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• Accounting rules and the signaling properties of 20 percent stock dividends AI翻译
  作者：Rankine, GW; Stice, EK
  作者单位：Hong Kong University of Science & Technology
  摘要：Stock dividends which increase outstanding shares by less than 25 percent require a transfer from retained earnings of the market value of the new shares, a much larger transfer than that required for stock dividends of 25 percent or more. Choosing a distribution factor near, but below, 25 percent may be an indication of management optimism that future income will replenish retained earnings, avoiding constraints on future cash distributions. In this study, firms declaring 20 percent and 25 pe...
• Differential valuation implications of loan loss provisions across banks and fiscal quarters AI翻译
  作者：Liu, CC; Ryan, SG; Wahlen, JM
  作者单位：New York University; University of North Carolina; University of North Carolina Chapel Hill
  摘要：Prior research has found that loan loss provisions are positively associated with bank stock returns and future cash flows, conditional on less discretionary information about loan default. We find that these positive valuation implications obtain only for loan loss provisions for low regulatory capital ban ks in the fourth fiscal quarter. Our regulatory capital-based tests are motivated by the idea that increased discretionary loan loss provisions are plausibly good news only for banks which ...