period; which represents a year of economic expansion in Portugal. In general, these results point out that the fund's performance depends on its size, turnover, and risk levels. Of the total sample, 44% of funds are classified as efficient, and most of them are bond funds. Besides, funds with less liquidity, less rotation, and older age show better efficiency. This study seeks to contribute to completing the existing literature, analyzing the characteristics that most influence the funds’ performance, and also help an investor in their investment choices. As far as the authors know, they are the first to investigate 50 funds registered in the Portuguese Securities Market Commission, incorporating 31 equity funds and 19 bond funds.
Original languageEnglish
Title of host publicationHandbook of Research on Acceleration Programs for SMEs
EditorsInês Lisboa, Nuno Teixeira, Liliane Segura, Tomáš Krulický, České Budějovice, Veronika Machová
PublisherIGI Global
Number of pages22
ISBN (Electronic)9781668456675
ISBN (Print)9781668456668
Publication statusPublished - 1 Jan 2023


  • investment appraisal
  • DEA
  • Portugal
  • fundraising
  • efficiency
  • performance

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