Efficiency and stock returns: evidence from the insurance industry
Chrysovalantis Gaganis (),
Iftekhar Hasan () and
Journal of Productivity Analysis, 2013, vol. 40, issue 3, 429-442
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. Copyright Springer Science+Business Media New York 2013
Keywords: Efficiency; Insurance; Stock returns; G220; D240 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:kap:jproda:v:40:y:2013:i:3:p:429-442
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