کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5091430 | 1375679 | 2006 | 30 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The market value impact of operational loss events for US banks and insurers
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: The market value impact of operational loss events for US banks and insurers The market value impact of operational loss events for US banks and insurers](/preview/png/5091430.png)
چکیده انگلیسی
This paper conducts an event study analysis of the impact of operational loss events on the market values of banks and insurance companies, using the OpVar database. We focus on financial institutions because of the increased market and regulatory scrutiny of operational losses in these industries. The analysis covers all publicly reported banking and insurance operational risk events affecting publicly traded US institutions from 1978 to 2003 that caused operational losses of at least $10 million - a total of 403 bank events and 89 insurance company events. The results reveal a strong, statistically significant negative stock price reaction to announcements of operational loss events. On average, the market value response is larger for insurers than for banks. Moreover, the market value loss significantly exceeds the amount of the operational loss reported, implying that such losses convey adverse implications about future cash flows. Losses are proportionately larger for institutions with higher Tobin's Q ratios, implying that operational loss events are more costly in market value terms for firms with strong growth prospects.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 30, Issue 10, October 2006, Pages 2605-2634
Journal: Journal of Banking & Finance - Volume 30, Issue 10, October 2006, Pages 2605-2634
نویسندگان
J. David Cummins, Christopher M. Lewis, Ran Wei,