Reputational Risk and Operating Losses: An Empirical Analysis on Listed Banks
University of Parma
University of Rome (Tor Vergata)
December 1, 2010
Bancaria No. 11-2010
This paper assesses the reputational impact of announced operational losses for a sample of 163 listed financial companies from 1994 to 2008.
Measurement of reputational losses is carried out using the event study methodology.
The results show that fraud is the event type that generates the biggest reputational damage. Reputational losses taking place in Europe appear higher than those taking place in America. Finally the article illustrates UniCredit Group’s management and control of reputational risk.
Keywords: Reputational Losses, Operational Losses, Banks, Event Study
JEL Classification: G14, G21, G22, G28Accepted Paper Series
Date posted: January 9, 2011
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