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Triumph of Good over Evil ? An Application of Data Envelopment Analysis (DEA)
Abstract
It was said Triumph of Good over Evil. How is the real situation in investment? Would it be Triumph of Good over Evil or Triumph of Evil over Good? Such a controversy has not been a final conclusion that it is worth further discussion. Having Vice Fund and Ethical Fund as the research subjects, the return performance is analyzed, and Data Envelopment Analysis (DEA), Malmquist Productivity Analysis, and Graphic Analysis are integrated to measure Overall Efficiency, Pure Technical Efficiency, and Scale Efficiency of vice Fund and Ethical Fund for reference and comparisons.
The results show that the return performance of Vice Fund is superior to it of Ethical Fund that it is Triumph of Evil over Good in investment. Rationality, rather than sensibility, should be presented in investment for the pursuit of performance. After all, making money is the key in investment. Morality would be meaningful after growing personal strength when one can show more social responsibilities, do more good works, and love more of the earth. After all, vice is not so evil, as it still presents some good features in investment, such as unchanged demands, licensed industry, high entry barriers, powerful pricing ability, low production costs, not being out-of-date, without updating technology, and not being affected by the business cycle.
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