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首页> 外文期刊>Journal of banking & finance >The market value impact of operational loss events for US banks and insurers
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The market value impact of operational loss events for US banks and insurers

机译：经营亏损事件对美国银行和保险公司的市场价值影响

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摘要

This paper conducts an event study analysis of the impact of operational loss events on the market values of banks and insurance companies, using the OpVar database. We focus on financial institutions because of the increased market and regulatory scrutiny of operational losses in these industries. The analysis covers all publicly reported banking and insurance operational risk events affecting publicly traded US institutions from 1978 to 2003 that caused operational losses of at least $10 million - a total of 403 bank events and 89 insurance company events. The results reveal a strong, statistically significant negative stock price reaction to announcements of operational loss events. On average, the market value response is larger for insurers than for banks. Moreover, the market value loss significantly exceeds the amount of the operational loss reported, implying that such losses convey adverse implications about future cash flows. Losses are proportionately larger for institutions with higher Tobin's Q ratios, implying that operational loss events are more costly in market value terms for firms with strong growth prospects.
机译：本文使用OpVar数据库对运营亏损事件对银行和保险公司的市场价值的影响进行了事件研究分析。我们专注于金融机构，因为这些行业的市场不断增加，并对运营损失进行了监管审查。该分析涵盖了从1978年到2003年影响美国公开交易机构的所有公开报告的银行和保险业务风险事件，造成至少1000万美元的业务损失-总共403个银行事件和89个保险公司事件。结果显示，对运营亏损事件的公告，股票价格产生了强烈的，具有统计意义的负面反应。平均而言，保险公司的市场价值反应要比银行大。此外，市场价值损失大大超过了报告的经营损失额，这意味着这些损失对未来现金流量产生了不利影响。对于托宾Q比率较高的机构，损失成比例地增加，这意味着对于具有强劲增长前景的公司，以市场价值计，经营亏损事件的成本更高。

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