TAILIEUCHUNG - Debt Investment Securities Held by Banks

Our main contribution is to study a variable, international soccer results, that has particu- larly attractive properties as a measure of mood. While extensive psychological evidence, which we review below, shows that sports in general have a significant effect on mood, TV viewing figures, media coverage, and merchandise sales suggest that soccer in particular is of “national interest” in many of the countries we study. 1 It is hard to imagine other regular events that produce such substantial and correlated mood swings in a large proportion of a country’s pop- ulation. These characteristics provide strong a priori motivation for using game outcomes to capture mood changes among investors | GAO I IIiI l SI iI es General Accounting Office_ Report to Congressional Requesters MARKET VALUE ACCOUNTING Debt Investment Securities Held by Banks RESTRICTED-Not to be released rỄốh Ce General Accounting Office unless specifically approved by the Office of Congressional Relations. GAO AFMD-92 -10 GAO United States General Accounting Office Washington . 20548 Accounting and Financial Management Division B-246857 December 23 1991 The Honorable John D. Dingell Chairman Committee on Energy and Commerce House of Representatives The Honorable Edward J. Markey Chairman Subcommittee on Telecommunications and Finance Committee on Energy and Commerce House of Representatives In accordance with your December 6 1990 request and subsequent discussions with your offices this report provides information regarding the effect that market value accounting could have on banks financial statements. Specifically the report includes information regarding 1 the composition of bank investment security holdings and their significance in relation to total bank assets 2 the impact of fluctuating interest rates on the market values of bank debt investment security portfolios and 3 maximum potential effects on earnings and equity capital. Such information is a starting point in considering the merits of market value accounting for bank debt investment securities and related implementation issues. The Financial Accounting Standards Board FASB has issued an exposure draft of a proposed standard requiring market value disclosures. It is also considering an accounting rule that would require holders of debt investment securities to record those securities at market value in their financial statements. In a second report also as you requested we will analyze responses received by FASB on its proposal regarding market value disclosures. Results in Brief As of December 31 1990 bank investment securities portfolios comprised an average of 18 percent of bank assets ranging from a high of about 30

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