01364nas a2200145   4500008004100000245006700041210006700108260000900175300000900184490000700193520088700200653001201087100001601099856010301115       2014                        eng d00aBad News and Bank Performance during the 2008 Financial Crisis0 aBad News and Bank Performance during the 2008 Financial Crisis  c2014  a1-120 v243 aThe 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' 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’ issues and going concern flags is different during the crisis as well. In non-crisis periods no reaction to auditors’ 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.10aFinance1 aChira, Inga  uhttps://business.oregonstate.edu/biblio/bad-news-and-bank-performance-during-2008-financial-crisis