Efficiency and stock returns : evidence from the insurance industry
Gaganis, Chrysovalantis; Hasan, Iftekhar; Pasiouras, Fotios (13.08.2013)
Numero
14/2013Julkaisija
Bank of Finland
2013
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-20140807254Tiivistelmä
This study investigates whether the capital market values the efficiency of firms. After tracing stock returns and efficiency changes of 399 listed insurance firms in 52 countries during the 2002-2008 period, the paper reports a positive and statistically significant relationship between profit efficiency change and market adjusted stock returns. However, there is no robust evidence that cost efficiency change is associated with stock returns. Keywords: Efficiency, insurance, stock returns. JEL: C22 C34 G22
Julkaisuhuomautus
Published in Journal of Productivity Analysis, December 2013, Volume 40, Issue 3, pp 429-442