Jose Fernandez de Bilbao , Isabel Catalina Figuerola-Ferretti , Ioannis Paraskevopoulos , Álvaro Santos
{"title":"为不法行为负责。银行不当行为的财务后果","authors":"Jose Fernandez de Bilbao , Isabel Catalina Figuerola-Ferretti , Ioannis Paraskevopoulos , Álvaro Santos","doi":"10.1016/j.jaccpubpol.2025.107317","DOIUrl":null,"url":null,"abstract":"<div><div>This paper investigates the determinants influencing banks’ decisions to disclose P&L misconduct-related charges and assesses the extent to which these P&L charges can predict future misconduct penalty announcements. Previous research has largely focused on the penalty announcements as the primary indicator for the financial consequences of bank misconduct. However, the P&L impact of misconduct is influenced by accounting rules that drive banks to disclose a provision or cost ahead of the announcement of a future penalty. Using a sample of hand collected data for Global Systemically Important Banks, we establish that disclosure of misconduct provisions is primarily determined by accounting standards. We also demonstrate that misconduct provisions are accrued prior to a penalty being announced and provide advance indication of the amount of forthcoming penalties. While misconduct provisions, when available, could be considered the optimal measure of misconduct, the empirical evidence shows that their disclosure is limited. On the other hand, banks often make known their misconduct-related P&L costs on their quarterly financial documents. These disclosures are frequent, comprehensive and pervasive across different accounting standards, with expected penalty size as the primary determinant of their disclosure. P&L misconduct costs also share the forward-looking nature of provisions. This implies that, when P&L misconduct related costs are disclosed, markets react accordingly, anticipating a future penalty. Our research provides the first analysis of the accounting elements of bank misconduct, the interaction between misconduct disclosures and penalty announcements and the influence of these disclosures on stock returns.</div></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":"51 ","pages":"Article 107317"},"PeriodicalIF":3.3000,"publicationDate":"2025-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Accounting for wrongdoing. The financial consequences of bank misconduct\",\"authors\":\"Jose Fernandez de Bilbao , Isabel Catalina Figuerola-Ferretti , Ioannis Paraskevopoulos , Álvaro Santos\",\"doi\":\"10.1016/j.jaccpubpol.2025.107317\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper investigates the determinants influencing banks’ decisions to disclose P&L misconduct-related charges and assesses the extent to which these P&L charges can predict future misconduct penalty announcements. Previous research has largely focused on the penalty announcements as the primary indicator for the financial consequences of bank misconduct. However, the P&L impact of misconduct is influenced by accounting rules that drive banks to disclose a provision or cost ahead of the announcement of a future penalty. Using a sample of hand collected data for Global Systemically Important Banks, we establish that disclosure of misconduct provisions is primarily determined by accounting standards. We also demonstrate that misconduct provisions are accrued prior to a penalty being announced and provide advance indication of the amount of forthcoming penalties. While misconduct provisions, when available, could be considered the optimal measure of misconduct, the empirical evidence shows that their disclosure is limited. On the other hand, banks often make known their misconduct-related P&L costs on their quarterly financial documents. These disclosures are frequent, comprehensive and pervasive across different accounting standards, with expected penalty size as the primary determinant of their disclosure. P&L misconduct costs also share the forward-looking nature of provisions. This implies that, when P&L misconduct related costs are disclosed, markets react accordingly, anticipating a future penalty. Our research provides the first analysis of the accounting elements of bank misconduct, the interaction between misconduct disclosures and penalty announcements and the influence of these disclosures on stock returns.</div></div>\",\"PeriodicalId\":48070,\"journal\":{\"name\":\"Journal of Accounting and Public Policy\",\"volume\":\"51 \",\"pages\":\"Article 107317\"},\"PeriodicalIF\":3.3000,\"publicationDate\":\"2025-04-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Accounting and Public Policy\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0278425425000365\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting and Public Policy","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0278425425000365","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Accounting for wrongdoing. The financial consequences of bank misconduct
This paper investigates the determinants influencing banks’ decisions to disclose P&L misconduct-related charges and assesses the extent to which these P&L charges can predict future misconduct penalty announcements. Previous research has largely focused on the penalty announcements as the primary indicator for the financial consequences of bank misconduct. However, the P&L impact of misconduct is influenced by accounting rules that drive banks to disclose a provision or cost ahead of the announcement of a future penalty. Using a sample of hand collected data for Global Systemically Important Banks, we establish that disclosure of misconduct provisions is primarily determined by accounting standards. We also demonstrate that misconduct provisions are accrued prior to a penalty being announced and provide advance indication of the amount of forthcoming penalties. While misconduct provisions, when available, could be considered the optimal measure of misconduct, the empirical evidence shows that their disclosure is limited. On the other hand, banks often make known their misconduct-related P&L costs on their quarterly financial documents. These disclosures are frequent, comprehensive and pervasive across different accounting standards, with expected penalty size as the primary determinant of their disclosure. P&L misconduct costs also share the forward-looking nature of provisions. This implies that, when P&L misconduct related costs are disclosed, markets react accordingly, anticipating a future penalty. Our research provides the first analysis of the accounting elements of bank misconduct, the interaction between misconduct disclosures and penalty announcements and the influence of these disclosures on stock returns.
期刊介绍:
The Journal of Accounting and Public Policy publishes research papers focusing on the intersection between accounting and public policy. Preference is given to papers illuminating through theoretical or empirical analysis, the effects of accounting on public policy and vice-versa. Subjects treated in this journal include the interface of accounting with economics, political science, sociology, or law. The Journal includes a section entitled Accounting Letters. This section publishes short research articles that should not exceed approximately 3,000 words. The objective of this section is to facilitate the rapid dissemination of important accounting research. Accordingly, articles submitted to this section will be reviewed within fours weeks of receipt, revisions will be limited to one, and publication will occur within four months of acceptance.