Access the full text.
Sign up today, get DeepDyve free for 14 days.
W. Guay, S. P. Kothari, R. Watts (1996)
A Market-Based Evaluation of Discretionary Accruals ModelsJournal of Accounting Research, 34Supplement
E. Fama, K. French (1992)
The Cross‐Section of Expected Stock ReturnsJournal of Finance, 47
(1985)
Insurance Reports: Property-Casualty Edition
David Sommer (1996)
The Impact of Firm Risk on Property-Liability Insurance PricesJournal of Risk and Insurance, 63
R. Hill (1979)
Profit Regulation in Property-Liability InsuranceThe Bell Journal of Economics, 10
F. Penalva (1998)
Loss Reserves and Accounting Discretion in the Property-Casualty Insurance Industry
Gerald Feltham, James Ohlson (1995)
Valuation and Clean Surplus Accounting for Operating and Financial ActivitiesContemporary Accounting Research, 11
Robert Hamada (1972)
THE EFFECT OF THE FIRM'S CAPITAL STRUCTURE ON THE SYSTEMATIC RISK OF COMMON STOCKSJournal of Finance, 27
James Wahlen (1991)
The nature of information in commercial bank loan loss disclosures
J. Anthony, K. Petroni (1997)
Accounting Estimation Disclosures and Firm Valuation in the Property-Casualty Insurance IndustryJournal of Accounting, Auditing & Finance, 12
Karen Nelson (1997)
The Discretionary Use of Present Value-Based Measurements By Property-Casualty InsurersBanking & Financial Institutions
W. Beaver, Ellen Engel (1996)
Discretionary behavior with respect to allowances for loan losses and the behavior of security pricesJournal of Accounting and Economics, 22
K. Petroni, M. Beasley (1996)
Errors in Accounting Estimates and their Relation to Audit Firm TypeJournal of Accounting Research, 34
Ralph Winter (1988)
The Liability Crisis and the Dynamics of Competitive Insurance MarketsYale Journal on Regulation, 5
W. Beaver, C. Eger, Stephen Ryan, Mark Wolfson (1989)
Financial-Reporting, Supplemental Disclosures, And Bank Share PricesJournal of Accounting Research, 27
J. Jones (1991)
Earnings Management During Import Relief InvestigationsJournal of Accounting Research, 29
W. Beaver, M. McNichols (1999)
The Characteristics and Valuation of Loss Reserves of Property Casualty InsurersReview of Accounting Studies, 3
K. Subramanyam (1996)
The pricing of discretionary accrualsJournal of Accounting and Economics, 22
S. Penman (1991)
An Evaluation of Accounting Rate-of-returnJournal of Accounting, Auditing & Finance, 6
K. Petroni (1992)
Optimistic reporting in the property- casualty insurance industry*Journal of Accounting and Economics, 15
Elizabeth Grace (1990)
Property-Liability Insurer Reserve Errors: A Theoretical and Empirical AnalysisJournal of Risk and Insurance, 57
(1994)
Improving Business Reporting—A Customer Focus: Meeting the Informational Needs of Investors and Creditors
A. Gart (1994)
Regulation, Deregulation, Reregulation
We develop and estimate a PC-industry specific model in which proxies for both discretion and non-discretion are used to partition loss reserve revisions into discretionary and non-discretionary components. The use of such proxies enables us to test directional hypotheses about the relations between the revision components and future profitability, risk and market value. We predict and find that discretionary revisions are negatively associated with future profitability, positively associated with firm risk, and negatively associated with market-to-book ratios. We predict and find that non-discretionary revisions are positively associated with future profitability and risk but are not associated with market-to-book ratios.
Review of Accounting Studies – Springer Journals
Published: Oct 16, 2004
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.