Research Discussion Papers, Bank of Finland
Efficiency and stock returns: Evidence from the insurance industry
(), 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
Before downloading any of the electronic versions below
you should read our statement on
for viewing Postscript files and the
Acrobat Reader for viewing and printing pdf files.
Full text versions of the paper:
Questions (including download problems) about the papers in this series should be directed to Minna Nyman ()
Report other problems with accessing this service to Sune Karlsson ()
or Helena Lundin ().
Design by Joachim Ekebom