http://repub.eur.nl/res/aut/3591/ List of Publications en http://repub.eur.nl/static-eur/img/logo.png http://repub.eur.nl http://repub.eur.nl/res/pub/6147/ 2003-11-01T00:00:00Z In this article CCPR, a multidimensional framework for previous comparative performance evaluation is proposed, which is elaborated and illustrated through a real-life case. A particular feature of the approach is that it takes account of and corrects for the influence of risks, which are beyond the control of the decision maker. Here risk is seen as a multidimensional measure; it is expressed by means of sensitivities to unexpected changes of a multitude of risk factors. Furthermore, the approach corrects for differences in characteristics between the firms that are being compared. Some characteristics are fixed and thus uncontrollable for the decision maker, whereas others may be changed and controlled by the decision maker. The approach also answers whether the changes in firm characteristics made by management have been appropriate or not. http://repub.eur.nl/res/pub/6027/ 1996-08-23T00:00:00Z In this paper, we present a new model to analyze the risk and the expected level of firm performance. This model is based on the multi-factor approach to risk, in which unexpected performance is explained through sensitivities to unexpected changes of risk factors. Instead of using the multi-factor approach for the analysis of security portfolios, it is used to analyze performance measures of firms. In this paper the multi-factor approach is not only used to analyze risk, but also to analyze the expected level of performance. Furthermore, it is analyzed how instruments, as for instance projects, can be used to change the risk and the expected level of performance. An illustrative application in the field of finance is presented, although the model can also be applied in other areas. http://repub.eur.nl/res/pub/6024/ 1995-01-01T00:00:00Z http://repub.eur.nl/res/pub/6020/ 1994-07-01T00:00:00Z In this paper, we present a new way to visualize the results obtained with interfirm comparison. It will be shown how these results can be visualized even if the explanatory variable is explained by more than one firm characteristic. As a result, the new visualization method enables us to see at a single glance: which firm has the highest explanatory variable, what the expected value of the explanatory variable is given the firm's characteristics, what the corresponding values of its competitors are, and to what extent the different firm characteristics contribute to the firm's expected value of the explanatory variable. The method is illustrated by a numerical example concerning Dutch retail industries. http://repub.eur.nl/res/pub/6014/ 1994-03-01T00:00:00Z http://repub.eur.nl/res/pub/6023/ 1994-01-01T00:00:00Z http://repub.eur.nl/res/pub/31887/ 1993-12-01T00:00:00Z In this paper, a method is developed to evaluate firms on the basis of the risks they face. In accordance with the multi-factor method, risk is represented as a vector of sensitivities to unexpected changes of risk factors. Subsequently, the sensitivities themselves are related to firm characteristics. In addition, an application of the method to interfirm comparison is presented. This application is illustrated by a numerical example based on estimates concerning real data. Apart from this application, some other possible future applications are mentioned. Finally, some decision support tools are presented which may enhance the usefulness of the method in practice. http://repub.eur.nl/res/pub/10712/ 1993-01-01T00:00:00Z In the multi-factor method unexpected performance changes are explained by sensitivities for unexpected changes of risk factors. In this paper, the following concepts used in the multi-factor method are defined: unexpected performance, risk factor, sensitivity and instruments. Furthermore, the relation between these concepts is investigated. Special attention is given to the way in which various instruments affect the sensitivity and the probability density function of unexpected performance. http://repub.eur.nl/res/pub/6018/ 1993-01-01T00:00:00Z In this paper, a method is developed to evaluate firms on the basis of the risks they face. In accordance with the multi-factor method, risk is represented as a vector of sensitivities to unexpected changes of risk factors. Subsequently, the sensitivities themselves are related to firm characteristics. In addition, an application of the method to interfirm comparison is presented. This application is illustrated by a numerical example based on estimates concerning real data. Apart from this application, some other possible future applications are mentioned. Finally, some decision support tools are presented which may enhance the usefulness of the method in practice. http://repub.eur.nl/res/pub/6016/ 1992-01-01T00:00:00Z In this paper, a method is developed to evaluate firms on the basis of the risks they face. In accordance with the multi-factor method, risk is represented as a vector of sensitivities for unexpected changes of risk factors. Subsequently, the sensitivities themselves are related to firm characteristics. In addition, an application of the method to interfirm comparison is presented. This applicaiton is illustrated by a numerical example based on estimates concerning real data. Apart from this application, some other possible future applications are mentioned. Finally, some decision support tools are presented which may enhance the usefulness of the method in practice.