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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