Efficiency and stock returns: evidence from the insurance industry

被引：0
|
作者：
Chrysovalantis Gaganis
Iftekhar Hasan
Fotios Pasiouras
机构：
[1] University of Crete,Department of Economics
[2] University of Surrey,Surrey Business School
[3] Fordham University,Schools of Business
[4] Bank of Finland,Financial Engineering Laboratory
[5] Technical University of Crete,undefined
来源：
Journal of Productivity Analysis | 2013年 / 40卷
关键词：
Efficiency; Insurance; Stock returns; G220; D240;
D O I：
暂无
中图分类号：
学科分类号：
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.
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页码：429 / 442
页数：13
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