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Liczba wyników
2015 | nr 397 Finance and Accounting for Sustainable Development - Responsibility, Ethic, Financial Stability | 58--67
Tytuł artykułu

Value Relevance of Impairment Provisions in the Polish Banking Sector

Autorzy
Treść / Zawartość
Warianty tytułu
Znaczenie odpisów aktualizujących z tytułu utraty wartości i rezerw dla wartości rynkowej w polskim sektorze bankowym
Języki publikacji
EN
Abstrakty
EN
Celem artykułu jest weryfikacja empiryczna znaczenia dla wartości rynkowej odpisów aktualizujących z tytułu utraty wartości i rezerw raportowanych przez banki komercyjne z siedzibą w Polsce notowane na Giełdzie Papierów Wartościowych w Warszawie w okresie 1998-2013. Rezultaty przekrojowej, deflowanej ceną, regresji liniowej estymowanej klasyczną metodą najmniejszych kwadratów wskazują, że odpisy aktualizujące z tytułu utraty wartości i rezerwy mają znaczenie dla wartości rynkowej oraz, że wzrosty tych odpisów i rezerw są zwykle wyceniane negatywnie przez inwestorów giełdowych(original abstract)
The paper aims at empirical evaluation of the value relevance of impairment provisions reported by commercial banks listed on the Warsaw Stock Exchange over the period 1998-2013. The examined sample covered 18 domestically-based banks and included 206 bank-year observations for the data from separate financial statements and 190 bankyear observations for consolidated ones. The key research method employed is a crosssectional price-deflated linear regression with ordinary least squares estimation. The results of the analysis indicate that impairment provisions reported by the listed banks in Poland are value relevant, and that increases in those provisions are on average priced negatively by equity investors. Moreover, banks' net earnings decomposed into impairment provisions and the residual component reveal incremental explanatory power over the aggregate numbers; however, this effect fades when book value of equity is included as an additional regressor in valuation models(abstrakt oryginalny)
Twórcy
  • John Paul II Catholic University of Lublin, Poland
Bibliografia
  • Ahmed A.S., Takeda C., Thomas S., 1999, Bank loan loss provisions: A reexamination of capital management, earnings management and signaling effects, Journal of Accounting and Economics, vol. 28, i. 1., pp. 1-25.
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  • Basle Committee on Banking Supervision, 2006, International Convergence of Capital Measurement and Capital Standards. A Revised Framework. Comprehensive Version, http://www.bis.org/publ/bcbs128.pdf (05.01.2015).
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  • BOSSA.PL, 2015, http://bossa.pl/notowania/metastock/ (15.01.2015).
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  • Griffin P.A., Wallach S.J.R., 1991, Latin American lending by major U.S. banks: The effects of disclosures about nonaccrual loans and loan loss provisions, The Accounting Review, vol. 66, no. 4, pp. 830-846.
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  • Kanagaretnam K., Lobo G.J., Yang D., 2005, Determinants of signaling by banks through loan loss provisions, Journal of Business Research, vol. 58, i. 3, pp. 312-320.
  • Knott S., Richardson P., Rismanchi K., Sen K., 2014, Understanding the fair value of banks' loans, Bank of England Financial Stability Paper, no. 31, pp. 1-17.
  • Lim C.Y., Walker M., Lee E., 2013, Are the loan loss and fair value components of bank income rationally priced?, Research Collection School of Accountancy, Institutional Knowledge, Singapore Management University, no. 4, pp. 1-51.
  • Liu C., Ryan S.G., 1995, The effect of bank loan portfolio composition on the market reaction to and anticipation of loan loss provisions, Journal of Accounting Research, vol. 55, no. 1, pp. 77-94.
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Typ dokumentu
Bibliografia
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Identyfikator YADDA
bwmeta1.element.ekon-element-000171384915

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