Ž . We examine the pricing of initial public offering IPO and seasoned equity offering Ž . SEO firms using a stochastic frontier methodology. The stochastic frontier framework models the difference between the maximum possible value of the firm and its actual market capitalization at the time of the offering as a function of observable firm characteristics. Using a new data set, we find that co...

This paper contributes to the discussion about the performance and e¢ ciency of Portuguese secondary schools, using the stochastic production frontier analysis. We discuss the impact of school variables and the environment on output (measured by the average national examination scores), as determinants of the shape of technology and degree of e¢ ciency. We …nd, in particular, that teacher senio...

This paper studies the time-consistent investment strategy for a defined contribution (DC) pension plan under the mean–variance criterion. Since the time horizon of a pension fund management problem is relatively long, two background risks are taken into account: the inflation risk and the salary risk. Meanwhile, there are a risk-free asset, a stock and an inflation-indexed bond available in th...

In this paper we compare estimates of technical efficiency for a cross-section of Australian dairy farms using various frontier methodologies; Bayesian and Classical stochastic frontiers, and Data Envelopment Analysis. We find that our Bayesian stochastic frontier estimates, when we impose monotonicity and curvature restrictions at all data points, significantly impact on our parameter estimate...

in order to study the effective factors in sugar beet production, evaluation of technical, allocative and economical efficiency of sugar beet producers in bardsir city, 150 sugar beet producers were questioned by classified method. data were collected through questionnaire forms filled by producers in 2004-05. the stochastic frontier production and cost function method were used to analyze the ...