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Top Performing Banks: Size Effect and Economic Cycles

Greg Filbeck, Dianna Preece and Xin Zhao
The Journal of Investing Spring 2011, 20 (1) 19-32; DOI: https://doi.org/10.3905/joi.2011.20.1.019
Greg Filbeck
is the Samuel P. Black III Professor of Risk Management and Insurance at Penn State Erie in Erie, PA.
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  • For correspondence: mgf11@psu.edu
Dianna Preece
is a professor of finance at the College of Business and Public Administration at the University of Louisville in Louisville, KY.
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  • For correspondence: dianna.preece@louisville.edu
Xin Zhao
is an assistant professor of finance at the Sam & Irene Black School of Business at Penn State Erie in Erie, PA.
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  • For correspondence: xuz12@psu.edu
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Abstract

In this study, the authors investigate ex-post, long-term, riskadjusted performance associated with the release of the 2002 and 2005 ABA Top Performing Banks survey as well as an alternative “re-ranked” sample list that includes a size criterion. The 2002 and 2005 survey years serve as benchmarks for the resiliency of sample firms based on pivotal economic shifts within the banking industry taking place in the corresponding post-survey periods. The results indicate that the long-term stock return performance of the survey sample outperforms both the S&P 500 Index and the matched sample in “good” years and either underperforms or shows no difference in performance during “bad” years. The alternative re-ranked sample exhibits superior long-term stock return performance in both good and bad economic times when measured against the S&P 500. The authors conclude that size does impact performance resiliency based on changing economic conditions in the banking industry.

TOPICS: Analysis of individual factors/risk premia, equity portfolio management, long-term/retirement investing

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The Journal of Investing: 20 (1)
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Spring 2011
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Top Performing Banks: Size Effect and Economic Cycles
Greg Filbeck, Dianna Preece, Xin Zhao
The Journal of Investing Feb 2011, 20 (1) 19-32; DOI: 10.3905/joi.2011.20.1.019

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Top Performing Banks: Size Effect and Economic Cycles
Greg Filbeck, Dianna Preece, Xin Zhao
The Journal of Investing Feb 2011, 20 (1) 19-32; DOI: 10.3905/joi.2011.20.1.019
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  • Article
    • Abstract
    • RELEVANT PREVIOUS RESEARCH
    • THE ABA TOP PERFORMING BANKS SURVEY
    • SAMPLE AND METHODOLOGY
    • STOCK PERFORMANCE OF THE TOP PERFORMING BANKS SAMPLE
    • STOCK PERFORMANCE OF THE RE-RANKED BANKS SAMPLE
    • CONCLUSIONS
    • ENDNOTES
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