期刊名称:Bank of Finland Research Discussion Papers (früher: Bank of Finland Discussion Papers)
印刷版ISSN:0785-3572
电子版ISSN:1456-6184
出版年度:2013
卷号:2013
出版社:Suomen Pankki = Bank of Finland
摘要: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.