Stock Market Reactions to SFAS No. 96: Evidence from Early Bank Adopters

Insup Lee and Stiner, Frederic M,

The Financial Review, 1993, vol. 28, issue 4, 469-91

Abstract: Statement of Financial Accounting Standards (SFAS) No. 96, "Accounting for Income Taxes," (1987), changed accounting for income tax recognition and accrual. The original deadline for implementation of SFAS No. 96 was December 15, 1988, and earlier adoption was encouraged. This study examines empirically the stock price impact of four pertinent announcement dates regarding SFAS No. 96 for 19 banks that adopted the statement in late 1987 and early 1988. Our results suggest that these early bank adopters have different characteristics from other banks that cause them to benefit from the changes in accounting for deferred taxes and explain their voluntary adoption of the standard. Copyright 1993 by MIT Press.

Date: 1993
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