Top performing banks: the benefits to investors |
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Authors: | Greg Filbeck Dianna Preece Xin Zhao |
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Affiliation: | 1. Black Family Professor of Insurance and Risk Management, Sam and Irene Black School of Business, Penn State Erie, 286 Burke, Erie, PA, 16563, USA 2. College of Business, University of Louisville, Louisville, KY, 40292, USA
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Abstract: | In this study, we examine whether superior accounting performance as reported in the annual ABA Banking Journal Top Performing Banks survey translates into higher investor returns. We observe that the announcement effect is more pronounced during the early years of the survey. For the entire survey period and for later sub-periods in which bank holding companies (BHCs) are ranked based on return on equity (ROE), we observe statistically-significant superior holding period returns against both the S&P 500 index and in some cases a matched sample. These results include raw and risk-adjusted returns as well as buy and hold abnormal returns (BHARs). We obtain similar results after controlling for the market return, size, book-to-market ratio, and momentum factors. |
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