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The purposes of this study is to examine the effect of regional government financial performance namely financial independence, fiscal decentralization, and financial efficiency on capital expenditure. The method used is multiple regression in provincial government in Indonesia in 2013-2020. Data for the study was collected from Directorate-General of Regional Fiscal Balance website. The result of the study indicate that financial decentralization and financial efficiency impact on capital expenditure. This show that provincial government increase local revenue and efficiency in regional spending.

This article examines public–private partnership as an effective mechanism in the investment market. It also analyzes the advantages of PPP in comparison with budget-investment projects. The author provides the main problems of PPP projects implementation and suggests ways to solve them.

Public administration efficiency is increasing on the agenda, considering the scarcity of public resources and the greater demand of citizens for their needs to be met. This research aims to study the determinants of the financial efficiency of the Portuguese municipalities. For this , the determinants were grouped into three categories: sociodemographic, political and budgetary. There seems to be evidence, considering the results, that political determinants do not influence the financial efficiency of municipalities. Regarding the sociodemographic determinants, it is observed that the financial efficiency of the municipalities is influenced by location, purchasing power index, tourism and the unemployment rate. Tax revenue and financial independence are budgetary determinants that positively influence the financial efficiency of municipalities. Staff expenditure have a negative effect on it. info:eu-repo/semantics/publishedVersion

The study's motivation is to evaluate the impacts of financial inclusion and financial efficiency on foreign Cash flows in the Road and Belts countries for the period spanning 1971-2019. The study applies several econometrical techniques, but the magnitudes of financial inclusion and financial efficiency on foreign cash flows have been detected by performing Autoregressive Distributed Lagged in panel form and Cross-sectional ARDL and directional causality assess by performing non-granger causality test. The panel root test ascertains variables are stationary in mixed order but not after the 2nd difference; cross-sectional dependency test established that units possess some common dynamic among them. The long-run association reveals the results of panel cointegration tests. The results of ARDL and CS-ARDL confirm a positive statistically significant influence running from financial inclusion to foreign cash flows in the form of remittances and FDI. However, the magnitudes of financial inclusion and financial efficiency on foreign cash flows are prominent in the long-run. The directional causality test ascertains the feedback hypothesis explaining the causal effects between financial inclusion and financial efficiency and remittance and financial inclusion and FDI.

The financing difficulty of green innovation projects has always been an obstacle to enterprises’ green innovation. Digital financial inclusion provides a new opportunity to solve the financing difficulty of green innovation. Based on the construction of a theoretical framework for digital financial inclusion to influence green innovation, this study empirically analyzes the impact and mechanism of digital financial inclusion on green innovation by using the provincial panel data of China from 2011 to 2020. The results show that digital financial inclusion has a significant positive impact on green innovation. The promotion effect of the development of digital financial inclusion on green innovation is mainly driven by the depth of digital financial inclusion use and the digitalization of financial inclusion. The results of the intermediary effect analysis show that digital financial inclusion can promote green innovation by alleviating capital misallocation and improving financial efficiency.

Purpose – The purpose of this paper is to examine the 2009 to 2016 financial performance of the US Hockey Inc., using financial effectiveness indicators and financial efficiency ratios. Design/methodology/approach – With the assistance of financial trend analysis, archival data were used to examine the financial performance (evaluated by net income), financial effectiveness (indicated by total assets and total revenues) and financial efficiency (examined by programme services ratios and return on assets) of US Hockey Inc. Findings – On average, the financial performance of the organization was positive ($30,895 net income per year). Financial effectiveness was steady with increases in assets and revenues. Financial efficiency was poor with 79% of revenues spent on programme services and 1.45%average return on asset. Research limitations/implications – The results can be generalized to similar national non-profit sports federations but not corporate sports entities with dissimilar financial goals. Practical implications – The results revealed that national non-profit sports federations can boost their financial performance by maintaining a double strategically focus on both financial effectiveness and financial efficiency. Originality/value – The study used both financial effectiveness and financial efficiency measures to evaluate the financial performances of a national non-profit sports federation – a neglected approach similarstudies. Proposito - El proposito de este documento fue examinar el desempeno financiero de 2009 a 2016 de United States Hockey Inc., utilizando indicadores y ratios de efectividad financiera. Diseno/metodologia/enfoque - Con la ayuda del analisis de tendencias financieras, se utilizaron datos de archivo para examinar el desempeno financiero (evaluado por el ingreso neto), eficacia financiera (indicada por los activos totales y los ingresos totales) y la eficiencia financiera (examinada por los indices de servicios del programa y el rendimiento de los activos) de United States Hockey Inc. Hallazgos - En promedio, el desempeno financiero de la organizacion fue positivo (U$S 30 895, ingreso neto por ano). La efectividad financiera se mantuvo estable con aumentos en activos e ingresos. La eficiencia financiera fue pobre, con el 79% de los ingresos gastados en servicios del programa y un rendimiento promedio del activo del 1.45%. Limitaciones de la investigacion - Los resultados pueden generalizarse a federaciones deportivas nacionales sin fines de lucro similares, pero no a entidades deportivas corporativas con objetivos financieros diferentes. Implicaciones practicas - Los resultados revelaron que las federaciones deportivas nacionales sin fines de lucro pueden aumentar su desempeno financiero al mantener un doble enfoque estrategico, tanto en la eficacia financiera como en la eficiencia financiera. Originalidad/valor - El estudio utilizo medidas de eficacia y eficiencia financieras para evaluar el desempeno financiero de una federacion deportiva nacional sin fines de lucro, un enfoque descuidado en estudios similares.

The main purpose of this study is to scrutinize the effect of financial inclusion on financial sustainability, financial efficiency, gross domestic product, and human development in the context of G20 nations. This study has employed annual data of 15 developed and emerging economies during the period from 2004 to 2017. The current study has utilized a single index for financial inclusion, financial sustainability, and financial efficiency by employing principal composite analysis (PCA). The outcomes of the panel stationarity test confirmed the ARDL model for both the long and short runs. Equally, the findings of the ARDL Model 1 showed no association between financial inclusion and financial sustainability in the short run, however, in the long run, inclusive finance showed a significant impact on sustainability. Likewise, the ARDL Model 2 showed that financial inclusion has no effect on efficiency in the short run, while it positively influenced financial efficiency in the long run. The results of the ARDL Model 3 are also similar to Models 1 and 2 where inclusive finance showed no effect on poverty in the short run, but a significant effect in long run. Similarly, the ARDL Model 4 also presented no association between GDP and inclusive finance in the short run, while it showed significant relationships in the long run. Moreover, the outcomes of the GMM Model 1 showed a significant impact of inclusive finance on financial stability, and these results were similar to the GMM Model 2 between financial inclusion and financial efficiency. Additionally, GMM Models 3 and 4 have shown that inclusive finance has a statistically significant impact on poverty and economic expansion, respectively. The outcomes of this article are essential for policymakers, academics, regulators, and practitioners with valuable and convincing debate over financial inclusion, economic growth, poverty, sustainability, and financial efficiency.

Since 1995, a national health insurance (NHI) program has been in operation in Taiwan, which provides uniform comprehensive coverage. Forced by severe financial deficit, global budgeting reimbursement was adopted in the healthcare sector to control healthcare expenditures in 2002. A two-stage data envelopment analysis (DEA) approach was used to measure the efficiency of hospital resource allocation among stakeholders in Taiwan’s NHI system, and to further explore the changes in resource allocation after the introduction of a global budgeting payment scheme. The dataset was collected from the annual statistical reports of Taiwan’s Ministry of Health and Welfare (MOHW) and was used to estimate the efficiency of resource allocation in hospital-based healthcare services under global budgeting. In terms of efficiency during the period from 2003 to 2009, one-third of decision-making units (DMUs) improved their productivity in stage I, and seven out of the total of eighteen DMUs saw falls in financial efficiency in stage II. After global budgeting was implemented, there were significant positive impacts on the efficiency of hospital resource allocation in Taiwan. The two-stage DEA model for analyzing the effects of the global budgeting reimbursement system on productivity and financial efficiency represents a key decision-making tool for hospital administrators and policymakers.

В данной статье рассматриваются подходы к оценке эффективности рекламной кампании, приводятся различные точки зрения по поводу оценки эффективности рекламы. Собственнику или предпринимателю важно знать и уметь анализировать показатели эффективности рекламы, чтобы оценивать ее реальную отдачу для бизнеса., This article discusses approaches to assessing the effectiveness of an advertising campaign, provides various points of view on assessing the effectiveness of advertising. It is important for an owner or entrepreneur to know and be able to analyze advertising performance indicators in order to assess its real return to the business.

This study searches the role of the financial system efficiency in renewable energy demand for the case of the 36 OECD countries. Numerous financial system proxies are used between 1990 and 2017. Results show that financial system proxies generally are poorly linked to the renewable energy demand of the OECD member states. Although the coefficient of the overall financial development proxy is positively significant for renewable energy demand, the coefficients of financial efficiency are insignificant. The present study finds significant effects of the overall financial markets and institutions on renewable energy demand; however, any vital link between financial system efficiency and renewable energy demand could not be obtained in the OECD countries. Policy implications regarding this major finding are provided in the current study.

The research first summarizes the theoretical mechanism of digital finance to improve financial efficiency and sustainability; then, it proposes three hypotheses. After that, a DEA-BCC model and a super-efficiency DEA model are constructed to estimate a series of financial efficiency levels in 31 Chinese provinces. Utilizing the estimated financial efficiency values, this paper further tests each of the three hypotheses using both a random effects model controlling for cross-sectional correlation problems and an LSDV model, respectively. The findings show that (i) technological advance is the main driver of financial efficiency improvement in each region in China, while the role of scale effect in improving financial efficiency is weakening; (ii) the development of digital finance does significantly contribute to the improvement of regional financial efficiency; and (iii) the increase in both the breadth of coverage and depth of adoption of digital finance are core driving forces for the promotion of financial efficiency, with the breadth of digital financial coverage a stronger positive effect. Hence, this study can provide an important reference for policymakers and financial institutions to better understand the relationship amongst digital finance, financial efficiency, and sustainability as well as achieve sustainable financial inclusion.

Aim/purpose - The purpose of this paper is to investigate the relationship between financial strength and policy outcomes of central banks in Africa. This is against the background of challenging policy tasks facing African central banks and the fact that they increasingly have to respond to occurrences that stem from the volatile global financial system. Design/methodology/approach - Three panel regression models were developed and estimated to capture the effects of the financial strength of the central banks of ten selected countries on their inflation outcomes, official exchange rate, and interest rate. Annual data derived from the balance sheets of ten African central banks as well as macroeconomic variables from World Development Indicators for the period 2000-2014 were used for the empirical analysis. Findings - This study found out that: central bank financial strength is not a significant determinant of inflation outcomes in African countries; central bank financial strength has a significant impact on the determination of official exchange rate in Africa; and central bank financial strength is not a significant factor in the determination of interest rates by central banks in Africa. Research implications/limitations - A major implication is that central bank financial strength is necessary for result-oriented exchange rate policy in African countries. However, studies employing other estimation methods may make for more robust results. Also, the inclusion of central banks that report the results of their operations in other languages apart from English may make for better generalization. Originality/value/contribution - This study is unique in that it has focused exclusively on central banks of countries in Africa. It has also added value by considering the effect of central bank financial strength not only on inflation, but also on exchange rate and interest rate which are issues of serious concern in developing countries. (original abstract)

The peculiarities of control over the implementation of the innovative development program are analyzed. The use of means of indicative control based on the evaluation of the analysis results of both individual indicators and their groups (time, resource and result) in the process of current control over the emergence of deviations and their prompt correction during the implementation of the innovative development program is scientifically substantiated. General principles of the financial efficiency evaluation of the implemented innovative programs are researched. The analysis procedure of financial efficiency of the innovative development program of the enterprise is suggested, which is based on the assumption that a highly effective innovative program should provide improvement of the financial condition of the enterprise and is carried out in several successive steps: the choice of nomenclature of indicators used for the analysis of the financial condition; formation of the reported data on the results of the implementation of the innovative program; direct carrying out of analytical works; generalization of the results of the analysis. The development method of adjusted forms of financial reporting, based on the business operations of the enterprise and connected with an exclusively innovative activity, is suggested. The problem analysis enables to determine the impact of the implementation results of the innovative development program of the enterprise on the indicators of the financial condition, in contrast to the impact of factors associated with a non-innovative activity, in particular, operating or financial.

This paper investigates correlation between subsidies to invest in development projects, innovation, financial performance and sustainable growth. The focus of the study is on subsidies for co-financing purchases of new technological equipment aimed at promoting innovation and production of new products. Subsidies are distributed based on the prepared European Union (EU) and national programs for the purposes of faster economic growth in accordance with the policies and guidelines of the EU. The paper employs a combination of enterprises’ accounting data, data on subsidies and unique in-depth data obtained through a survey at the enterprise level. The results revealed a positive impact of subsidies on financial indicators, and only limited effect on innovation. While analyzing sustainable growth, we have established that the enterprises that received subsidies had a higher growth of financial indicators.

The intention of this dissertation is to understand how federal advisory boards are operationalizing Congressional intent of transparency, financial efficiency and balanced board membership. When Congress passed the Federal Advisory Commission Act (FACA) in 1972, these three values were intended to help add legitimacy to the operation advisory boards. Advisory boards have been in use on the federal level since the first term of President George Washington, and they provide valuable expertise on a wide variety of subjects for the government. Currently, over 1,000 advisory boards are operating across the federal government with nearly 25,000 people participating. Collectively, annual operations of these boards approaches a half billion dollars. In the years leading up to the passage of FACA, Congressional hearings revealed deficiencies across federal departments with transparency of advisory board operations, spending practices, and appointment processes which threatened the legitimacy of their use. The FACA law was intended to bring legitimacy back to boards' operation by requiring more transparency, financial efficiency and balance in viewpoints on board appointments. With the law more than 40 years old, this dissertation explores how advisory boards today are operating is relation to the values Congress laid out in legislation. A quantitative exploration was conducted to assess the fidelity to the Congressional values by using publicly available data points. A sample of the 1,000 operating advisory boards was used to conduct the research. Using the results of the quantitative exploration, six case studies were selected for additional examination. Three cases were selected by a systematic method based on the quantitative data, and three additional cases were selected by the unique results from the data. A dozen policy changes were suggested as a result of the quantitative and qualitative examinations to better align present day operation of advisory boards with the Congressional intent. This study may be useful to policymakers who have oversight on advisory board operations. Doctor of Philosophy American citizens provide input to the federal government in several ways. Voting for President and Members of Congress is the most visible way. However, serving on one of the approximately one thousand existing federal advisory boards is another way. These are boards and commissions made up of citizens who have expertise in various subjects for which the government needs ideas to help fix problems affecting our country. The focus of these boards ranges greatly. For example, some boards focus on highly specialized medical issues, and others focus on how citizens use the land around national forests. In 1972, Congress passed a law that set some basic guidelines on how these boards should operate. Congress said that boards need to be transparent in how they work so the public can monitor them easily. Congress also noted that the boards need to use the tax money given to them to operate efficiently and try to save money whenever they can. Finally, Congress wanted boards to have people with different points of views represented, so recommendations are not one-sided. Now that the law is over 40 years old, this dissertation examines how closely advisory boards today are following those guidelines Congress wrote in 1972. This dissertation suggests some ways to measure how close they are following the directions, and it looks in-depth to several of them to see how they operate. Finally, the dissertation gives some new suggestions on how all boards can operate to better reflect the ideas Congress wanted.

Este artículo incorpora los resultados de una investigación que se propuso evaluar la eficiencia financiera de las entidades promotoras de salud (eps) del régimen contributivo durante los años 2010 a 2012, mediante la metodología de análisis envolvente de datos (aed). Se usó, en particular, el modelo Banker, Chames y Cooper (bcc) orientado a salidas. Como fuente para los datos financieros de las distintas eps se utilizó la información provista por la Superintendencia Nacional de Salud. Como variables de entrada se trabajaron, específicamente, activo corriente, costos de venta, gastos de administración y gastos de ventas. Como variable de salida se utilizó la utilidad bruta. Se observó que siete de las dieciocho eps consideradas tienen una eficiencia del 100 % durante el periodo de estudio. Este artigo incorpora os resultados de uma pesquisa que se propôs avaliar a eficiência financeira das Entidades Promotoras de Saúde (eps) do regime contributivo durante os anos 2010-2012, mediante a metodologia de Análise Envolvente de Dados (aed). Utilizou-se, em particular, o modelo Banker, Chames e Cooper (bcc) orientado a saídas. Como fonte para os dados financeiros das distintas eps se utilizou a informação provida pela Superintendência Nacional de Saúde. Como variáveis de entrada se trabalharam, especificamente, ativo corrente, custo de venda, gastos de administração e gastos de vendas. Como variável de saída se utilizou a utilidade bruta. Observou-se que sete das dezoito eps consideradas têm uma eficácia de 100% durante o período de estudo. This paper includes the results of a research whose purpose was to assess the financial efficiency of the health promotion entities (eps, by its initials in Spanish) under the contributive regime during the years 2010 to 2012, using the Data Envelopment Analysis (dea) methodology. In particular, the Banker, Chames and Cooper (bcc) model, orientated towards outputs, was used. Information provided by the Colombian National Health Superintendency was also used as a source of financial data of the different eps. Specifically, current assets, sales costs, administrative expenses and sales expenses were considered as input variables, and gross profits were used as an output variable. We noted that seven out of the eighteen eps studied had 100% efficiency during the period of the study

International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies, 10, 18, 10A18I: 1-9

The main aim of this article is to compare the financial performance of private and publicly traded companies in accordance with ownership structure and size. The analysis carried out in the article leads to the conclusion that in Poland private companies perform better than companies that are publicly traded on the Warsaw Stock Exchange (WSE). Statistically significant results are obtained for medium-sized companies. Moreover, it turns out that medium-sized enterprises operate better than large companies as far as profitability is concerned, at least in the group of private companies where results are statistically significant. The analyses conducted in the article are aimed at filling in the gap in studies comparing profitability between publicly traded and private companies.

A eficiencia adquiriu maior relevância entre as organizacoes no cenario de mercados abertos, que teve inicio no Brasil, por volta dos anos 90. O objetivo deste artigo e analisar, por envoltoria de dados, a eficiencia dos aeroportos brasileiros, utilizando as bases de dados da Agencia Nacional de Aviacao Civil (ANAC) e Empresa Brasileira de Infraestrutura Aeroportuaria (INFRAERO), dos periodos de 2009, 2010 e 2011. A tecnica foi aplicada para os 16 aeroportos internacionais brasileiros, considerando variaveis financeiras. Os resultados apontaram que o porte de um aeroporto nao foi determinante para atribuir a eficiencia a cada um deles, embora seja criterio relevante para impulsionar melhorias no desempenho dos mesmos. Convem salientar, tambem, que a utilizacao dos recursos (inputs) para o alcance do produto (output) foi o criterio mais relevante na busca do bom desempenho e da eficiencia aeroportuaria no estudo aqui apresentado.

The study mainly aims to undertake empirical investigation of relation between social responsibility level as proxied by expenditures on employees’ advanced training and financial performance of the companies. The article provides a detailed review and systematization of empirical studies of the relationship between the policy of corporate social responsibility and the financial efficiency of companies. The methodological basis includes the theories of stakeholders and managerial opportunism, signaling theory, etc. Empirical analysis of balanced panel data using random effects and fixed effects models served as a methodological basis for the investigation. The sample comprises data covering the 2012–2015 period for 20 Russian publicly traded companies representing nonfinancial sectors of economy. Both models have failed to prove statistically significant relation between the chosen proxy variable of corporate social responsibility and financial performance indicators.

This paper studies the relationship of financial development and income inequality in China over the period of 1978-2013. Using the structural vector auto-regression (SVAR), the empirical results are consistent with the G-J hypothesis of an inverted U-shaped relationship between financial development and income inequality. An economy in its initial stages of financial development would present increasing inequality and only in a second or even third stage of development would inequality actually decrease. The evidence is valid for two indicators defined to measure the scale and the efficiency of financial development, respectively. Financial reform aimed at forming an appropriate financial system should be accelerated to help to reducing income inequality in China.

This paper focuses on the possible impact of more efficient credit allocation on a country's processes of structural transformation. We develop a dynamic version of a small-scale general equilibrium model for a dual economy, in which labour reallocation is accompanied by involuntary unemployment in the modern sector, whose degree of financial efficiency varies over time. Counterfactual simulations indicate that structural transformation is faster in economies with greater financial efficiency, because the incentives for intersectoral migration are greater. That is, from the very outset of the transition the expected utility of working in the modern sector is greater. In our simulations, the greater flow of labour does not translate into higher unemployment rates.

In the specific literature, success may be achieved by two important attributes: competitiveness and sustainability. Competitive advantage represents an essential criterion for surviving on the tourist market and defines the ability of one destination to use these resources effectively and in the long term. The paper work continue a study begun last year by the same authors about tourist perception of attractiveness of the two tourist SPA destinations (Buziaş and Băile Felix) on a different market segment (18-35 years old people). This time, we undertake an analysis on SC Turism Felix SA in order to determine and underline the tourist competitiveness through sustainability and financial efficiency (tourism performance indicators evolution, market share, turnover, investment volume, financial returns and costs).

In this article the efficiency of professional football clubs from Australia, Brazil, England, France, Germany, Italy, Netherlands, Portugal, Russia, Scotland and Spain was investigated using data envelopment analysis (DEA). In order to assess impact of accounting policies on players' registrations on football clubs efficiency, football clubs not recognizing professional players' registrations as assets were added in data. The results of analysis show that capitalization of purchased players' registrations influences efficiency of football club, but it isn't a crucial factor. Another important factors affecting on efficiency of football clubs are size of club and its capital structure.

Small firms must design business models that leverage the resources of others to succeed in domestic and global markets. This study investigates the variance in business models of small firms seeking to prosper through networking within an intensely competitive landscape. We use explorative quantitative methods to analyse the link between networking, business models and financial performance of 90 small and industrial Finnish firms. The results reveal five types of business models: two of them are oriented internationally and three are oriented domestically. We mapped these business model types within a financial outcomes matrix to capture the differences in business model performance and found that competitiveness and financial performance of small firms under globalisation depend on their business model and networking strategy. In particular, inter-organisational networking contributes to sales growth and international expansion contributes to improved profitability.

In this paper we analyze modern approaches which are used to measure efficiency of professional football clubs. We have made a brief survey of current scientific researches over last few years devoted to the football clubs' efficiency. The results of our research show that the most popular object of study is football clubs from Great Britain. It can be explained due to the high information transparency and business activity on the stock market. The most popular method of analysis used in modern researches is the method of data envelopment analysis (DEA). On the base of analyzed studies it is possible to sum up that sports performance of football club depends primarily on the human capital of players and coaches and staff costs. The financial efficiency of the football clubs mainly depends on the sports efficiency. © IDOSI Publications, 2013.

Financial economists usually assess market efficiency in absolute terms. This is to be viewed as a shortcoming. One way of dealing with the relative efficiency of markets is to resort to the efficiency interpretation provided by algorithmic complexity theory. We employ such an approach in order to rank 36 stock exchanges, 37 individual company stocks, and 19 US dollar exchange rates in terms of their relative efficiency.

Based on long range dependence, some analysts claim that the exchange rate time series of the pound sterling and of an artificially extended euro have been locked together for years despite daily changes [1, 9]. They conclude that pound and euro are in practice the same currency. We assess the long range dependence over time through Hurst exponents of pound-dollar and extended euro-dollar exchange rates employing three alternative techniques, namely rescaled range analysis, detrended fluctuation analysis, and detrended moving average. We find the result above (which is based on detrended fluctuation analysis) not to be robust to the changing techniques and parameterizing.

This article is continuation of the authors' research on financial efficiency evaluation in higher education in the area of didactics in countries that belong to European Union. On the basis of the results of researches, in which a non-parametric approach was used, a classification of member countries into uniform groups has been conducted with reference to researched feature.

The aim of this investigation was an assessment of the application effectiveness of three alternatives for rainwater harvesting systems for individual households, in central Great Poland climatic conditions. During the study the amount of storm water, which can be collected from the 3 different size roof areas (80, 135, 185 m2) was assessed, in relation to the needs of a four-person family, for the region of the Tarnowo Podgórne. The receivable amount of rainwater was analysed at a rate of 10, 25, 50% of total annual precipitation occurrence probability, including the lower values, appeared in the period of 1960-2008. For the financial efficiency evaluation of investment, an indicator of the average annual cost per unit (Ws) and the net present value (NPV) were used. The results show that for the Great Poland region with the average annual sum of precipitation of 550mm, only the roof surfaces of 185 m2 and bigger allow obtaining the profits from collected rainwater and reimbursement for building rainwater harvesting installations within 30 years of its operation.

A methodology based on the algorithmic complexity theory has been applied to assess the relative efficiency of the stocks listed on Bovespa. We provide eight alternative listings of the top ten stocks according to their efficiency rates.