Please use this identifier to cite or link to this item: http://hdl.handle.net/2381/4666
Title: Do Stock Markets Value Firm-Level Technical Efficiency? Some UK Evidence
Authors: Amess, Kevin
Girma, Sourafel
First Published: Aug-2004
Publisher: Dept. of Economics, University of Leicester
Abstract: An empirical model determining the relationship between changes in firm-level productivity and changes in firm value is estimated using an unbalanced panel of 706 public limited companies observed over the period 1996-2002. The main findings are: (1) changes in technical efficiency and labour productivity are reflected in changes in the value of manufacturing firms, and (2) changes in earnings per share and return on capital employed explain changes in the value of service sector firms but technical efficiency and labour productivity do not. For manufacturing firms, the evidence is consistent with the stock market valuing the adoption of better management practices that lead to better resource utilisation.
Series/Report no.: Papers in Economics
04/23
Links: http://www.le.ac.uk/economics/research/discussion/papers2004.html
http://hdl.handle.net/2381/4666
Type: Report
Appears in Collections:Reports, Dept. of Economics

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