14:15 - 15:45
The Tip of the Iceberg: Pre-Publication Revisions of Bank Financial Statements
We investigate whether pre-publication revisions of bank financial statements contain information about financial stability.
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Professor Dr Andre Guettler holds the position of Director of the Institute of Strategic Management and Finance at Ulm University. He joined the IWH as a Research Professor in June 2016. His research focuses on financial intermediation with particular emphasis on the real effects of financial regulation, competition between banks, access to credit, and credit rating agencies.
We investigate whether pre-publication revisions of bank financial statements contain information about financial stability. Using 9 million observations of monthly financial reports from all banks in Brazil during 2007-2019, we show that 88% of all revisions occur before the publication of these statements. The frequency, missing of reporting deadlines, and severity of revisions are positively related with bank risk, in particular before banks experience financial distress. The evidence suggests that private information from pre-publication revisions is useful for monitoring banks and financial stability. Read more ...
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