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Working Paper
Beyond the numbers: an analysis of optimistic and pessimistic language in earnings press releases
Davis, Angela K.; Sedor, Lisa M.; Piger, Jeremy M. (2006)
In this paper, we examine whether managers use optimistic and pessimistic language in earnings press releases to provide information about expected future firm performance to the market, and whether the market responds to optimistic and pessimistic language usage in earnings press releases after controlling for the earnings surprise and other factors likely to influence the market*s response to the earnings announcement. We use textual-analysis software to measure levels of optimistic and pessimistic language for a sample of approximately 24,000 earnings press releases issued between 1998 and ...
Working Papers , Paper 2006-005

Conference Paper
The role of financial reporting in reducing financial risks in the market
Kothari, S. P. (2000-06)
Conference Series ; [Proceedings] , Volume 44 , Issue Jun , Pages 89-112

Working Paper
Two flaws in business cycle accounting
Davis, Joshua M.; Christiano, Lawrence J. (2006)
Using ?business cycle accounting? (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not warranted. First, small changes in the implementation of BCA overturn CKM?s conclusions. Second, one way that shocks to the intertemporal wedge impact on the economy is by their spillover effects onto other wedges. This potentially important mechanism for the transmission of intertemporal wedge shocks ...
Working Paper Series , Paper WP-06-10

Journal Article
Statement to Congress, October 1, 1997, (Federal Reserve Board's views on proposed accounting standards for derivatives and risk-management activities issued by FASB)
Phillips, Susan M. (1997-12)
Federal Reserve Bulletin , Issue Dec

Working Paper
Market price accounting and depositor discipline in Japanese regional banks
Yamori, Nobuyoshi; Spiegel, Mark M. (2004)
We examine the determinants of Japanese regional bank decisions concerning pricing unrealized losses or gains to market. We also examine the impact of these decisions on the intensity of depositor discipline, in the form of the sensitivity of deposit growth to bank financial conditions. To obtain consistent estimates of depositor discipline, we first model and estimate the bank pricing-to-market decision and then estimate the intensity of depositor discipline after conditioning for that decision. We find that banks were less likely to price to market the larger were their unrealized ...
Working Paper Series , Paper 2004-27

Journal Article
Economic statistics: new needs for the twenty-first century
anonymous (2003-09)
Selected Papers from a Conference Cosponsored by the Federal Reserve Bank of New York, the Conference on Research in Income and Wealth, and the National Association for Business Economics, July 11, 2002. Beverly Hirtle examines the market risk capital figures reported to regulators by U.S. bank holding companies (BHCs) to assess the extent to which such disclosures provide meaningful information about bank risk. The study by Michael J. Fleming finds that the commonly used bid-ask spread--the difference between bid and offer prices--is a useful tool for assessing and tracking liquidity in the ...
Economic Policy Review , Issue Sep

Journal Article
Making the numbers
Katz, Jane (2000-01)
Regional Review , Issue Q1 , Pages 27-31

Journal Article
Recent accounting standard update clarifies and adds guidance to troubled debt restructurings
Warren, Jim (2011-10)
Although some believe the changes could lead to more loans reported as troubled debt restructurings, the update?s purpose is to explain and expand on previous guidance.
Central Banker , Issue Fall

Working Paper
Embedded Supervision: How to Build Regulation into Blockchain Finance
Auer, Raphael (2019-10-01)
The spread of distributed ledger technology (DLT) in finance could help to improve the efficiency and quality of supervision. This paper makes the case for embedded supervision, i.e., a regulatory framework that provides for compliance in tokenized markets to be automatically monitored by reading the market?s ledger, thus reducing the need for firms to actively collect, verify and deliver data. After sketching out a design for such schemes, the paper explores the conditions under which distributed ledger data might be used to monitor compliance. To this end, a decentralized market is modelled ...
Globalization Institute Working Papers , Paper 371

Journal Article
Assessing the condition of Japanese banks: how informative are accounting earnings?
Genay, Hesna (1998-10)
This article examines the accounting and stock market performance of banks from 1991 to 1997. Overall, the results indicate that the accounting, disclosure, and regulatory practices of Japanese banks have drive a wedge between their accounting and stock market returns in recent years and, furthermore, that regulatory forbearance might have become a more important source of value to shareholders than the value of assets in place.
Economic Perspectives , Volume 22 , Issue Q IV , Pages 12-34

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