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Media Coverage And The Stock Market Valuation Of Tarp Participating Banks, Tee Yong Jeffrey Ng, Florin P. Vasvari, Regina Wittenberg-Moerman
Media Coverage And The Stock Market Valuation Of Tarp Participating Banks, Tee Yong Jeffrey Ng, Florin P. Vasvari, Regina Wittenberg-Moerman
Research Collection School Of Accountancy
We examine the impact of media coverage of the Capital Purchase Program (CPP) under the Troubled Assets Relief Program on the equity market valuation of participating bank holding companies (CPP banks). We document substantial negative coverage of the CPP and its participants over the five quarters following the program's initiation. We find that the extent of negative media coverage about the CPP exerted substantial downward pressure on the stock returns of CPP banks, decreasing their valuation relative to bank holding companies not participating in the program. We show that our findings cannot be explained by differences in the banks’ financial …
The Expectation Differences Among Stakeholders In The Financial Valuation Fitness Of Auditors, James Digabriele
The Expectation Differences Among Stakeholders In The Financial Valuation Fitness Of Auditors, James Digabriele
Department of Accounting and Finance Faculty Scholarship and Creative Works
Purpose-The purpose of this paper is to investigate if there is an expectation gap among accounting academics, accounting practitioners, and users of financial statements in the financial valuation fitness of auditors. Complex reporting standards and current market expectations have the potential to create differences between what third-party users consider to be the responsibilities of the auditor and what auditors believe to be their responsibilities in auditing fair value estimates. Design/methodology/approach-This study surveys the perceptions of accounting academics, accounting practitioners, and users of financial statements and the degree to which an expectation gap exists in the financial valuation fitness of auditors. …