An investigation of capital market reactions to pronouncements on fair value accounting

被引：23
作者：
Cornett, MM
Rezaee, Z
Tehranian, H
机构：
[1] BOSTON COLL, CARROLL SCH MANAGEMENT, CHESTNUT HILL, MA 02167 USA
[2] SO ILLINOIS UNIV, COLL BUSINESS ADM, CARBONDALE, IL 62901 USA
[3] MIDDLE TENNESSEE STATE UNIV, COLL BUSINESS, MURFREESBORO, TN 37132 USA
来源：
JOURNAL OF ACCOUNTING & ECONOMICS | 1996年 / 22卷 / 1-3期
关键词：
fair value accounting; SFAS; 115; bank regulation;
D O I：
10.1016/S0165-4101(96)00440-5
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
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 book value of the investment portfolio to total assets and the ratio of the difference between the market and book value of the investment portfolio to total assets.
引用
收藏
页码：119 / 154
页数：36
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