Gaganis, Chrysovalantis; Hasan, Iftekhar; Pasiouras, Fotios - In: Journal of Productivity Analysis 40 (2013) 3, pp. 429-442
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 …