1-3期

最新文章

• Reinsurance and the management of regulatory ratios and taxes in the property-casualty insurance industry AI翻译
  作者：Adiel, R
  摘要：Reinsurance transactions provide an immediate enhancement to insurers' earnings and equity. The study investigates the use of reinsurance for regulatory and tax purposes. Traditional and financial reinsurance are examined separately, since the latter does not transfer significant insurance risk to reinsurers, and is viewed by regulators primarily as a means for enhancing statutory and financial reports. Both a univariate analysis and a multiple regression analysis support the hypothesis that i...
• Value-relevance of banks' derivatives disclosures AI翻译
  作者：Venkatachalam, M
  摘要：This paper investigates the value-relevance of banks' derivatives disclosures provided under SFAS 119. The findings suggest that the fair value estimates for derivatives help explain cross-sectional variation in bank share prices and that the fair values have incremental explanatory power over and above notional amounts of derivatives. I also conduct cross-sectional tests to provide preliminary evidence on the usefulness of derivatives disclosures in examining banks' risk-management strategies...
• Abandoning the transactions-based accounting model: Weighing the evidence AI翻译
  作者：Lys, T
  摘要：I develop a benchmark for evaluating whether fair values disclosed by banks differ from investors' estimates of the market value of financial assets and liabilities. Using this benchmark, I conclude that the hypothesis that disclosed fair values closely approximate investors' estimates should be rejected. I present evidence suggesting that the procedure used in establishing fair values results in an understatement of the value of financial assets an an overstatement of liabilities. I also conc...
• Are disclosures about bank derivatives and employee stock options 'value-relevant'? AI翻译
  作者：Skinner, DJ
  摘要：The papers by Venkatachalam (1996) and Aboody (1996) provide some interesting evidence on issues that are important to accounting regulators as well as accounting academics. However, for econometric as well as economic reasons, there are limits to what we can learn from this type of research (cross-sectional 'levels' studies). Careful attention to methodological issues in this type of research design can reduce, but likely will not eliminate, these interpretational difficulties.
• Discretionary behavior with respect to allowances for loan losses and the behavior of security prices AI翻译
  作者：Beaver, WH; Engel, EE
  摘要：The study examines the capital market pricing of discretionary and nondiscretionary components of a major accrual in the banking industry, the allowance for loan losses. The analysis employs a two-stage approach in which the allowance account is first decomposed into estimates of its nondiscretionary and discretionary components. The second stage evaluates the market's valuation of the estimates of the components. Evidence suggests that the capital market perceives the allowance to be comprise...
• An investigation of capital market reactions to pronouncements on fair value accounting AI翻译
  作者：Cornett, MM; Rezaee, Z; Tehranian, H
  作者单位：Boston College; Southern Illinois University System; Southern Illinois University; Middle Tennessee State University
  摘要：This paper examines the impact of twenty-three pronouncements related to fair value accounting (FVA) rules on equity prices of financial institutions. The results document that announcements that signal an increased (decreased) probability of issuance of FVA standards produce negative (positive) abnormal stock price reactions for sample banks. Further, the magnitude of the stock price reactions is negatively related to a bank's primary capital ratio and positively related to the ratio of the b...
• Earnings, regulatory capital, and tax management: Comments AI翻译
  作者：Shackelford, DA
  摘要：In the preceding papers, Beaver and Engel and Adiel investigate managerial discretion in the financial services industry. This comment evaluates the contribution and limitations of both papers and suggests avenues for further extensions.
• Dividend-based earnings management: Empirical evidence from Finland AI翻译
  作者：Kasanen, E; Kinnunen, J; Niskanen, J
  摘要：For the first time in the literature, we provide evidence of dividend-based earnings management. The credibility of the contracting view of earnings management is enhanced by studies in different institutional settings. In this paper, the institutional setting is a debt-dominated capital market. On one hand, the implicit contract driving the earnings management behavior in our (keiretsu-type) financial environment is the smooth dividend stream expected by the large institutional equity holders...
• Market valuation of employee stock options AI翻译
  作者：Aboody, D
  摘要：This study investigates whether investors incorporate the value of a firm's outstanding employee stock options into its stock price. I estimate the outstanding options' value for a sample of firms for which outstanding fixed options exceed 5% of outstanding common shares in 1988. I find a negative correlation between the value of outstanding options and a firm's share price. The correlation is stronger (i) for the option's intrinsic value than for the option's time value, (ii) for options that...
• Fair value disclosures by bank holding companies AI翻译
  作者：Eccher, EA; Ramesh, K; Thiagarajan, SR
  作者单位：University of Rochester; Massachusetts Institute of Technology (MIT); Northwestern University
  摘要：This paper examines the value relevance of fair value data disclosed under SFAS 107 by banks for 1992 and 1993. Collectively, the evidence suggests differences between fair and book values of financial instruments are associated with market-to-book ratios. However, fair value disclosures for financial instruments other than securities are value-relevant only in limited settings. In addition, only in 1992 are fair value variables associated with market-to-book ratios after incorporating existin...