TAILIEUCHUNG - STOCK MARKET FIRM-LEVEL INFORMATION AND REAL ECONOMIC ACTIVITY

However, at acquisition an entity is not precluded from classifying as trading a security it plans to hold for a longer period. If an entity acquires a security without the intent to sell it in the near term, it may still classify the security in the trading category. The FASB deliberately used the terms generally and principally in describing the trading category. However, the decision to classify a security as trading should occur at acquisition; transfers into or from the trading category should be rare; thus, if an entity elects to classify a security in the trading category, it should. | EUROPEAN CENTRAL BANK EUROSYSTEM STOCK MARKET by Filippo di Mauro Fabio Fornari and Dario Mannucci NO 1366 I AUGUST 2011 FIRM-LEVEL INFORMATION AND REAL ECONOMIC ACTIVITY EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1366 AUGUST 2011 STOCK MARKET FIRM-LEVEL INFORMATION AND REAL ECONOMIC ACTIVITY 1 by Filippo di Mauro 2 Fabio Fornari 2 and Dario Mannucci 3 NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. In 2011 all ECB publications feature a motif taken from the 100 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1904833. Thanks are due to an anonymous referee Hashem Pesaran Neil Ericsson Marco Lombardi Michael Binder Til Schuermann George Kapetanios Carlo Favero and participants at seminars held at the ECB and the IMF as well as at a conference in Honour of Hashem Pesaran Cambridge UK 1-2 July 2011 . 2 European Central Bank Kaiserstrasse 29 D-60311 Frankfurt am Main Germany e-mails and 3 Prometeia Via G. Marconi 43 40122 Bologna Italy e-mail European Central Bank 2011 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 All rights reserved Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the authors. Information on all of the papers published in the ECB Working Paper Series can be found on the ECB s website http www. pub scientific wps date html ISSN 1725-2806 .

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