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Discussion of “Were Information Intermediaries Sensitive to the Financial Statement‐Based Leading Indicators of Bank Distress Prior to the Financial Crisis?”
Author(s) -
Ryan Stephen G.
Publication year - 2016
Publication title -
contemporary accounting research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.769
H-Index - 99
eISSN - 1911-3846
pISSN - 0823-9150
DOI - 10.1111/1911-3846.12224
Subject(s) - depreciation (economics) , financial distress , financial crisis , economics , finance , realization (probability) , financial intermediary , statement (logic) , intermediary , financial system , business , keynesian economics , political science , market economy , statistics , mathematics , capital formation , financial capital , law , human capital
I discuss Desai, Rajgopal, and Yu ([Desai, H., 2016]) with the goal of helping readers think carefully about which implications of the study are likely to generalize to future economic downturns and which are likely to be specific to the facts and circumstances of the recent financial crisis, given that the crisis was driven by the expectation and then the realization of a single market variable, national house price depreciation.