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THE VALUE OF A GOVERNMENT MONITOR FOR FIRMS WITH HARD-TO-VALUE ASSETS

The Value of a Government Monitor for Firms with Hard-to-Value Assets Do federal bank examinations add value to the market's supervisory process? To address this question, we investigate whether Federal Reserve inspections of bank holding companies have affected the association between banks' reported book values and the market value of their equity. Using data from the fourth quarters of 1988 and 1990, we find that government examinations can significantly affect the market's interpretation of reported book values, although the particular effects vary between years and according to a bank's specific characteristics. Our results imply that individual examination visits do not directly affect bank market values, although they do improve the quality of reported accounting numbers.