Efficiency evaluation of the Portuguese pension funds management companies

This paper ranks the pension funds management companies according to their change in total productivity for the period 1994-2007. We estimate the change in total productivity, breaking this down into technically efficient change and technological change by means of data envelopment analysis (DEA-Malmquist index). The aim of this procedure is to seek out those best practices that will lead to improved performance in the market. The implications arising from the study are considered in terms of managerial policy. (C) 2010 Elsevier B.V. All rights reserved.