ABSTRACT The performance of mutual funds is generally evaluated in the context of a risk-return framework. Traditionally, ratio analysis was used for such evaluation. Of late quite a number of studies have used stochastic frontier analysis/non-parametric benchmarking techniques for evaluating the performance of mutual funds. However, a major drawback of such studies is the estimation of return-risk frontiers specifically for each time period under observation and this makes inter-temporal comparison of performance a difficult proposition. Against this backdrop, the present paper attempts to show how, using a Dynamic DEA Model suggested by Tone and Tsutsui (2010), it is possible extend benchmarking over successive time periods.
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