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Bank of Finland Research Discussion Papers, Bank of Finland

No 14/2013:
Efficiency and stock returns: Evidence from the insurance industry

Chrysovalantis Gaganis (), Iftekhar Hasan () and Fotios Pasiouras ()

Abstract: 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; (follow links to similar papers)

JEL-Codes: C22; C34; G22; (follow links to similar papers)

33 pages, August 16, 2013

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