Efficiency and stock returns: evidence from the insurance industry

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.

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Year of publication:	2013
Authors:	Gaganis, Chrysovalantis ; Hasan, Iftekhar ; Pasiouras, Fotios
Publisher:	Helsinki : Bank of Finland
Subject:	Efficiency \| insurance \| stock returns

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Series:	Bank of Finland Research Discussion Papers ; 14/2013
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
ISBN:	978-952-6699-28-8
Other identifiers:	757637442 [GVK] hdl:10419/212254 [Handle] RePEc:zbw:bofrdp:rdp2013_014 [RePEc]
Classification:	C22 - Time-Series Models ; C34 - Truncated and Censored Models ; G22 - Insurance; Insurance Companies
Source:	EconStor

Persistent link: https://www.econbiz.de/10012148185