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Title of Journal: J Econ Finan

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Abbravation: Journal of Economics and Finance

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Springer US

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10.1007/s00425-004-1368-5

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1938-9744

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Top performing banks the benefits to investors

Authors: Greg Filbeck Dianna Preece Xin Zhao
Publish Date: 2011/07/06
Volume: 37, Issue: 4, Pages: 560-583
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Abstract

In this study we examine whether superior accounting performance as reported in the annual ABA Banking Journal Top Performing Banks survey translates into higher investor returns We observe that the announcement effect is more pronounced during the early years of the survey For the entire survey period and for later subperiods in which bank holding companies BHCs are ranked based on return on equity ROE we observe statisticallysignificant superior holding period returns against both the SP 500 index and in some cases a matched sample These results include raw and riskadjusted returns as well as buy and hold abnormal returns BHARs We obtain similar results after controlling for the market return size booktomarket ratio and momentum factors


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