328 DOUGLAS A. SHACKELFORD For example, a bank with poor prospects may sell appreciated securities to enhance its earnings and mask its problems. This paper purports to determine whether the additional earnings management undertaken by public banks is to inform or to mislead the market, an interesting research question. The results are consistent with public bank managers using security transactions to communicate information. Two, the paper makes a compelling case that the security trading of banks during the period examined in this study provides a useful setting for investigating the effects of public ownership. Securities gains and losses have been evaluated successfully in many years. Closely held banks produce extensive publicly available data. The years examined, 1991 and 1992, were relatively undisturbed by accounting, tax and regulatory changes. In addition, the Beatty, Chamberlain and Magliolo (1995) regression model provides an appropriate estimation structure. Ideally, banks would be randomly assigned to ownership structure, but nature does not create such research design niceties. Furthermore, as the authors note, it seems unlikely that earnings management acumen is a major factor in the decision to access public capital markets. The authors contend that banks dominate insurers for this analysis, emphasizing difﬁcul- ties Collins,
Review of Accounting Studies – Springer Journals
Published: Sep 30, 2004
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