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Efficiency and stock returns: evidence from the insurance industry

Chrysovalantis Gaganis (), Iftekhar Hasan and Fotios Pasiouras

No 14/2013, Bank of Finland Research Discussion Papers from Bank of Finland

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 (search for similar items in EconPapers)
JEL-codes: C22 C34 G22 (search for similar items in EconPapers)
Date: 2013
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