Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212254 
Year of Publication: 
2013
Series/Report no.: 
Bank of Finland Research Discussion Papers No. 14/2013
Publisher: 
Bank of Finland, Helsinki
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.
Subjects: 
Efficiency
insurance
stock returns
JEL: 
C22
C34
G22
Persistent Identifier of the first edition: 
ISBN: 
978-952-6699-28-8
Document Type: 
Working Paper

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