政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/78228

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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/78228

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/78228

Title:	Differential valuation implication of loan loss provisions across banks and fiscal quarters
Authors:	Liu, Chi-Chun;Ryan, Stephen G.;Wahlen, James M.
Contributors:	財管系
Keywords:	Banks;Cash flows`Loan loss provisionsStock returns
Date:	1997-01
Issue Date:	2015-09-03 14:48:41 (UTC+8)
Abstract:	Prior research has found that loan loss provisions are positively associated with bank stock returns and future cash flows, conditional on less discretionary information about loan default. We find that these positive valuation implications obtain only for loan loss provisions for low regulatory capital banks in the fourth fiscal quarter. Our regulatory capital-based tests are motivated by the idea that increased discretionary loan loss provisions are plausibly good news only for banks which appear to have loan default risk problems based on prior information. Our fiscal quarter tests are motivated by findings in prior literature that suggest that managers have incentives to delay income decreasing accruals until the fourth quarter when the audit occurs, implying that income decreasing accruals are more likely, and therefore more expected, in the fourth quarter than in other fiscal quarters (Mendenhall and Nichols 1988; Boyd et al. 1994).
Relation:	Accounting Review, 72(1), 133-146
Data Type:	article
Appears in Collections:	[財務管理學系] 期刊論文

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