The DOI matches its Crossref record; 67 of the 67 references it cites were found in a registry or an index.
Value Relevance of FAS No. 157 Fair Value Hierarchy Information and the Impact of Corporate Governance Mechanisms
Abstract
ABSTRACT: Statement of Financial Accounting Standards No. 157 (FAS No. 157), Fair Value Measurements, prioritizes the source of information used in fair value measurements into three levels: (1) Level 1 (observable inputs from quoted prices in active markets), (2) Level 2 (indirectly observable inputs from quoted prices of comparable items in active markets, identical items in inactive markets, or other market-related information), and (3) Level 3 (unobservable, firm-generated inputs). Using quarterly reports of banking firms in 2008, we find that the value relevance of Level 1 and Level 2 fair values is greater than the value relevance of Level 3 fair values. In addition, we find evidence that the value relevance of fair values (especially Level 3 fair values) is greater for firms with strong corporate governance. Overall, our results support the relevance of fair value measurements under FAS No. 157, but weaker corporate governance mechanisms may reduce the relevance of these measures.
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Metadata
- Authors
- Song, C. J., Thomas, W. B., & Yi, H.
- Venue
- The Accounting Review
- Publisher
- American Accounting Association
- Published
- 2010-07-01
- Volume
- 85
- Issue
- 4
- Pages
- 1375-1410
- ISSN
- 0001-4826 (ISSN-L)
- 1558-7967
- OpenAlex
- W3122553588
- Cited by
- 512
- References
- 67
- FWCI
- 95.66
- Type
- journal article
- Language
- en
- Open access
- closed
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- Song, C. J., Thomas, W. B., & Yi, H. (2010). Value Relevance of FAS No. 157 Fair Value Hierarchy Information and the Impact of Corporate Governance Mechanisms. The Accounting Review. https://doi.org/10.2308/accr.2010.85.4.1375
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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