共查询到20条相似文献,搜索用时 0 毫秒
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We examine the impact of a scandal on the information content in the “Heard on the Street” column of the Wall Street Journal. Following the scandal in 1984, the column is found to have a reduced impact on stock prices for both buy and sell recommendations. However, the stock price response to information later published in the column before the publication day is smaller for the post-scandal period. This result suggests that after the scandal, editors and authors may have become more cautious in guarding against information leaks in the column. The scandal does not appear to have changed the impact of the column on trading volume. 相似文献
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Kenneth A. Carow 《The Journal of Financial Research》1999,22(1):15-28
When entering a new security market, investment banks must establish their reputation. This is done through direct experience in the security market or through reputational capital established in existing security markets. I examine the effects of underwriters' market reputation in publicly underwritten offerings in forty-three financial innovations and find more significant entry barriers for less prestigious underwriters. An analysis of underwriting spreads reveals first-issue pricing advantages due to reputational capital. Unlike the more prestigious underwriters, the less prestigious underwriters reduce spreads upon first entry into each new security market to overcome their lack of market reputation. 相似文献
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Mostafa M. Maksy 《Accounting & Finance》1984,24(1):33-50
Both in the U.S. and abroad, certain large companies are required to report accounting data adjusted for the effect of changing prices. This study investigated the role of such adjusted accounting data in corporate risk analysis. Loan decision situations were constructed for a firm whose income from continuing operations reported in accordance with Statement of Financial Accounting Standard No. 33 (SFAS 33) was drastically reduced. Questionnaires were mailed to 1,050 randomly selected bank lending officers (BLOs) in 240 banks in 40 states and the District of Columbia. A group of BLOs received no SFAS 33 data and served as a control. While most of the responding BLOs did not seem to use SFAS 33 data in making their decisions, those who reported that they used such data reached significantly different decisions from those of the control group. More specifically, the users evaluated the firm twice as risky and recommended significantly lower loans than the control group with respect to both short-term and long-term loans. Furthermore, the users spent significantly more time in data analysis and decision making than the control group. 相似文献
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Larry G. Perry Glenn V. Henderson Timothy P. Cronan 《The Journal of Financial Research》1984,7(1):27-36
Previous statistical models designed to predict bond ratings use a variety of financial data and ratios; however, the possible effect of the industry in which the firms operate is generally disregarded. Although the exact bond rating process used by the rating agencies is not known, industry analysis is an important component of the process. This study evaluates the use of industry-specific multiple discriminant functions for predicting bond ratings. The results support using such a technique. 相似文献
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There is evidence that standard setting bodies see the promotion of uniformity of accounting practice as a major objective in setting accounting standards. However, recently issued standards in respect of the accounting treatment of research and development costs allow corporate managers considerable choice in accounting for these costs. An examination of the circumstances surrounding the development of the RB.211 engine by Rolls Royce Limited during the years 1967-70 is undertaken to determine the extent to which different practices may be employed in accounting for research and development costs under the U.K. and International accounting standards. Evidence adduced from this examination suggests that the management of Rolls Royce Limited could have complied with the requirements of these accounting standards and still have been free to expense or capitalise the costs incurred on the RB.211 project. 相似文献
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