Efficiency and stock returns : evidence from the insurance industry

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Title: Efficiency and stock returns : evidence from the insurance industry
ISBN: 978-952-6699-28-8
Author: Gaganis, Chrysovalantis ; Hasan, Iftekhar ; Pasiouras, Fotios
Organization: Bank of Finland
Series: Bank of Finland Research Discussion Papers
ISSN: 1456-6184
Series year: 2013
Series number: 14/2013
Year of publication: 2013
Publication date: 13.8.2013
Published in: Published in Journal of Productivity Analysis, December 2013, Volume 40, Issue 3, pp 429-442
DOI: 10.1007/s11123-013-0347-x
Pages: 36 s.
Keywords: tehokkuus; yritykset; vakuutuslaitokset; osakkeet; tuotot; kustannukset; vakuutus;
JEL: C22; C34; G22
Abstract: 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. Keywords: Efficiency, insurance, stock returns. JEL: C22 C34 G22
Note: Ilmestynyt myös Journal of productivity analysis 04/2013
Rights: https://helda.helsinki.fi/bof/copyright


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