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Efficiency and stock returns: evidence from the insurance industry |
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| Authors: | Chrysovalantis Gaganis Iftekhar Hasan Fotios Pasiouras |
| Affiliation: | 1. Department of Economics, University of Crete, Crete, Greece 3. Schools of Business, Fordham University, New York, USA 4. Bank of Finland, Helsinki, Finland 2. Surrey Business School, University of Surrey, Guildford, UK 5. Financial Engineering Laboratory, Technical University of Crete, Crete, Greece |
| 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. |
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