Abstract
The information content of share market returns preceding failure or substantial reconstruction of financial institutions is examined with the aim of assessing the usefulness of patterns of abnormal returns as an early warning system to regulators of financial institutions. The results obtained for six Australian financial institutions who failed during the 1970s lend support for the view that share market returns contain useful information for this purpose. Copyright 1988 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia
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