1. NCCU Academic Hub
  2. 學術產出
  3. College of Commerce
  4. Theses
  5. Item

學術產出-Theses

Article View/Open

Publication Export

Google ScholarTM

政大圖書館

Citation Infomation

  • No doi shows Citation Infomation
題名 銀行業盈餘平穩化對於盈餘資訊性之影響
Does bank income smoothing affect earnings informativeness?
作者 莊馥瑄
貢獻者 詹凌菁
莊馥瑄
關鍵詞 盈餘平穩化
貸款損失準備
公允價值會計
未來盈餘增額反應係數
Income smoothing
Loan loss provision (LLP)
Fair value accounting
FERC
日期 2017
上傳時間 10-Aug-2017 09:42:25 (UTC+8)
摘要 本論文之研究目的係驗證銀行管理當局是透過盈餘平穩化，增加盈餘對於未來盈餘的訊息，抑或是操控會計數字從而降低盈餘品質。本文採用兩種指標衡量盈餘平穩化：裁決性的貸款損失準備與公允價值第二等級與第三等級輸入值。以美國銀行作為本論文的樣本標的，經由實證結果發現，盈餘平穩化程度較高的銀行其股價能反映更多未來盈餘的資訊，顯示著平穩化程度會增加銀行當期盈餘對於未來盈餘的預測能力。除此之外，本文依照銀行規模與業務特性，分別比較大小銀行;商業銀行與儲蓄機構，個別探討盈餘平穩化和盈餘資訊性間的關聯。
This paper investigates whether bank income smoothing is due to communication of future earnings or opportunism to garble accounting numbers. I adopt two measures of bank income smoothing, i.e., discretionary loan loss provision and Level 2&3 fair value inputs. Using a sample of U.S. banks, I find that higher-smoothing banks’ current stock prices capture more information about their future earnings to a larger extent than those of lower-smoothing banks. Moreover, I separate the bigger banks from the small banks and differentiate commercial banks from saving institutions to particularly investigate the association between income smoothing and earnings informativeness.
參考文獻 Ahmed, A. S., G. J. Lobo, and J. Zhou. 2006. Job security and income smoothing: An empirical test of the Fudenberg and Tirole (1995) model. Working paper. Texas A&M University, University of Houston, and University of Hawaii at Manoa.
Ahmed, A. S., C. Takeda, and S. Thomas. 1999. Bank loan loss provisions: A reexamination of capital management, earnings management and signaling effects. Journal of Accounting and Economics 28 (1):1-25.
Allen, F., and E. Carletti. 2008. Mark-to-market accounting and liquidity pricing. Journal of Accounting and Economics 45 (2-3):358-378.
Arora, N., S. Richardson, and I. Tuna. 2014. Asset reliability and security prices: Evidence from credit markets. Review of Accounting Studies 19 (1):363-395.
Asquith, P., M. B. Mikhail, and A. S. Au. 2005. Information content of equity analyst reports. Journal of Financial Economics 75 (2):245-282.
Atiase, R. K. 1985. Predisclosure information, firm capitalization, and security price behavior around earnings announcements. Journal of Accounting Research 23 (1):21-36.
Ball, R. 2006. International Financial Reporting Standards (IFRS): Pros and cons for investors. Accounting and Business Research 36 (sup1):5-27.
Ball, R., and L. Shivakumar. 2008. How much new information is there in earnings? Journal of Accounting Research 46 (5):975-1016.
Barth, M., and D. Taylor. 2010. In defense of fair value: Weighing the evidence on earnings management and asset securitizations. Journal of Accounting and Economics 49 (1-2):26-33.
Beatty, A., and D. G. Harris. 1999. The effects of taxes, agency costs and information asymmetry on earnings management: A comparison of public and private firms. Review of Accounting Studies 4 (3):299-326.
Beatty, A. L., B. Ke, and K. R. Petroni. 2002. Earnings management to avoid earnings declines across publicly and privately held banks. The Accounting Review 77 (3):547-570.
Beatty, A., and S. Liao. 2015. Does loan loss provision timeliness affect the accuracy, informativeness, and predictability of analyst provision forecasts? Working paper.
Beaver, W., C. Eger, S. Ryan, and M. Wolfson. 1989. Financial reporting, supplemental disclosures, and bank share prices. Journal of Accounting Research 27 (2):157-178.
Beaver, W. H., and E. E. Engel. 1996. Discretionary behavior with respect to allowances for loan loss and the behavior of security prices. Journal of Accounting and Economics 22 (1):177-206.
Biddle, G. C., G. Hilary, and R. S. Verdi. 2009. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics 48 (2):112-131.
Bushman, R. M., and C. D. Williams. 2012. Accounting discretion, loan loss provisioning, and discipline of Banks’ risk-taking. Journal of Accounting and Economics 54 (1):1-18.
Capkun, V., D. W. Collins, and T. Jeanjean. 2012. Does adoption of IAS/IFRS deter earnings management? Working paper. HEC Paris, University of Iowa, and ESSEC Business School.
Cheng, C. S. A., J. Johnston, and S. Li. 2014. Higher ERC or higher future ERC from income smoothness?-The role of information environment. Working paper. City University of Hong Kong and Hong Kong Polytechnic University.
Christensen, H. B., and V. V. Nikolaev. 2013. Does fair value accounting for non-financial assets pass the market test? Review of Accounting Studies 18 (3):734-775.
Cohen, D. A., A. Dey, and T. Z. Lys. 2005. Trends in earnings management and informativeness of earnings announcements in the pre- and post-Sarbanes Oxley periods. Working Paper. Northwestern University.
Collins, D. W., S. P. Kothari, and J. D. Rayburn. 1987. Firm size and the information content of prices with respect to earnings. Journal of Accounting and Economics 9 (2):111-138.
Collins, D. W., S. P. Kothari, J. Shanken, and R. G. Sloan. 1994. Lack of timeliness and noise as explanations for the low contemporaneous return-earnings association. Journal of Accounting and Economics 18:289-324.
Cornell, B., W. R. Landsman, and S. R. Stubben. 2014. Accounting information, Investor Sentiment, and market pricing. Working paper. University of Utah.
Dechow, P. M. 1994. Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics 18 (1):3-42.
Dechow, P. M., L. A. Myers, and C. Shakespeare. 2010. Fair value accounting and gains from asset securitizations: A convenient earnings management tool with compensation side-benefits. Journal of Accounting and Economics 49 (1):2-25.
Dechow, P. M., and C. Shakespeare. 2009. Do managers time securitization transactions to obtain accounting benefits? The Accounting Review 84 (1):99-132.
Dolar, B. 2016. Income smoothing practices of US banks around the 2008 financial crisis. The International Journal of Business and Finance Research 10 (1):1-11.
Eccher, E. A., K. Ramesh, and S. R. Thiagarajan. 1996. Fair value disclosures by bank holding companies. Journal of Accounting and Economics 22 (1):79-117.

El Sood, H. A. 2012. Loan loss provisioning and income smoothing in US banks pre and post the financial crisis. International Review of Financial Analysis 25:64-72.
Elliott, J. A., J. D. Hanna, and W. H. Shaw. 1991. The evaluation by the financial markets of changes in bank loan loss reserve levels. The Accounting Review 66 (4):847-861.
Estrella, A., S. Park, and S. Peristiani. 2000. Capital ratios as predictors of bank failure. Federal Reserve Bank of New York Economic Policy Review 6 (2):33.
Evans, M. E., L. Hodder, and P. E. Hopkins. 2014. The predictive ability of fair values for future financial performance of commercial banks and the relation of predictive ability to banks` share prices. Contemporary Accounting Research 31 (1):13-44.
Fargher, N. L., and J. Z. Zhang. 2012. The effects of the FASB’s relaxation of fair value rules on the quality of U.S. bank earnings. Available at SSRN: http://ssrn.com/abstract=2175373.
Fiechter, P., and C. Meyer. 2010. Big bath accounting using fair value measurement discretion during the financial crisis. Working paper. University of Zurich.
Fudenberg, D., and J. Tirole. 1995. A theory of income and dividend smoothing based on incumbency rents. Journal of Political Economy 103 (1):75-93.
Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40 (1):3-73.
Greenawalt, M. B., and J. F. Sinkey. 1988. Bank loan-loss provisions and the income-smoothing hypothesis: An empirical analysis, 1976-1984. Journal of Financial Services Research 1 (4):301-318.
Gul, F. A., and K. W. Lai. 2002. Insider entrenchment, board leadership structure and informativeness of earnings. Working paper. The Hong Kong Polytechnic University.
Huizinga, H., and L. Laeven. 2010. Bank valuation and regulatory forbearance during a financial crisis. European Banking Center Discussion Paper No. 2009–17. Available at SSRN: http://ssrn.com/abstract=1434359.
Ji, H. M., and H. J. Park. 2006. The regulatory capital ratio management of savings banks using the loan loss provisions. Journal of Accounting 15 (special): 23-44.
Kanagaretnam, K., G. J. Lobo, and M. Robert. 2003. Managerial incentives for income smoothing through bank loan loss provisions. Review of Quantitative Finance and Accounting 20 (1):63-80.
Kanagaretnam, K., G. J. Lobo, and D.-H. Yang. 2004. Joint tests of signaling and income smoothing through bank loan loss provisions. Contemporary Accounting Research 21 (4):843-884.
Karaoglu, N. E. 2005. Regulatory capital and earnings management in banks: The case of loan sales and securitization. Working paper. University of Southern California-Leventhal School of Accounting.
Kilic, E., G. J. Lobo, T. Ranasinghe, and K. Sivaramakrishnan. 2013. The impact of SFAS 133 on income smoothing by banks through loan loss provisions. The Accounting Review 88 (1):233-260.
Lambert, R. A. 2001. Contracting theory and accounting. Journal of Accounting and Economics 32 (1):3-87.
Liu, C.-C., and S. G. Ryan. 2006. Income smoothing over the business cycle: changes in banks coordinated management of provisions for loan losses and loan charge-offs from the pre-1990 bust to the 1990s boom. The Accounting Review 81 (2):421-441.
Lundholm, R., and L. A. Myers. 2002. Bringing the future forward: The effect of disclosure on the returns-earnings relation. Journal of Accounting Research 40 (3):809-839.
Nagy, A. L., K. B. Norris, and R. A. Riley. 1999. Managerial horizons, accounting choices and informativeness of earnings. Working paper. University of Tennessee.
Ng, J., and S. Roychowdhury. 2010. Loan loss reserves, regulatory capital, and bank failures: Evidence from the 2008-2009 economic crisis. Available at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1646928.
Ramanna, K., and R. L. Watts. 2012. Evidence on the use of unverifiable estimates in required goodwill impairment. Review of Accounting Studies 17 (4):749-780.
Rayburn, J. 1986. The association of operating cash flow and accruals with security returns. Journal of Accounting Research 24:112-133.
Ronen, J., and S. Sadan. 1981. Smoothing income numbers: Objectives, means, and implications. Adison-Wesley. Reading MA.
Song, C. J. 2008. An evaluation of FAS 159 fair value option: Evidence from the banking industry. Working paper. Virginia Polytechnic Institute and State University.
Trueman, B., and S. Titman. 1988. An explanation for accounting income smoothing. Journal of Accounting Research 26:127-139.
Tucker, J. W., and P. Zarowin. 2005. Does income smoothing improve earnings informativeness? The Accounting Review 81 (1):251-270.
Wahlen, J. M. 1994. The nature of information in commercial bank loan loss disclosures. The Accounting Review 69 (3):455-478.
Xue, Y. 2003. Information content of earnings management: Evidence from managing earnings to exceed thresholds. Working paper. Massachusetts Institute of Technology.
Yao, D., P. Majella, J. Stewart, and F. Hu. 2015. The usefulness of fair values in improving the predictive ability of earnings: Evidence from international banks. AFAANZ Conference. Hobart, Tasmania.
Yao, D., M. Percy, J. Stewart, and F. Hu. 2016. Determinants of discretionary fair value measurements: The case of Level 3 assets in the banking sector. Accounting & Finance.
Zarowin, P. 2002. Does income smoothing make stock prices more informative? Working paper. New York University.
Zhang, X. 2016. Income smoothing, idiosyncratic risk & CEO turnover. Journal of Mathematical Finance 6 (1):1-13.
描述 碩士
國立政治大學
會計學系
104353007
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1043530071
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 莊馥瑄zh_TW
dc.creator (作者) 莊馥瑄zh_TW
dc.date (日期) 2017en_US
dc.date.accessioned 10-Aug-2017 09:42:25 (UTC+8)-
dc.date.available 10-Aug-2017 09:42:25 (UTC+8)-
dc.date.issued (上傳時間) 10-Aug-2017 09:42:25 (UTC+8)-
dc.identifier (Other Identifiers) G1043530071en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111722-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 104353007zh_TW
dc.description.abstract (摘要) 本論文之研究目的係驗證銀行管理當局是透過盈餘平穩化，增加盈餘對於未來盈餘的訊息，抑或是操控會計數字從而降低盈餘品質。本文採用兩種指標衡量盈餘平穩化：裁決性的貸款損失準備與公允價值第二等級與第三等級輸入值。以美國銀行作為本論文的樣本標的，經由實證結果發現，盈餘平穩化程度較高的銀行其股價能反映更多未來盈餘的資訊，顯示著平穩化程度會增加銀行當期盈餘對於未來盈餘的預測能力。除此之外，本文依照銀行規模與業務特性，分別比較大小銀行;商業銀行與儲蓄機構，個別探討盈餘平穩化和盈餘資訊性間的關聯。zh_TW
dc.description.abstract (摘要) This paper investigates whether bank income smoothing is due to communication of future earnings or opportunism to garble accounting numbers. I adopt two measures of bank income smoothing, i.e., discretionary loan loss provision and Level 2&3 fair value inputs. Using a sample of U.S. banks, I find that higher-smoothing banks’ current stock prices capture more information about their future earnings to a larger extent than those of lower-smoothing banks. Moreover, I separate the bigger banks from the small banks and differentiate commercial banks from saving institutions to particularly investigate the association between income smoothing and earnings informativeness.en_US
dc.description.tableofcontents 1. INTRODUCTION 1
2. LITERATURE REVIEW 5
2.1 Motives of Income Smoothing 5
2.2 Income Smoothing Methods 7
2.3 Earnings Informativeness 9
2.4 Loan Loss Provision 13
2.5 Fair Value Accounting 16
3. HYPOTHESES DEVELOPMENT 20
4. RESEARCH DESIGN 22
5. DATA AND MAIN EMPIRICAL RESULTS 25
5.1 Sample 25
5.2 Descriptive Statistic 25
5.3 Results of the First Hypothesis 29
5.4 Results of the Second Hypothesis 32
6. ADDITIONAL TEST 34
6.1 Income Smoothing Measure 34
6.2 Large Banks versus Small Banks 37
6.3 Commercial Banks versus Saving Institutions 40
6.4 Excluding Financial Crisis 44
7. CONCLUSION 46
Reference 47		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1043530071en_US
dc.subject (關鍵詞) 盈餘平穩化zh_TW
dc.subject (關鍵詞) 貸款損失準備zh_TW
dc.subject (關鍵詞) 公允價值會計zh_TW
dc.subject (關鍵詞) 未來盈餘增額反應係數zh_TW
dc.subject (關鍵詞) Income smoothingen_US
dc.subject (關鍵詞) Loan loss provision (LLP)en_US
dc.subject (關鍵詞) Fair value accountingen_US
dc.subject (關鍵詞) FERCen_US
dc.title (題名) 銀行業盈餘平穩化對於盈餘資訊性之影響zh_TW
dc.title (題名) Does bank income smoothing affect earnings informativeness?en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Ahmed, A. S., G. J. Lobo, and J. Zhou. 2006. Job security and income smoothing: An empirical test of the Fudenberg and Tirole (1995) model. Working paper. Texas A&M University, University of Houston, and University of Hawaii at Manoa.
Ahmed, A. S., C. Takeda, and S. Thomas. 1999. Bank loan loss provisions: A reexamination of capital management, earnings management and signaling effects. Journal of Accounting and Economics 28 (1):1-25.
Allen, F., and E. Carletti. 2008. Mark-to-market accounting and liquidity pricing. Journal of Accounting and Economics 45 (2-3):358-378.
Arora, N., S. Richardson, and I. Tuna. 2014. Asset reliability and security prices: Evidence from credit markets. Review of Accounting Studies 19 (1):363-395.
Asquith, P., M. B. Mikhail, and A. S. Au. 2005. Information content of equity analyst reports. Journal of Financial Economics 75 (2):245-282.
Atiase, R. K. 1985. Predisclosure information, firm capitalization, and security price behavior around earnings announcements. Journal of Accounting Research 23 (1):21-36.
Ball, R. 2006. International Financial Reporting Standards (IFRS): Pros and cons for investors. Accounting and Business Research 36 (sup1):5-27.
Ball, R., and L. Shivakumar. 2008. How much new information is there in earnings? Journal of Accounting Research 46 (5):975-1016.
Barth, M., and D. Taylor. 2010. In defense of fair value: Weighing the evidence on earnings management and asset securitizations. Journal of Accounting and Economics 49 (1-2):26-33.
Beatty, A., and D. G. Harris. 1999. The effects of taxes, agency costs and information asymmetry on earnings management: A comparison of public and private firms. Review of Accounting Studies 4 (3):299-326.
Beatty, A. L., B. Ke, and K. R. Petroni. 2002. Earnings management to avoid earnings declines across publicly and privately held banks. The Accounting Review 77 (3):547-570.
Beatty, A., and S. Liao. 2015. Does loan loss provision timeliness affect the accuracy, informativeness, and predictability of analyst provision forecasts? Working paper.
Beaver, W., C. Eger, S. Ryan, and M. Wolfson. 1989. Financial reporting, supplemental disclosures, and bank share prices. Journal of Accounting Research 27 (2):157-178.
Beaver, W. H., and E. E. Engel. 1996. Discretionary behavior with respect to allowances for loan loss and the behavior of security prices. Journal of Accounting and Economics 22 (1):177-206.
Biddle, G. C., G. Hilary, and R. S. Verdi. 2009. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics 48 (2):112-131.
Bushman, R. M., and C. D. Williams. 2012. Accounting discretion, loan loss provisioning, and discipline of Banks’ risk-taking. Journal of Accounting and Economics 54 (1):1-18.
Capkun, V., D. W. Collins, and T. Jeanjean. 2012. Does adoption of IAS/IFRS deter earnings management? Working paper. HEC Paris, University of Iowa, and ESSEC Business School.
Cheng, C. S. A., J. Johnston, and S. Li. 2014. Higher ERC or higher future ERC from income smoothness?-The role of information environment. Working paper. City University of Hong Kong and Hong Kong Polytechnic University.
Christensen, H. B., and V. V. Nikolaev. 2013. Does fair value accounting for non-financial assets pass the market test? Review of Accounting Studies 18 (3):734-775.
Cohen, D. A., A. Dey, and T. Z. Lys. 2005. Trends in earnings management and informativeness of earnings announcements in the pre- and post-Sarbanes Oxley periods. Working Paper. Northwestern University.
Collins, D. W., S. P. Kothari, and J. D. Rayburn. 1987. Firm size and the information content of prices with respect to earnings. Journal of Accounting and Economics 9 (2):111-138.
Collins, D. W., S. P. Kothari, J. Shanken, and R. G. Sloan. 1994. Lack of timeliness and noise as explanations for the low contemporaneous return-earnings association. Journal of Accounting and Economics 18:289-324.
Cornell, B., W. R. Landsman, and S. R. Stubben. 2014. Accounting information, Investor Sentiment, and market pricing. Working paper. University of Utah.
Dechow, P. M. 1994. Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics 18 (1):3-42.
Dechow, P. M., L. A. Myers, and C. Shakespeare. 2010. Fair value accounting and gains from asset securitizations: A convenient earnings management tool with compensation side-benefits. Journal of Accounting and Economics 49 (1):2-25.
Dechow, P. M., and C. Shakespeare. 2009. Do managers time securitization transactions to obtain accounting benefits? The Accounting Review 84 (1):99-132.
Dolar, B. 2016. Income smoothing practices of US banks around the 2008 financial crisis. The International Journal of Business and Finance Research 10 (1):1-11.
Eccher, E. A., K. Ramesh, and S. R. Thiagarajan. 1996. Fair value disclosures by bank holding companies. Journal of Accounting and Economics 22 (1):79-117.

El Sood, H. A. 2012. Loan loss provisioning and income smoothing in US banks pre and post the financial crisis. International Review of Financial Analysis 25:64-72.
Elliott, J. A., J. D. Hanna, and W. H. Shaw. 1991. The evaluation by the financial markets of changes in bank loan loss reserve levels. The Accounting Review 66 (4):847-861.
Estrella, A., S. Park, and S. Peristiani. 2000. Capital ratios as predictors of bank failure. Federal Reserve Bank of New York Economic Policy Review 6 (2):33.
Evans, M. E., L. Hodder, and P. E. Hopkins. 2014. The predictive ability of fair values for future financial performance of commercial banks and the relation of predictive ability to banks` share prices. Contemporary Accounting Research 31 (1):13-44.
Fargher, N. L., and J. Z. Zhang. 2012. The effects of the FASB’s relaxation of fair value rules on the quality of U.S. bank earnings. Available at SSRN: http://ssrn.com/abstract=2175373.
Fiechter, P., and C. Meyer. 2010. Big bath accounting using fair value measurement discretion during the financial crisis. Working paper. University of Zurich.
Fudenberg, D., and J. Tirole. 1995. A theory of income and dividend smoothing based on incumbency rents. Journal of Political Economy 103 (1):75-93.
Graham, J. R., C. R. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics 40 (1):3-73.
Greenawalt, M. B., and J. F. Sinkey. 1988. Bank loan-loss provisions and the income-smoothing hypothesis: An empirical analysis, 1976-1984. Journal of Financial Services Research 1 (4):301-318.
Gul, F. A., and K. W. Lai. 2002. Insider entrenchment, board leadership structure and informativeness of earnings. Working paper. The Hong Kong Polytechnic University.
Huizinga, H., and L. Laeven. 2010. Bank valuation and regulatory forbearance during a financial crisis. European Banking Center Discussion Paper No. 2009–17. Available at SSRN: http://ssrn.com/abstract=1434359.
Ji, H. M., and H. J. Park. 2006. The regulatory capital ratio management of savings banks using the loan loss provisions. Journal of Accounting 15 (special): 23-44.
Kanagaretnam, K., G. J. Lobo, and M. Robert. 2003. Managerial incentives for income smoothing through bank loan loss provisions. Review of Quantitative Finance and Accounting 20 (1):63-80.
Kanagaretnam, K., G. J. Lobo, and D.-H. Yang. 2004. Joint tests of signaling and income smoothing through bank loan loss provisions. Contemporary Accounting Research 21 (4):843-884.
Karaoglu, N. E. 2005. Regulatory capital and earnings management in banks: The case of loan sales and securitization. Working paper. University of Southern California-Leventhal School of Accounting.
Kilic, E., G. J. Lobo, T. Ranasinghe, and K. Sivaramakrishnan. 2013. The impact of SFAS 133 on income smoothing by banks through loan loss provisions. The Accounting Review 88 (1):233-260.
Lambert, R. A. 2001. Contracting theory and accounting. Journal of Accounting and Economics 32 (1):3-87.
Liu, C.-C., and S. G. Ryan. 2006. Income smoothing over the business cycle: changes in banks coordinated management of provisions for loan losses and loan charge-offs from the pre-1990 bust to the 1990s boom. The Accounting Review 81 (2):421-441.
Lundholm, R., and L. A. Myers. 2002. Bringing the future forward: The effect of disclosure on the returns-earnings relation. Journal of Accounting Research 40 (3):809-839.
Nagy, A. L., K. B. Norris, and R. A. Riley. 1999. Managerial horizons, accounting choices and informativeness of earnings. Working paper. University of Tennessee.
Ng, J., and S. Roychowdhury. 2010. Loan loss reserves, regulatory capital, and bank failures: Evidence from the 2008-2009 economic crisis. Available at SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1646928.
Ramanna, K., and R. L. Watts. 2012. Evidence on the use of unverifiable estimates in required goodwill impairment. Review of Accounting Studies 17 (4):749-780.
Rayburn, J. 1986. The association of operating cash flow and accruals with security returns. Journal of Accounting Research 24:112-133.
Ronen, J., and S. Sadan. 1981. Smoothing income numbers: Objectives, means, and implications. Adison-Wesley. Reading MA.
Song, C. J. 2008. An evaluation of FAS 159 fair value option: Evidence from the banking industry. Working paper. Virginia Polytechnic Institute and State University.
Trueman, B., and S. Titman. 1988. An explanation for accounting income smoothing. Journal of Accounting Research 26:127-139.
Tucker, J. W., and P. Zarowin. 2005. Does income smoothing improve earnings informativeness? The Accounting Review 81 (1):251-270.
Wahlen, J. M. 1994. The nature of information in commercial bank loan loss disclosures. The Accounting Review 69 (3):455-478.
Xue, Y. 2003. Information content of earnings management: Evidence from managing earnings to exceed thresholds. Working paper. Massachusetts Institute of Technology.
Yao, D., P. Majella, J. Stewart, and F. Hu. 2015. The usefulness of fair values in improving the predictive ability of earnings: Evidence from international banks. AFAANZ Conference. Hobart, Tasmania.
Yao, D., M. Percy, J. Stewart, and F. Hu. 2016. Determinants of discretionary fair value measurements: The case of Level 3 assets in the banking sector. Accounting & Finance.
Zarowin, P. 2002. Does income smoothing make stock prices more informative? Working paper. New York University.
Zhang, X. 2016. Income smoothing, idiosyncratic risk & CEO turnover. Journal of Mathematical Finance 6 (1):1-13.		zh_TW