This study investigates whether capital market values the efficiency of firms. 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...

This study uses a sample of foreign and domestic banks operating in Greece during 1999-2004 to examine the impact of ownership on efficiency. We estimate an input oriented data envelopment analysis (DEA) model under variable returns to scales with inputs and outputs selected on the basis of a...

We use a sample of acquired and non-acquired commercial banks from the principal EU markets and logistic regression analysis to investigate the relationship between bank characteristics and the likelihood to be acquired. The results indicate the existence of differences across countries either...