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| Author: | Leung, S. Zhao, R. |
| Title: | Economic Consequences of the Cancellation of Inner Reserves for Hong Kong Banks |
| Journal: | Review of Quantitative Finance and Accounting
2001 : JUL, VOL. 17:1, p. 45-62 |
| Index terms: | FINANCE BANKS ACCOUNTING HONG KONG |
| Language: | eng |
| Abstract: | This study examines the market response to the disclosure and elimination of inner reserves by Hong Kong banks resulting from a change in the regulatory reporting system. Test results show that despite a significant increase in the variability of bank earnings in the post- compared to the pre-disclosure period, there is no evidence of a significant increase in banks' systematic risk in the post-disclosure period. Earnings-returns association is significantly stronger in the post- than in the pre-disclosure period, indicating an improvement in the value relevance of reported earnings. Disclosure of inner reserve transfer is found to provide incremental information over reported earnings over a short disclosure window. |
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