Performance Evaluation of Stocks in Different Time Periods under Uncertainty: Fuzzy Window Data Envelopment Analysis Approach

The purpose of the present study is to provide a fuzzy window data envelopment analysis (FWDEA) model in order to financial performance evaluation of stocks over different time periods under the uncertainty of the data. In other words, in this research, we will try to present a new approach to assess the stock's performance with the ability to be implemented in the presence of uncertain panel data. Because the use of information about several time periods rather than a time period, as well as taking into account the uncertainty in the data, can lead to more reliable results in the process of stock evaluation. It is necessary to explain that in modeling and presenting the mentioned approach, data envelopment analysis, window analysis and possibilistic programming have been used. Finally, the fuzzy window data envelopment analysis model was implemented on 5 stocks of the chemical industry in Tehran stock exchange for four periods from 2013 to 2016, and the results indicate that the FWDEA method is effective.