search query: @author Cornett, M. / total: 2
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| Author: | Cornett, M. |
| Title: | An investigation of capital market reactions to pronouncements on fair value accounting |
| Journal: | Journal of Accounting & Economics
1996 : AUG-DEC, VOL. 22:1-3, p. 119-154 |
| Index terms: | ACCOUNTING ECONOMICS CAPITAL MARKETS |
| Language: | eng |
| Abstract: | This paper examines the impact of twenty-three pronouncements related to fair value accounting (FVA) rules on equity prices of financial institutions. The results document that announcements that signal an increased (decreased) probability of issuance of FVA standards produce negative (positive) abnormal stock price reactions for sample banks. Further, the magnitude of the stock price reactions is negatively related to a bank's primary capital ratio and positively related to the ratio of the book value of the investment portfolio to total assets. |
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