dominant 'big four' state-owned banks. This paper seeks to help predict the effects of this change by analysing the efficiency … efficiency. We present corroborating robustness checks and offer several credible mechanisms through which minority foreign … owners can increase Chinese bank efficiency. These findings suggest that minority foreign ownership of the big four is likely …

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 …