所有权与投资者对欺诈和金钱行动新闻的反应:印度银行的比较分析

IF 1.3 Q3 CRIMINOLOGY & PENOLOGY
Akila Anantha Krishnan, Angan Sengupta
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引用次数: 0

摘要

目的 本研究旨在了解投资者对私营银行和国有银行的欺诈、财务和监管行动新闻的反应。 设计/方法/途径 为研究所有权持有的作用,本研究采用事件研究法和横截面回归法来分析异常回报和群体间动态。事件研究法研究了 36 家在 NSE 上市的银行在欺诈、财务行动和监管新闻报道日的股价异常回报。路透社收集了 110 个月的新闻数据。通过横截面回归分析,研究银行特征的选定变量是否会影响异常回报。探讨政府和私有银行之间的群体间动态有助于突出利益相关者如何影响投资者的反应。研究结果私有银行和政府拥有的银行在事件期间显示出异常回报模式,尽管程度不同,持续时间更长。私营银行在应对与新闻相关的财政和监管行动时出现的急剧下滑可归因于这些银行的相关风险。组间动态进一步表明,与私有银行相关新闻对公共银行的影响相比,此类新闻对政府所有银行股票的影响对私有银行更为明显。 原创性/价值 该研究表明了所有权结构如何不同程度地影响投资者对印度银行欺诈、金钱和监管行动相关新闻的反应,这可能最终要求对政府所有银行和私有银行采取定制的投资方法。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Ownership and investor responses to news on fraud and pecuniary actions: a comparative analysis of Indian banks
Purpose This study aims to understand investors’ reactions to news on fraud and pecuniary and regulatory action in privately owned and government-owned banks. Design/methodology/approach To examine the role of ownership holdings, this study deploys event study methodology and cross-sectional regression to analyze the abnormal returns and the intergroup dynamics. Event study methodology studies the abnormal return on stock prices on days when fraud, pecuniary actions and regulatory news were reported for 36 banks that are listed on the NSE. Data on news has been collected from Reuters for 110 months. Cross-sectional regression analyses are done to examine whether selected variables on bank characteristics influence the abnormal returns. Exploring the intergroup dynamics between government and privately owned banks helps to accentuate how stakeholders influence investor responses. Findings Private and government-owned banks display an anomalous return pattern during the events, though to varying degrees and for a longer duration. The sharp downturn observed in private banks in response to pecuniary and regulatory actions related to news can be attributed to the associated risk of these banks. Intergroup dynamics further demonstrate that the effect of such news regarding government-owned bank stocks is more pronounced on privately owned banks compared to the effect of news related to privately owned banks on public banks. Originality/value The study shows how ownership structure variedly impacts investors’ response to news related to fraud, and pecuniary and regulatory actions on Indian banks, which may eventually ask for customized investment approaches for government-owned and privately owned banks.
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来源期刊
Journal of Money Laundering Control
Journal of Money Laundering Control CRIMINOLOGY & PENOLOGY-
CiteScore
2.70
自引率
27.30%
发文量
59
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