Independent research by the University of Notre Dame shows that bank call reports have a material effect on U.S. equity markets. Conclusions also state that the effect increases as asset size decreases, indicating that small and medium-sized banks are quietly releasing a flood of mandatory but market-moving information to the public with little to no fanfare.

http://go.snl.com/UND-report-Read-Demo.html?mkt_tok=3RkMMJWWfF9wsRojva3Ocu%2FhmjTEU5z16uoqWqa3gYkz2EFye%2BLIHETpodcMT8pkMb3YDBceEJhqyQJxPr3FJNANysRuRhDgCw%3D%3D