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1.
Publicly traded versus privately held: implications for conditional conservatism in bank accounting 总被引:1,自引:0,他引:1
Compared with privately held banks, publicly traded banks face greater agency costs because of greater separation of ownership
and control but enjoy greater benefits from access to the equity capital market. Differences in control and capital market
access influence public versus private banks’ accounting. We predict and find that public banks exhibit greater degrees of
conditional conservatism (asymmetric timeliness of the recognition of losses versus gains in accounting income) than private
banks. We predict and find that public banks recognize more timely earnings declines, less timely earnings increases, and
larger and more timely loan losses. Although public ownership gives managers greater ability and incentive to exercise income-increasing
accounting, our findings show that the demand for conservatism dominates within public banks and that the demand for conservatism
is greater among public banks than private banks. Our results provide insights for accounting and finance academics, bank
managers, auditors, and regulators concerning the effects of ownership structure on conditional conservatism in banks’ financial
reporting.
相似文献
James M. WahlenEmail: |
2.
Home Equity,Household Savings and Consumption 总被引:1,自引:0,他引:1
The home-owning family’s equity is a piggybank that can be broken open by borrowing. Each borrowing increases liabilities
and cash equally, initially leaving net wealth unchanged. When those funds are spent and cash balances fall, consumption increases
even as net wealth can decline. In a dynamic optimization, the marginal propensity to consume from net wealth is not always
positive and can be positively correlated with housing debt.
相似文献
P. ChinloyEmail: |
3.
Bank Competition and Financial Stability 总被引:4,自引:3,他引:1
Allen N. Berger Leora F. Klapper Rima Turk-Ariss 《Journal of Financial Services Research》2009,35(2):99-118
Under the traditional “competition-fragility” view, more bank competition erodes market power, decreases profit margins, and
results in reduced franchise value that encourages bank risk taking. Under the alternative “competition-stability” view, more
market power in the loan market may result in higher bank risk as the higher interest rates charged to loan customers make
it harder to repay loans, and exacerbate moral hazard and adverse selection problems. The two strands of the literature need
not necessarily yield opposing predictions regarding the effects of competition and market power on stability in banking.
Even if market power in the loan market results in riskier loan portfolios, the overall risks of banks need not increase if
banks protect their franchise values by increasing their equity capital or engaging in other risk-mitigating techniques. We
test these theories by regressing measures of loan risk, bank risk, and bank equity capital on several measures of market
power, as well as indicators of the business environment, using data for 8,235 banks in 23 developed nations. Our results
suggest that—consistent with the traditional “competition-fragility” view—banks with a higher degree of market power also
have less overall risk exposure. The data also provides some support for one element of the “competition-stability” view—that
market power increases loan portfolio risk. We show that this risk may be offset in part by higher equity capital ratios.
相似文献
Rima Turk-ArissEmail: |
4.
Richard J. Buttimer Jr. Steven P. Clark Steven H. Ott 《The Journal of Real Estate Finance and Economics》2008,36(1):81-102
We model and examine the financial aspects of the land development process incorporating the industry practice of preselling
lots to builders through the use of option contracts as a risk management technique. Using contingent claims valuation, we
are able to determine endogenously the land value, presale option value, credits spreads and the effects of presales on debt
pricing and equity expected returns. We show that using presales options effectively shift market risk from the land developer
to the builder. Results from the model are consistent with the high rates of return on equity observed in empirical surveys;
they also suggest that developers may be justified in pursuing projects with substantially lower expected returns to equity
when a large number of lots can be presold. Additionally, we show that presales reduce default risk dramatically for leveraged
projects and can support a considerable reduction in the cost of construction financing. Large debt risk premiums are justified
for highly levered projects, which helps explain the use of mezzanine financing in the land development industry to reduce
expected default costs.
相似文献
Steven H. OttEmail: |
5.
Marc-Gregor Czaja Hendrik Scholz Marco Wilkens 《Review of Quantitative Finance and Accounting》2009,33(1):1-26
We investigate here the sensitivity of the equity values of a large sample of German financial institutions to movements in
the term structure of interest rates. While similar approaches rely on a single interest rate factor only, we quantify the
exposure to changes in level, slope, and curvature, which are the driving factors of term structure changes. Our main findings
are: (i) banks and insurances are exposed to level and curvature changes but only marginally to slope movements; (ii) the
interest rate risk exposure depends on the banking sector investigated; (iii) level and curvature changes are priced in the
cross-section of stock returns.
相似文献
Marco WilkensEmail: |
6.
Investment opportunities,free cash flow,and stock valuation effects of secured debt offerings 总被引:1,自引:1,他引:0
Shao-Chi Chang Sheng-Syan Chen Ailing Hsing Chia Wei Huang 《Review of Quantitative Finance and Accounting》2007,28(2):123-145
This paper examines the role of investment opportunities and free cash flow in explaining the source of the stock valuation
effects of secured debt offerings. We find a significantly positive relation between a firm's investment opportunities and
its stock price response to announcements of secured debt issues. This evidence supports the investment opportunities hypothesis
that secured debt financing is more valuable for issuing firms with high growth opportunities. In contrast, we find a lack
of support for the free cash flow hypothesis. These findings hold even after controlling for other potentially influential
variables. Our study provides a better understanding of the relative importance of various potential determinants in explaining
the variation in the valuation impact of secured debt issues.
相似文献
Chia Wei HuangEmail: |
7.
Sema Bayraktar 《Review of Quantitative Finance and Accounting》2009,32(2):169-195
This article derives international equity pricing relations by taking into account inflationary exchange risk under various
forms of market segmentation/integration. In a mean-variance framework, a two-country, two-period, two-goods model is analyzed
under three different market structures: segmented, mildly segmented and integrated. It is found that as long as investors
are consuming imported goods, in the presence of market frictions, inflationary exchange risk is an important determinant
of real equity prices. This is the case because inflationary exchange rate affects the real purchasing power of investors.
相似文献
Sema BayraktarEmail: |
8.
Hong Zou Chuanhou Yang Mulong Wang Minglai Zhu 《Review of Quantitative Finance and Accounting》2009,33(2):113-139
This article examines the effect of organizational forms on corporate dividend decisions by exploring the differences in dividend
payout ratios between mutual and stock property–liability (P–L) insurers in the US. Our large sample evidence suggests: (1)
mutual insurers tend to have a lower dividend payout ratio than stock insurers and the observed difference is about 4% points,
holding other factors constant; (2) mutual insurers tend to adjust dividend payout ratios toward their long-run target levels
more slowly than stock firms. These results are consistent with the capital constraints and/or greater agency costs of equity
in mutual insurers.
相似文献
Minglai ZhuEmail: |
9.
Ruey S. Tsay Yi-Mien Lin Hsiao-Wen Wang 《Review of Quantitative Finance and Accounting》2008,31(4):331-358
The paper uses Ohlson (Contemp Account Res 11:661–687, 1995) and compares the relative predictability of the proposed simultaneous
model for contemporaneous stock price with a traditional single equation model used by the previous studies. The paper also
explores how residual income and value-relevant information affect firms’ equity price. The main results of the paper suggest
that the predictive ability and estimation efficiency of the simultaneous models in explaining contemporaneous stock prices
are better than those of the traditional single models. Moreover, investors will use the value-relevant information beyond
accounting earnings, namely analysts’ earnings forecasts, bankruptcy cost and agency cost, in equity valuation to make decision.
Note particularly, the higher the bankruptcy or agency cost is, the more important the role it plays in equity valuation and,
on average, the higher the accuracy of price prediction is.
相似文献
Hsiao-Wen WangEmail: |
10.
We report new findings on bank efficiency in East Asian countries for the pre- and post-IMF restructuring periods. We find
that bank efficiency has improved, but only to the pre-IMF intervention level, and that restructured banks are not more efficient
than their unrestructured counterparts. Different restructuring measures have different effects. Bank closures are economically
justified, but mergers show short-term efficiency losses. Recapitalization and reprivatization of badly performing banks lead
to efficiency improvement, but also increase government ownership. Ease of entry that has allowed for more foreign bank participation
results in slightly improved performance of badly performing banks.
相似文献
Luc Can (Corresponding author)Email: |
11.
John J. Maher Robert M. Brown Raman Kumar 《Review of Quantitative Finance and Accounting》2008,31(2):167-189
We examine the valuation effects of overall demand for corporate equities combined with the influence of abnormal earnings
and unexpected funds flow. Our results indicate that the expected and unexpected net new total flow of funds into all stock
mutual funds do not by themselves have a meaningful effect on firm equity valuation. However, we find the combination of unexpected
funds flow and realized abnormal earnings have significant and important valuation effects. Importantly, the valuation impact
is greatest for those firms with high earnings growth potential that also operate in an environment characterized by high
information asymmetry.
相似文献
Raman KumarEmail: |
12.
Asset Price Spillover,Collateral and Crises: with an Application to Property Market Policy 总被引:1,自引:0,他引:1
Nan-Kuang Chen Charles Ka Yui Leung 《The Journal of Real Estate Finance and Economics》2008,37(4):351-385
This paper studies the impact of land supply elasticity and land use regulation. For sufficiently adverse shocks constrained
entrepreneurs liquidate their assets for debt repayment. This effect can spillover to the residential property market. A crisis
occurs when households are forced to default on their mortgages as well. While both converting costs and land use regulation
tend to magnify the effect of adverse shock, the former generates an asymmetric effect between a positive and a negative shock
on the land market, and the latter tends to raise the likelihood of a crisis, by raising the threshold value of liquidation.
相似文献
Charles Ka Yui LeungEmail: |
13.
Ling Chu Robert Mathieu Sean Robb Ping Zhang 《Review of Quantitative Finance and Accounting》2007,28(2):147-162
In this paper, we provide evidence that banks with a low level of capitalization have reduced their commitment with respect
to lines of credit after the introduction of the Basle Accord. A bank's lending behavior reflects its level of commitment
towards borrowers, which in turn affects the level of effort it exerts on screening and monitoring the activities of borrowers.
We find that the post-Basle Accord market reaction to the announcement of lines of credit issued by banks with a low level
of capitalization is significantly lower than the reaction to other types of bank credit announcements. We interpret this
result as evidence that some banks have a low level of commitment associated with lines of credit after the Basle Accord.
相似文献
Sean RobbEmail: |
14.
We provide an empirical support for theories of lender specialization using the recently developed market for Debtor-in-Possession
(DIP) financing. The legal environment in which DIP financing operates represents a natural laboratory for testing determinants
of lending specialization (e.g. lender choice). We find that the choice of lender is not driven by credit risk, but by information
considerations and that this lending specialization has loan pricing effects. In short, banks (non-bank lenders) lend to more
(less) transparent firms and at lower (higher) loan spreads. Our results are consistent with the interpretation that banks
provide important and useful services.
相似文献
Gabriel G. Ramirez (Corresponding author)Email: |
15.
The relationship between (a) private and public equity market valuations and (b) financial statement information is examined
for a sample of 502 venture capital backed companies from six different industries over the 1993–2003 period. Financial statement
information explains a sizable component of the levels of and changes in valuation in both the Pre-IPO and Post-IPO periods.
The findings support prior research for Post-IPO companies that revenues are value enhancing and costs are value diminishing.
For the Pre-IPO period, we find that cost of sales; sales, marketing, general and administrative; and research and development
are value enhancing—even when revenues are included in the analysis. This is consistent with costs incurred by early-stage,
venture-backed companies having a strong “investment aspect” as the companies build a platform/infrastructure to grow revenue
and validate their business model(s). We document the growth of early stage companies for revenues and costs in both calendar
time (by round of private equity financing) and event time (relative to their eventual IPO).
相似文献
George FosterEmail: |
16.
Stefan Neher 《Financial Markets and Portfolio Management》2007,21(4):471-485
In this paper, the equity distribution of the free float of shareholders and shares is examined at six different Swiss cantonal
banks. The percentage of shareholders and shares held in the home canton of a given cantonal bank is significantly higher
than compared to the averages of the rest of the cantonal banks. When scaling this data to the population/legal entities in
a given canton, in all cases (excluding outlier data from the smallest of Swiss cantons), the shareholder and share ratio
is much higher for the home canton than the rest of the cantons. We also see some evidence that the scaled shareholder and
share ratio is higher at neighboring cantons compared to the rest of Swiss cantons; it is significantly so in two cases. Lastly,
we also see some evidence that the scaled shareholder and share ratio is higher at cantons that speak the same language compared
to cantons that speak a different language for a given cantonal bank; it is significantly so in about half the shareholder
and one third of the share distribution data.
相似文献
Stefan NeherEmail: |
17.
Vincenzo Chiorazzo Carlo Milani Francesca Salvini 《Journal of Financial Services Research》2008,33(3):181-203
Using annual data from Italian banks, we study the link between non-interest revenues and profitability. We find that income
diversification increases risk-adjusted returns. Our results provide econometric evidence consistent with current studies
on EU banks, but do not support findings on the U.S. experience. In our view, the differences depend primarily on the relative
importance of local banks: we find that the relation is stronger at large banks. In addition, we find that there are limits
to diversification gains as banks get larger. Small banks can make gains from increasing non-interest income, but only when
they have very little non-interest income share to start with. The source of non-interest income is less important than its
level.
相似文献
Francesca SalviniEmail: |
18.
Seow Eng Ong Tien Foo Sing Alan Hwee Loon Teo 《The Journal of Real Estate Finance and Economics》2007,35(3):253-280
This paper extends the extant literature in understanding the effects of equity and debt on delinquency and default by focusing
on a variant of borrower equity where part of equity is “protected”. The CPF scheme in Singapore stipulates that the refund
of borrower’s retirement funds utilized for property purchase prior to September 2002 takes priority over loan obligations.
A decision to utilize CPF for property purchase actually increases ex post delinquency and default risk as it effectively
reduces cash equity commitment. In particular, any erosion in house value that places protected equity at risk translates
into potential wealth reduction or financial liability for the borrower. While loss aversion is evident for non-distressed
sellers, the effect of equity losses for distressed borrowers is not as clear. Our research suggests that averting losses
in committed equity may be a secondary consideration for borrower subject to income shocks, recognizing that delinquency and
default are precursors to foreclosure. Interestingly, we find that the borrowers are strongly averse to incurring protected
equity-induced wealth loss or financial liability. This study suggests that the first-lien “anomaly” associated with CPF refund
may reduce delinquency and default risks for mortgage backed securities.
相似文献
Seow Eng OngEmail: |
19.
Heterogeneous multiple bank financing: does it reduce inefficient credit-renegotiation incidences? 总被引:1,自引:0,他引:1
Christina E. Bannier 《Financial Markets and Portfolio Management》2007,21(4):445-470
Small and medium-sized firms often obtain capital via a mixture of relationship and arm’s-length bank lending. We show that
such heterogeneous multiple bank financing leads to a lower probability of inefficient credit foreclosure than both monopoly
relationship lending and homogeneous multiple bank financing. Yet, in order to reduce hold-up and coordination-failure risk,
the relationship bank’s fraction of total firm debt must not become too large. For firms with intermediate expected profits,
the probability of inefficient credit-renegotiation is shown to decrease along with the relationship bank’s information precision.
For firms with extremely high or extremely low expected returns, however, it increases.
相似文献
Christina E. BannierEmail: |
20.
This article introduces the 2007 Maastricht-Cambridge-MIT Symposium articles in this special issue. The introduction not only
briefly describes each of the four articles from that symposium included in this special issue, but also describes the symposium
including links to other papers and presentations of the symposium not published in this issue.
相似文献
David Geltner (Corresponding author)Email: |