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  • 标题:Bank efficiency and stock returns
  • 本地全文:下载
  • 作者:David Sarpong ; Ernest Christian Winful ; Jones Ntiamoah
  • 期刊名称:Journal of Economics and International Finance
  • 电子版ISSN:2006-9812
  • 出版年度:2017
  • 卷号:9
  • 期号:2
  • 页码:12-18
  • DOI:10.5897/JEIF2016.0805
  • 语种:English
  • 出版社:Academic Journals
  • 摘要:Increased competition and globalization have made it imperative for banks to achieve high efficiency in order to generate required returns. This paper investigates the relationship between bank efficiency estimates, derived from both Stochastic Frontier Approach (SFA) and Data Envelopment Analysis (DEA) and share prices of banks listed on the Ghana stock exchange. The results give an indication that changes in cost and profit efficiency are reflected in stock performance and that efficiency is directly observed by the public and reflected in share prices, though SFA efficiency scores are not reflected in share prices as being equally important as compared to DEA efficiency scores.
  • 关键词:Efficiency;share price changes;Stochastic Frontier Approach (SFA);data envelopment analysis (DEA)
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