Efficiency and Stock Returns: Evidence from the Insurance Industry
Journal of Productivity Analysis, Forthcoming
Posted: 21 Jun 2013
There are 2 versions of this paper
Efficiency and Stock Returns: Evidence from the Insurance Industry
Bank of Finland Research Discussion Paper No. 14/2013
Number of pages: 36
Posted: 26 Sep 2013
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110
Date Written: June 16, 2013
Abstract
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 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
Suggested Citation: Suggested Citation
Gaganis, Chrysovalantis and Hasan, Iftekhar and Pasiouras, Fotios, Efficiency and Stock Returns: Evidence from the Insurance Industry (June 16, 2013). Journal of Productivity Analysis, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2280048
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