ESSAYS ON FINANCIAL ACTORS’ FORECASTS: OTHER COMPREHENSIVE INCOME INFORMATIVENESS

الموضوعات

إدارة

الملخص

This thesis examines the informativeness of Comprehensive Income (CI) and Other Comprehensive Income (OCI) beyond net income (NI) for a sample covering the 200 largest US commercial banks. The study aims to understand how CI metrics impact firms’ valuation and decision-making. The first chapter examines two dimensions of informativeness by investigating the value relevance, and information content of CI and OCI beyond NI. While using 7,200 quarterly observations and association analysis, the results clearly demonstrate that CI and OCI are value-relevant and possess informative content, indicating their ability to provide a better understanding of the financial performance of American commercial banks and a more accurate determination of the irintrinsic value.We also provide evidence that available for sale securities (AFS), cash flow hedges (Hedge), and foreign currency translation adjustments (Currency) are value-relevant and informative. Using 2,000 yearly observations, the second chapter provides evidence that aggregate OCI and Hedge exhibit negative relationships with forecast accuracy, whereas AFS and Currency exhibit negative relationships with forecast error. The robustness analysis reveals that forecast accuracy decreases after ASU 2016-01, and AFS securities no longer enhance forecast accuracy. However, the positive relationships between Hedge and Currency, respectively, and accuracy are more pronounced in the post-ASU 2016-01 period. Thus, Currency and Hedge are useful metrics when dealing with earnings forecasts. In the third chapter, the usefulness of OCI recycling for credit rating agencies (CRAs)is assessed. The results suggest that OCI recycling emerges as a note worthy credit risk factor, there by emphasizing its importance in assessing the credit worthiness of banks. Additionally, earnings management is identified as the mechanism through which OCI recycling adversely affects credit ratings. By interconnecting the findings from the three chapters, this dissertation offers a comprehensive and cohesive exploration of CI's informativeness and implications for decision-making processes. These collective findings contribute valuable insights for investors, analysts, and CRAs.

روابط وملفات

التعريف والنوع

رقم الوثيقة

03fb5329-0cb0-476c-bdbf-35485167d237

رقم العقد

0

نوع الوسائط

Crawler

نوع المحتوى

الرسائل العلمية

صيغة المصدر

رسائل دكتوراة

نوع الملف

pdf image

أسماء الملفات

03fb5329-0cb0-476c-bdbf-35485167d237_1.pdf

بيانات النشر

ألقاب المؤلفين

[{"name_ar":"Amel Zenaidi","title_ar":"اشراف","title_en":"Supervision"},{"name_ar":"Imen Fredj","title_ar":"اعداد","title_en":"Preparation"},{"name_ar":"Marjène Rabah Gana","title_ar":"اشراف","title_en":"Supervision"},{"name_ar":"Samir Trabelsi","title_ar":"اشراف","title_en":"Supervision"}]

اللغة

English

المصدر والدورية

اسم المصدر

ESSAYS ON FINANCIAL ACTORS’ FORECASTS: OTHER COMPREHENSIVE INCOME INFORMATIVENESS

المحتوى والصفحات

عدد الصفحات

0

إشراف وإعداد

الإشراف

Amel Zenaidi, Marjène Rabah Gana, Samir Trabelsi

الإعداد

Imen Fredj

الاقتباسات الببليوغرافية