Efficiency and stock returns: evidence from the insurance industry

被引：17

作者：

Gaganis, Chrysovalantis ^{[1
]}

Hasan, Iftekhar ^{[2
,3
]}

Pasiouras, Fotios ^{[4
,5
]}

机构：

[1] Univ Crete, Dept Econ, Iraklion, Greece

[2] Fordham Univ, Sch Business, New York, NY 10023 USA

[3] Bank Finland, Helsinki, Finland

[4] Univ Surrey, Surrey Business Sch, Guildford GU2 5XH, Surrey, England

[5] Tech Univ Crete, Financial Engn Lab, Iraklion, Greece

来源：

JOURNAL OF PRODUCTIVITY ANALYSIS | 2013年 / 40卷 / 03期

关键词：

Efficiency; Insurance; Stock returns; RESEARCH-AND-DEVELOPMENT; LIFE-INSURANCE; TECHNICAL EFFICIENCY; FINANCIAL INSTITUTIONS; CORPORATE GOVERNANCE; RELATIVE EFFICIENCY; BANK EFFICIENCY; CANADIAN LIFE; PERFORMANCE; FRONTIER;

D O I：

10.1007/s11123-013-0347-x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：429 / 442

页数：14

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