The International Debt Crisis, Investor Contagion, and Bank Security Returns in 1987: The Brazilian Experience
用事件研究法分析1987年花旗银行30亿美元贷款损失准备金决策及后续银行跟进行为对美国25家最大银行控股公司证券收益的影响，发现市场部分预期到这些决策并奖励理性跟进行为，准备金决策预示了发展中国家贷款减记，并通过信号企业重组提升经济价值来影响市场价格。
The authors use event-study methods to examine security returns for the twenty-five largest U.S. bank holding companies surrounding two events: (1) Citicorp's $3 billion loan-loss-reserve decision of May 19, 1987 and (2) subsequent follow-the-leader behavior by other major banking companies. Although the market anticipated rational follow-the-leader behavior and rewarded it, the events were only partially anticipated. The authors interpret the loan-loss-reserve decisions as foreshadowing the write-down of LDC loans. Such bookkeeping entries affect market prices because they signal economic value-enhancing corporate and strategic restructurings. Copyright 1990 by Ohio State University Press.