Purpose–Operational efficiency is one of the strategic concerns for bank management. The aim of our study is to investigate the effect of operational efficiency on banks' market valuation.Methodology–We empirically examine the way in which the financial market evaluates different efficiency...

Banking industry worldwide has been transformed due to globalization, financial liberalization, technological developments, government policies, deregulation of financial services, financial crises and increase in mergers and acquisitions since 1980. With these changes, there is a trend towards...