Inter-industry differences in layoff announcement effects for financial institutions

被引：1
作者：
Cagle J.A.B. [1 ]
Sen A. [2 ]
Pawlukiewicz J.E. [1 ]
机构：
[1] Department of Finance, Xavier University, Cincinnati, OH 45207
[2] Department of Economics, Xavier University, Cincinnati, OH 45207-3212
来源：
Journal of Economics and Finance | 2009年 / 33卷 / 1期
关键词：
Bank Holding Company; Governance; Layoffs;
D O I：
10.1007/s12197-008-9062-2
中图分类号：
学科分类号：
摘要：
This study expands the examination of workforce layoffs by banks to include non-bank financial institutions and explores inter-industry differences in market reactions to layoff announcements. In examining inter-industry differences, we control for variables that influence the market's reaction to a layoff announcement, such as firm size, the size of the layoff, the reason given for the layoff, and the governance structure of the firm. We provide evidence of inter-industry differences in market reaction to layoff announcements by financial institutions, with banks experiencing more favorable stock-price reactions than other types of regulated firms. These results provide evidence that bank regulation reduces asymmetric information surrounding managerial announcements to a greater degree than the regulation of other types of financial institutions. © 2008 Springer Science+Business Media, LLC.
引用
收藏
页码：100 / 110
页数：10
相关论文
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