Bank Disclosure and Market Assessment of Financial Fragility: Evidence from Turkish Banks’ Equity Prices
In this paper we explore whether Turkish banks with worsening indicators of financial fragility were subject to market monitoring during the years leading to the 2000/2001 crisis, and how the quality and timeliness of the disclosure affect market reaction. We find that shareholders reacted negativel...
Gespeichert in:
| Veröffentlicht in: | Journal of financial services research 2010-06, Vol.37 (2-3), p.159-178 |
|---|---|
| Hauptverfasser: | , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 178 |
|---|---|
| container_issue | 2-3 |
| container_start_page | 159 |
| container_title | Journal of financial services research |
| container_volume | 37 |
| creator | Penas, María Fabiana Tümer-Alkan, Günseli |
| description | In this paper we explore whether Turkish banks with worsening indicators of financial fragility were subject to market monitoring during the years leading to the 2000/2001 crisis, and how the quality and timeliness of the disclosure affect market reaction. We find that shareholders reacted negatively to indicators of financial fragility such as increases in maturity mismatches, currency mismatches, and non-performing loans, showing shareholders’ concerns about the impact of financial fragility indicators on future profits. We also find that audited statements that show larger reporting lags, are not informative, pointing to the need of improving their timeliness. Finally, our study suggests that the finding that securities prices react to financial fragility indicators should not be taken as sufficient evidence of banks’ safety and soundness. |
| doi_str_mv | 10.1007/s10693-009-0076-5 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_proquest_miscellaneous_755156044</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>1997327981</sourcerecordid><originalsourceid>FETCH-LOGICAL-c477t-b74a16d9993b4b45ca8d549c86d137a196dc2e442882d5dc4099effe07af71823</originalsourceid><addsrcrecordid>eNp1UMFu1DAUtBBILIUP4GZx4RRqO3Yccytlt4BatYdytryO03o3cVK_pNLe-A1-jy_pWwWBhMRh_CxrZt54CHnL2QfOmD4FzipTFowZhK4K9YysuNL4okv1nKyYEayolWIvySuAHUNiLasV2X1yaU8_R_DdAHMO1KWGXrm8DxM9AwgAfUgTHVq6icklH11HN9ndxS5Oh490_RibkHygbR56ejvnfYR7evSEXz9-0vXDjDR6k6MP8Jq8aF0H4c3veUK-b9a351-Ky-uLr-dnl4WXWk_FVkvHq8YYU27lVirv6kZJ4-uq4aV23FSNF0FKUdeiUY2XzJjQtoFp12pei_KEvF98xzw8zAEm2-P3Qte5FIYZrFaKq4pJicx3_zB3w5wThrNCMCO1YBxJfCH5PADk0Noxx97lg-XMHru3S_cWK7XH7q1CzbdFk8MY_B_B3o27Fi3APtrSlRqPAwK3MBzxeEWMCK6M5bq291OPZmIxA_RJdyH_Tfn_BE-FMaCm</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>220947201</pqid></control><display><type>article</type><title>Bank Disclosure and Market Assessment of Financial Fragility: Evidence from Turkish Banks’ Equity Prices</title><source>RePEc</source><source>EBSCOhost Business Source Complete</source><source>SpringerLink Journals - AutoHoldings</source><creator>Penas, María Fabiana ; Tümer-Alkan, Günseli</creator><creatorcontrib>Penas, María Fabiana ; Tümer-Alkan, Günseli</creatorcontrib><description>In this paper we explore whether Turkish banks with worsening indicators of financial fragility were subject to market monitoring during the years leading to the 2000/2001 crisis, and how the quality and timeliness of the disclosure affect market reaction. We find that shareholders reacted negatively to indicators of financial fragility such as increases in maturity mismatches, currency mismatches, and non-performing loans, showing shareholders’ concerns about the impact of financial fragility indicators on future profits. We also find that audited statements that show larger reporting lags, are not informative, pointing to the need of improving their timeliness. Finally, our study suggests that the finding that securities prices react to financial fragility indicators should not be taken as sufficient evidence of banks’ safety and soundness.</description><identifier>ISSN: 0920-8550</identifier><identifier>EISSN: 1573-0735</identifier><identifier>DOI: 10.1007/s10693-009-0076-5</identifier><language>eng</language><publisher>Boston: Springer US</publisher><subject>Abnormal returns ; Balance sheets ; Bank disclosure ; Banking industry ; Banks ; Commercial banks ; Disclosure ; Economics and Finance ; Equity ; Event studies ; Finance ; Financial analysis ; Financial fragility ; Financial reporting ; Financial Services ; Financial statements ; Foreign exchange rates ; G14 ; G21 ; G28 ; H63 ; Interest rates ; Investments ; Investors ; Liquidity ; M41 ; Macroeconomics/Monetary Economics//Financial Economics ; Market analysis ; Market discipline ; Maturity mismatch ; Profits ; Safety & soundness ; Securities markets ; Securities prices ; Shareholders equity ; Stock exchanges ; Stockholders ; Studies ; Turkey</subject><ispartof>Journal of financial services research, 2010-06, Vol.37 (2-3), p.159-178</ispartof><rights>Springer Science+Business Media, LLC 2009</rights><rights>3Springer Science+Business Media, LLC 2010</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c477t-b74a16d9993b4b45ca8d549c86d137a196dc2e442882d5dc4099effe07af71823</citedby><cites>FETCH-LOGICAL-c477t-b74a16d9993b4b45ca8d549c86d137a196dc2e442882d5dc4099effe07af71823</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://link.springer.com/content/pdf/10.1007/s10693-009-0076-5$$EPDF$$P50$$Gspringer$$H</linktopdf><linktohtml>$$Uhttps://link.springer.com/10.1007/s10693-009-0076-5$$EHTML$$P50$$Gspringer$$H</linktohtml><link.rule.ids>314,780,784,4008,27924,27925,41488,42557,51319</link.rule.ids><backlink>$$Uhttp://econpapers.repec.org/article/kapjfsres/v_3a37_3ay_3a2010_3ai_3a2_3ap_3a159-178.htm$$DView record in RePEc$$Hfree_for_read</backlink></links><search><creatorcontrib>Penas, María Fabiana</creatorcontrib><creatorcontrib>Tümer-Alkan, Günseli</creatorcontrib><title>Bank Disclosure and Market Assessment of Financial Fragility: Evidence from Turkish Banks’ Equity Prices</title><title>Journal of financial services research</title><addtitle>J Financ Serv Res</addtitle><description>In this paper we explore whether Turkish banks with worsening indicators of financial fragility were subject to market monitoring during the years leading to the 2000/2001 crisis, and how the quality and timeliness of the disclosure affect market reaction. We find that shareholders reacted negatively to indicators of financial fragility such as increases in maturity mismatches, currency mismatches, and non-performing loans, showing shareholders’ concerns about the impact of financial fragility indicators on future profits. We also find that audited statements that show larger reporting lags, are not informative, pointing to the need of improving their timeliness. Finally, our study suggests that the finding that securities prices react to financial fragility indicators should not be taken as sufficient evidence of banks’ safety and soundness.</description><subject>Abnormal returns</subject><subject>Balance sheets</subject><subject>Bank disclosure</subject><subject>Banking industry</subject><subject>Banks</subject><subject>Commercial banks</subject><subject>Disclosure</subject><subject>Economics and Finance</subject><subject>Equity</subject><subject>Event studies</subject><subject>Finance</subject><subject>Financial analysis</subject><subject>Financial fragility</subject><subject>Financial reporting</subject><subject>Financial Services</subject><subject>Financial statements</subject><subject>Foreign exchange rates</subject><subject>G14</subject><subject>G21</subject><subject>G28</subject><subject>H63</subject><subject>Interest rates</subject><subject>Investments</subject><subject>Investors</subject><subject>Liquidity</subject><subject>M41</subject><subject>Macroeconomics/Monetary Economics//Financial Economics</subject><subject>Market analysis</subject><subject>Market discipline</subject><subject>Maturity mismatch</subject><subject>Profits</subject><subject>Safety & soundness</subject><subject>Securities markets</subject><subject>Securities prices</subject><subject>Shareholders equity</subject><subject>Stock exchanges</subject><subject>Stockholders</subject><subject>Studies</subject><subject>Turkey</subject><issn>0920-8550</issn><issn>1573-0735</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2010</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><sourceid>ABUWG</sourceid><sourceid>AFKRA</sourceid><sourceid>BENPR</sourceid><sourceid>CCPQU</sourceid><sourceid>DWQXO</sourceid><recordid>eNp1UMFu1DAUtBBILIUP4GZx4RRqO3Yccytlt4BatYdytryO03o3cVK_pNLe-A1-jy_pWwWBhMRh_CxrZt54CHnL2QfOmD4FzipTFowZhK4K9YysuNL4okv1nKyYEayolWIvySuAHUNiLasV2X1yaU8_R_DdAHMO1KWGXrm8DxM9AwgAfUgTHVq6icklH11HN9ndxS5Oh490_RibkHygbR56ejvnfYR7evSEXz9-0vXDjDR6k6MP8Jq8aF0H4c3veUK-b9a351-Ky-uLr-dnl4WXWk_FVkvHq8YYU27lVirv6kZJ4-uq4aV23FSNF0FKUdeiUY2XzJjQtoFp12pei_KEvF98xzw8zAEm2-P3Qte5FIYZrFaKq4pJicx3_zB3w5wThrNCMCO1YBxJfCH5PADk0Noxx97lg-XMHru3S_cWK7XH7q1CzbdFk8MY_B_B3o27Fi3APtrSlRqPAwK3MBzxeEWMCK6M5bq291OPZmIxA_RJdyH_Tfn_BE-FMaCm</recordid><startdate>20100601</startdate><enddate>20100601</enddate><creator>Penas, María Fabiana</creator><creator>Tümer-Alkan, Günseli</creator><general>Springer US</general><general>Springer</general><general>Springer Nature B.V</general><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>885</scope><scope>8AO</scope><scope>8BJ</scope><scope>8FK</scope><scope>8FL</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ANIOZ</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FRAZJ</scope><scope>FRNLG</scope><scope>F~G</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M1F</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>Q9U</scope></search><sort><creationdate>20100601</creationdate><title>Bank Disclosure and Market Assessment of Financial Fragility: Evidence from Turkish Banks’ Equity Prices</title><author>Penas, María Fabiana ; Tümer-Alkan, Günseli</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c477t-b74a16d9993b4b45ca8d549c86d137a196dc2e442882d5dc4099effe07af71823</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2010</creationdate><topic>Abnormal returns</topic><topic>Balance sheets</topic><topic>Bank disclosure</topic><topic>Banking industry</topic><topic>Banks</topic><topic>Commercial banks</topic><topic>Disclosure</topic><topic>Economics and Finance</topic><topic>Equity</topic><topic>Event studies</topic><topic>Finance</topic><topic>Financial analysis</topic><topic>Financial fragility</topic><topic>Financial reporting</topic><topic>Financial Services</topic><topic>Financial statements</topic><topic>Foreign exchange rates</topic><topic>G14</topic><topic>G21</topic><topic>G28</topic><topic>H63</topic><topic>Interest rates</topic><topic>Investments</topic><topic>Investors</topic><topic>Liquidity</topic><topic>M41</topic><topic>Macroeconomics/Monetary Economics//Financial Economics</topic><topic>Market analysis</topic><topic>Market discipline</topic><topic>Maturity mismatch</topic><topic>Profits</topic><topic>Safety & soundness</topic><topic>Securities markets</topic><topic>Securities prices</topic><topic>Shareholders equity</topic><topic>Stock exchanges</topic><topic>Stockholders</topic><topic>Studies</topic><topic>Turkey</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Penas, María Fabiana</creatorcontrib><creatorcontrib>Tümer-Alkan, Günseli</creatorcontrib><collection>RePEc IDEAS</collection><collection>RePEc</collection><collection>CrossRef</collection><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>Banking Information Database (Alumni Edition)</collection><collection>ProQuest Pharma Collection</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Accounting, Tax & Banking Collection</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>International Bibliography of the Social Sciences</collection><collection>Accounting, Tax & Banking Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>Banking Information Database</collection><collection>One Business (ProQuest)</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central Basic</collection><jtitle>Journal of financial services research</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Penas, María Fabiana</au><au>Tümer-Alkan, Günseli</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Bank Disclosure and Market Assessment of Financial Fragility: Evidence from Turkish Banks’ Equity Prices</atitle><jtitle>Journal of financial services research</jtitle><stitle>J Financ Serv Res</stitle><date>2010-06-01</date><risdate>2010</risdate><volume>37</volume><issue>2-3</issue><spage>159</spage><epage>178</epage><pages>159-178</pages><issn>0920-8550</issn><eissn>1573-0735</eissn><abstract>In this paper we explore whether Turkish banks with worsening indicators of financial fragility were subject to market monitoring during the years leading to the 2000/2001 crisis, and how the quality and timeliness of the disclosure affect market reaction. We find that shareholders reacted negatively to indicators of financial fragility such as increases in maturity mismatches, currency mismatches, and non-performing loans, showing shareholders’ concerns about the impact of financial fragility indicators on future profits. We also find that audited statements that show larger reporting lags, are not informative, pointing to the need of improving their timeliness. Finally, our study suggests that the finding that securities prices react to financial fragility indicators should not be taken as sufficient evidence of banks’ safety and soundness.</abstract><cop>Boston</cop><pub>Springer US</pub><doi>10.1007/s10693-009-0076-5</doi><tpages>20</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0920-8550 |
| ispartof | Journal of financial services research, 2010-06, Vol.37 (2-3), p.159-178 |
| issn | 0920-8550 1573-0735 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_755156044 |
| source | RePEc; EBSCOhost Business Source Complete; SpringerLink Journals - AutoHoldings |
| subjects | Abnormal returns Balance sheets Bank disclosure Banking industry Banks Commercial banks Disclosure Economics and Finance Equity Event studies Finance Financial analysis Financial fragility Financial reporting Financial Services Financial statements Foreign exchange rates G14 G21 G28 H63 Interest rates Investments Investors Liquidity M41 Macroeconomics/Monetary Economics//Financial Economics Market analysis Market discipline Maturity mismatch Profits Safety & soundness Securities markets Securities prices Shareholders equity Stock exchanges Stockholders Studies Turkey |
| title | Bank Disclosure and Market Assessment of Financial Fragility: Evidence from Turkish Banks’ Equity Prices |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-07T05%3A01%3A08IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Bank%20Disclosure%20and%20Market%20Assessment%20of%20Financial%20Fragility:%20Evidence%20from%20Turkish%20Banks%E2%80%99%20Equity%20Prices&rft.jtitle=Journal%20of%20financial%20services%20research&rft.au=Penas,%20Mar%C3%ADa%20Fabiana&rft.date=2010-06-01&rft.volume=37&rft.issue=2-3&rft.spage=159&rft.epage=178&rft.pages=159-178&rft.issn=0920-8550&rft.eissn=1573-0735&rft_id=info:doi/10.1007/s10693-009-0076-5&rft_dat=%3Cproquest_cross%3E1997327981%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=220947201&rft_id=info:pmid/&rfr_iscdi=true |