FINANCIAL REPORTING BY FOUR UK CLEARING BANKS: A CASH FLOW EXIT PRICE (CaFE) APPROACH
研究1980年代英国四大清算银行的公开账目，分析其面临的LDC债务及拨备时机，发现现金流加退出价格调整与股票回报正相关，可能比报告利润更贴近市场预期。
This paper examines the published accounts of the four main UK clearing banks during the 1980s and investigates some of the economic factors with which the banks had to contend. A particular focus concerns less developed country (LDC) debt, provisions against losses on the clearing banks’ LDC debt portfolios and factors which might influence the timing of provisions. We find a significant and positive association between share returns and future changes in cash flow plus adjustment for exit price changes, and suggest that this measure may be more closely associated with market expectations than changes in reported profit.