@article {1970241,
	title = {Bad News and Bank Performance during the 2008 Financial Crisis},
	journal = {Applied Financial Economics},
	volume = {24},
	year = {2014},
	month = {2014},
	pages = {1-12},
	abstract = {The paper investigates market reaction to negative reports published by analysts and auditors for a sample of investment, commercial, and savings banks during the 2008 financial crisis and compares the results to non-crisis periods. The results show that during 2008, analysts{\textquoteright} downgrades and underperformance reports resulted in stronger negative returns than during non-crisis periods and that investment banks experienced the worst stock price declines. The market reaction to auditors{\textquoteright} issues and going concern flags is different during the crisis as well. In non-crisis periods no reaction to auditors{\textquoteright} bad news is reported, while during the crisis there is a negative and significant reaction for investment banks only. Overall, the type of bank, investment versus commercial, significantly contributes to explaining the variability in returns during the financial crisis.},
	keywords = {Finance},
	author = {Chira,Inga}
}