SoleCRISTransition linkFrontpageTransition linkInstructionsTransition linkLogin Bank of Finland

A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
This is the view page of publication. On this page you can view basic information of publication or go back on previous page using back-action on the bottom of the page. If you want to move to edit the information of publication, use the actions on the bottom of the page or continue using the system from menu.

Efficiency and stock returns: evidence from the insurance industry, Journal of Productivity Analysis 3; December (2013). Gaganis, Chrysovalantis; Hasan, Iftekhar; Pasiouras, Fotios

Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Gaganis, Chrysovalantis; Hasan, Iftekhar; Pasiouras, Fotios 
Number of authors
Status Published
Year of publication 2013 
Date 01.12.2013 
Name of article Efficiency and stock returns: evidence from the insurance industry 
Name of journal Journal of Productivity Analysis
Volume of issue 40 
Number of issue 3; December 
Pages 429-442 
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.
Free text descriptor in English Efficiency; Insurance; Stock returns 
JEL-codes G22; D24 
ISSN / e-ISSN 0895-562X 
auki Internet addresses
Additional information First Online: 28 April 2013
Notes BoF DP 14/2013 

Related publications