JOURNAL OF BANKING & FINANCE, VOL 98, JANUARY 2019

金融机构的操作风险和声誉：媒体基调是否有所作为？

作者：Ahmed Barakat (University of Nottingham)

Simon Ashby（Plymouth University）

Paul Fenn（University of Nottingham）

Cormac Bryce (University of London)

摘要：操作风险公告指的是意外的不利媒体新闻🙇🏼‍♀️，可能会损害金融机构的声誉。本文考察了操作风险公告中基于股权和债务的金融情绪基调的声誉效应🦘，并说明了这些声誉效应如何通过其他公共信息来源来缓和🤹🏿。本文的分析表明，净负面基调和诉讼基调具有不利的声誉效应，不确定性基调减轻了声誉的不利影响。此外，同一时期有替代性的信息来源抵消了原有的声誉效应。首先🩱，有关该事件的第三方信息（即监管公告和最终结算）消除了不确定性（诉讼语气）的有利（不利）声誉影响。其次，损失金额披露和公司认可度仅取代了Anglo-Saxon国家和市场经济中净负面基调和不确定基调的声誉效应。总体而言🤎，本文的研究结果表明🙍🏿，当缺乏关于操作风险事件的确定的可量化和规范的公共信息时👩🏽‍💻，媒体的声誉效应最为明显。

关键词👷：内容分析; 财务情绪; 媒体新闻; 操作风险; 声誉风险; 文本语气

Operational Risk and Reputation in Financial Institutions: Does Media Tone Make a Difference?

Ahmed Barakat (University of Nottingham); Simon Ashby（Plymouth University）; Paul Fenn（University of Nottingham）; Cormac Bryce (University of London)

ABSTRACT

Operational risk announcements are unexpected adverse media news that potentially harm the reputation of financial institutions. This paper examines the equity-based and debt-based reputational effects of financial sentiment tones in operational risk announcements and shows how such reputational effects are moderated by alternative sources of public information. Our analysis reveals that the net negative tone and litigious tone have adverse reputational effects, and the uncertainty tone mitigates the adverse reputational impact. Additionally, alternative, simultaneous sources of information neutralize the reputational effects of textual tones. First, third-party information about the event (i.e. regulatory announcements and final settlements) dissolves the favorable (adverse) reputational impact of the uncertainty tone (litigious tone). Second, loss amount disclosure and firm recognition substitute the reputational effects of the net negative tone and uncertainty tone only in Anglo-Saxon countries and market-based economies. Overall, our findings indicate that the reputational effects of the media materialize most when there is lack of certain, quantifiable and regulated public information about the operational risk event.

Keywords: Content Analysis🧑；Financial Sentiment✋🏼；Media News；Operational Risk；Reputational Risk；Textual Tone

原文链接：

https://www.sciencedirect.com/science/article/pii/S0378426618302310#!

翻译：王秭越