No abstract

Multiagent systems (MAS)

No abstract

The main purpose of this paper is to empirically explore the characteristics of the cheesesector that lead businesses in Greece to profitability. It is also important to evaluate theimpact of the current economic crisis on the economic performance of cheese enterprises.This study uses a panel data set that come from balance sheets and income statements ofalmost 100 companies operating in the cheese sector for the period 2006 to 2011. Thefirst results show that during this economic crisis period, the profitability of cheesebusinesses has been affected adversely. Moreover, the smaller sized businesses arepresenting the most significant efficiency and profitability losses.

The purpose of this paper is to apply a quadratic directional distance function in order to validate a relative performance indicator for portfolio benchmarking analysis. Based on a daily data set generated from a sample of 43 equity mutual funds the present study compares the performance results given by a directional and two standard distance function models as well as with a traditional fund performance index for periods ranging from 6 months to 4 years. A significant difference was observed in their rankings overall time horizons. This finding implies that ignoring the diversification effect of covariances in portfolio risk reduction and the potential improvements in returns will yield a biased estimate of mutual fund performance.