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    The impact of foreign ownership and off-shore investing on technical efficiency: evidence from Chinese managed funds industry

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    Authors
    Liu, Li Xian
    Sathye, M.
    Date
    2016
    Type
    Journal Article
    
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    Citation
    Liu, L.X. and Sathye 2016. The impact of foreign ownership and off-shore investing on technical efficiency: evidence from Chinese managed funds industry. The Journal of Wealth Management. 18 (4): pp. 138-151.
    Source Title
    The Journal of Wealth Management
    DOI
    10.3905/jwm.2016.18.4.138
    ISSN
    1534-7524
    School
    Curtin Graduate School of Business
    URI
    http://hdl.handle.net/20.500.11937/14541
    Collection
    • Curtin Research Publications
    Abstract

    In a landmark reform in the managed fund industry, China permitted foreign joint ventures as well as off-shore investing. Have these decisions helped improved the efficiency of the industry? We examine this hitherto unexamined question in the literature, using a robust method of efficiency analysis—bootstrap data envelopment analysis. We compute the bootstrap efficiency scores and regress them using truncated regression on environmental variables. We focus on 64 of 69 funds management companies in China from 2003 to 2011 using a unique dataset made available to us. We find that there is considerable room for funds management companies to improve technical efficiency to ultimately bring increased benefits to investors. We find that foreign ownership has not helped efficiency improvement. Similarly, off-shore investing had no impact on technical efficiency. A number of regulatory constraints still persist in China, which makes it hard for the previously measured to yield efficiency gains. We recommend further liberalization of the sector, for example, by removing restriction on distribution of foreign funds.

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