| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w15515
|
| 来源ID | Working Paper 15515
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| Did Fair-Value Accounting Contribute to the Financial Crisis? |
| Christian Laux; Christian Leuz
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| 发表日期 | 2009-11-12
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| 出版年 | 2009
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| 语种 | 英语
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| 摘要 | The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we assess these arguments and examine the role of fair-value accounting in the financial crisis using descriptive data and empirical evidence. Based on our analysis, it is unlikely that fair-value accounting added to the severity of the current financial crisis in a major way. While there may have been downward spirals or asset-fire sales in certain markets, we find little evidence that these effects are the result of fair-value accounting. We also find little support for claims that fair-value accounting leads to excessive write-downs of banks' assets. If anything, empirical evidence to date points in the opposite direction, that is, towards overvaluation of bank assets. |
| 主题 | International Economics
; International Finance
; Financial Economics
; Financial Markets
; Financial Institutions
; Corporate Finance
; Other
; Law and Economics
; Accounting, Marketing, and Personnel
|
| URL | https://www.nber.org/papers/w15515
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573191
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推荐引用方式
GB/T 7714 |
Christian Laux,Christian Leuz. Did Fair-Value Accounting Contribute to the Financial Crisis?. 2009.
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文件名：
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w15515.pdf
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格式：
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Adobe PDF
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