Market Evidence on the Opaqueness of Banking Firms' Assets

By Mark J. Flannery, Simon H. Kwan, M. Nimalendran. 2004

404 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/82b6411e6441c0f94fb424f5e0f65750257c3bcc

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Citations in the corpus

Is Corporate Governance Different for Bank Holding Companies? (Part 2: The Governance of Banks) (2003, positive): “Flannery, Kwan, and Nimalendran (2002), using micro-structure data and dispersion of stock analysts, conclude that these analysts have no more or less ability to monitor BHCs versus nonfinancial firms in the S&P 500.”
Financial Accounting in the Banking Industry: A Review of the Empirical Literature (2014, neutral): “In contrast, Flannery et al. (2004) do not find higher equity bid-ask spreads for banks, although they do find that balance sheet composition affects the bid-ask spreads.”
Testing for Opaqueness in the European Banking Industry: Evidence from Bond Credit Ratings (2006, neutral): “Flannery et al. (2004) use market microstructure properties and analyst_ earnings forecasts to assess whether banks are relatively more opaque than non-banks.”
A Portfolio View of Banking with Interest and Noninterest Activities (2006, background): “Flannery, Kwan, and Nimalendran (2004) examine the micromarket structure of U.S. bank holding companies. than the long-term S&P benchmark.8 The average beta is 0.45 and, although the full range is large, the vast majority of banks fall between 0.4 and 1.63.”
Thoughts on Financial Accounting and the Banking Industry (2014, neutral): “Further, it is often asserted that banks are inherently more opaque than non-financial firms (Morgan, 2002; Flannery et al., 2004, 2013).”
Cross-Border Bank Contagion in Europe (2012, neutral): “For recent evidence that banks may not be more opaque than nonfinancial firms, see Flannery, Kwan, and Nimalendran (2004) .”
New Evidence on the Determinants of Bank Risk (2006, background): “In contrast, Flannery et al. (2004) look at the market microstructure properties of bank equity and conclude that bank stocks are not unusually opaque.”
Does Asymmetric Information Drive Capital Structure Decisions (2009, neutral): “…and takeover (Jennings 1994) announcements, as well as analyst coverage (Brennan and Subrahmanyam 1995), the opaqueness of banking firms’ assets (Flannery, Kwan, and Nimalendran 2004), firms’ ownership structure (Heflin and Shaw 2000), disclosure quality (Heflin, Shaw, and Wild 2005), credit…”
Do Interbank Customer Relationships Exist? And How Did They Function in the Crisis? Learning from Italy (2012, neutral): “The prediction of the dummy Banks without Rating is equally uncertain (see Morgan, 2002; Flannery, Kwan, and Nimalendran, 2004).”