Abstract
This paper investigates announcement effects and longer-term performance associated with the Forbes' America's Best Banks survey release. Although the market reacted positively to the announcement, the overall event window effects were insignificant. Raw and risk-adjusted returns are statistically insignificant over longer-time horizons. Investors cannot just use the Best Banks list to earn positive announcement window returns. However, a direct relation exists between movement in survey rank and subsequent accounting profitability measures, suggesting investors may benefit from monitoring movements on the Best Banks list. We also find support for a size effect as smaller, matched sample banks have higher Jensen's alphas than the Forbes larger Best Banks.
Original language | English (US) |
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Pages (from-to) | 3535-3557 |
Number of pages | 23 |
Journal | Accounting and Finance |
Volume | 64 |
Issue number | 4 |
DOIs | |
State | Published - Dec 2024 |
All Science Journal Classification (ASJC) codes
- Accounting
- Finance
- Economics, Econometrics and Finance (miscellaneous)