کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7340618 | 1476150 | 2012 | 8 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Information content and the contractual nature of hedging derivative incomes
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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چکیده انگلیسی
In a sample of 87 banks representing 631 bank-years for the period 1996-2003, we examine whether information content of hedging derivative incomes is predicated on the contractual nature of the derivative. Of particular interest are the different abnormal trading volume reactions to incomes arising from executory contracts (i.e., cash flow and net investment hedges) and incomes arising from nonexecutory contracts (i.e., fair value hedges). We find a positive and significant relationship between two alternative measures of abnormal trading volume and incomes arising from cash flow and net investment hedges. The results are robust in an equity valuation framework. Our findings suggest that derivative incomes are informative, notably those incomes that are related to executory contracts. An implication for standard setters is that the complex rules for disaggregating incomes on hedging derivatives provide valuable information to the market.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Advances in Accounting - Volume 28, Issue 2, December 2012, Pages 218-225
Journal: Advances in Accounting - Volume 28, Issue 2, December 2012, Pages 218-225
نویسندگان
Jack W. Dorminey, Barbara Apostolou,