STOCK-MARKET VALUATION OF GAINS AND LOSSES ON COMMERCIAL-BANKS INVESTMENT SECURITIES - AN EMPIRICAL-ANALYSIS

被引：76

作者：

AHMED, AS ^{[1
]}

TAKEDA, C ^{[1
]}

机构：

[1] UNIV FLORIDA,GRAD SCH BUSINESS,GAINESVILLE,FL 32611

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 1995年 / 20卷 / 02期

关键词：

SECURITIES GAINS LOSSES; MARKET VALUE ACCOUNTING; CAPITAL MARKETS;

D O I：

10.1016/0165-4101(95)00396-Z

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Prior studies document an insignificant effect of unrealized gains/losses (URGL) and a negative effect of realized gains/losses (SGL) on bank stock returns. We argue that these results may reflect the omission of changes in value of other net assets resulting from interest rate changes. We find that after controlling for effects of other (on-balance sheet) net assets, both URGL and SGL have significant positive effects on bank returns in normal periods. But the SGL effect is significantly lower in periods of low capital and earnings. These findings are relevant to the market value accounting debate.

引用

页码：207 / 225

页数：19