Is fair value accounting information relevant and reliable? Evidence from capital market research

References

• Aboody , D. , Barth , M. E. and Kasznik , R. 1999 . Revaluations of fixed assets and future firm performance . Journal of Accounting and Economics , 26 : 149 – 178 .
   Web of Science ®Google Scholar
• Aboody , D. , Barth , M. E. and Kasznik , R. 2004 . SFAS No. 123 Stock-based employee compensation and equity market values . The Accounting Review , 79 : 251 – 275 .
   Web of Science ®Google Scholar
• Aboody , D. , Barth , M. E. and Kasznik , R. 2006 . Do firms understate stock-based compensation expense disclosed under SFAS 123? . Review of Accounting Studies , ll : 429 – 461 .
   Web of Science ®Google Scholar
• Ahmed , A. S. and Takeda , C. 1995 . Stock market valuation of gains and losses on commercial banks' investment securities: an empirical analysis . Journal of Accounting and Economics , 20 : 207 – 225 .
   Web of Science ®Google Scholar
• AAA FASC. 2005 . American Accounting Association Financial Accounting Standards Committee, ‘Response to the FASB's Exposure Draft on Fair Value Measurements’ . Accounting Horizons , 19 : 187 – 196 .
   Google Scholar
• Barth , M. E. 1991 . Relative measurement errors among alternative pension asset and liability measures . The Accounting Review , 66 : 433 – 463 .
   Web of Science ®Google Scholar
• Barth , M. E. 1994 . Fair value accounting: evidence from investment securities and the market valuation of banks . The Accounting Review , 69 : 1 – 25 .
   Web of Science ®Google Scholar
• Barth , M. E. 2004 . “ Fair values and financial statement volatility ” . In The Market Discipline Across Countries and Industries , Edited by: Borio , C. , Hunter , W. C. , Kaufman , G. G. and Tsatsaronis , K. Cambridge , MA : MIT Press .
   Google Scholar
• Barth , M. E. , Beaver , W. H. and Landsman , W. R. 1996 . Value-relevance of banks' fair value disclosures under SFAS 107 . The Accounting Review , 71 : 513 – 537 .
   Web of Science ®Google Scholar
• Barth , M. E. , Beaver , W. H. and Landsman , W. R. 2001 . The relevance of the value relevance literature for accounting standard-setting: another view . Journal of Accounting and Economics , 31 : 77 – 104 .
   Web of Science ®Google Scholar
• Barth , M. E. and Clinch , G. 1996 . International differences in accounting standards: evidence from UK, Australian, and Canadian firms . Contemporary Accounting Research , : 135 – 170 .
   Google Scholar
• Barth , M. E. and Clinch , G. 1998 . Revalued financial, tangible, and intangible assets: associations with share prices and non market-based value estimates . Journal of Accounting Research , 36 : 199 – 233 .
   Web of Science ®Google Scholar
• Barth , M. E. and Landsman , W. R. 1995 . Fundamental issues related to using fair value accounting for financial reporting . Accounting Horizons , 9 : 97 – 107 .
   Google Scholar
• Barth , M. E. , Landsman , W. R. and Rendleman , R. J. Jr . 1998 . Option pricing-based bond value estimates and a fundamental components approach to account for corporate debt . The Accounting Review , 73 : 73 – 102 .
   Web of Science ®Google Scholar
• Barth , M. E. , Landsman , W. R. and Rendleman , R. J. Jr . 2000 . Implementation of an option pricing-based bond valuation model for corporate debt and its components . Accounting Horizons , 14 : 455 – 479 .
   Google Scholar
• Barth , M. E. , Landsman , W. R. and Wahlen , J. 1995 . Fair value accounting: effects on banks' earnings volatility, regulatory capital, and value of contractual cash flows . Journal of Banking and Finance , 19 : 577 – 605 .
   Web of Science ®Google Scholar
• Beaver , W. H. and Landsman , W. R. 1983 . Incremental Information Content of Statement 33 Disclosures , Stamford , CT : Research Report, FASB .
   Google Scholar
• Beaver , W. H. and Ryan , S. G. 1985 . How well do Statement No. 33 earnings explain stock returns? . Financial Analysts Journal , 41 : 66 – 71 .
   Google Scholar
• Bell , T. B. , Landsman , W. R. , Miller , B. L. and Yeh , S. 2002 . The valuation implications of employee stock option accounting for profitable computer software firms . The Accounting Review , 77 : 971 – 996 .
   Web of Science ®Google Scholar
• Bernard , V. L. , Merton , R. C. and Palepu , K. G. 1995 . Mark-to-market accounting for banks and thrifts: lessons from the Danish experience . Journal of Accounting Research , 33 : 1 – 32 .
   Web of Science ®Google Scholar
• Black , E. L. , Sellers , K. F. and Manly , T. S. 1998 . Earnings management using asset sales: an international study of countries allowing non-current asset revaluation . Journal of Business Finance and Accounting , 25 : 1,287 – 1,317 .
   Google Scholar
• Cotter , J. and Richardson , S. 2002 . Reliability of Asset Revaluations: The Impact of Appraiser Independence . Review of Accounting Studies , 7 : 435 – 457 .
   Google Scholar
• Cox , J. S. , Ross , A. and Rubinstein , M. 1979 . Option pricing: a simplified approach . Journal of Financial Economics , 7 : 51 – 84 .
   Web of Science ®Google Scholar
• Dietrich , J. R. , Harris , M. S. and Muller , K. A. III . 2001 . The reliability of investment property fair value estimates . Journal of Accounting and Economics , 30 : 125 – 158 .
   Web of Science ®Google Scholar
• Easton , P. D. , Eddey , P. H. and Harris , T. S. 1993 . An investigation of revaluations of tangible long-lived asset . Journal of Accounting Research , 31 : 1 – 38 .
   Web of Science ®Google Scholar
• Eccher , A. , Ramesh , K. and Thiagarajan , S. R. 1996 . Fair value disclosures by bank holding companies . Journal of Accounting and Economics , 22 : 79 – 117 .
   Web of Science ®Google Scholar
• Ernst and Young . 2005 . How Fair is Fair Value? , London , UK : Ernst & Young . IFRS Stakeholder Series
   Google Scholar
• FASB. 1979 . Statement of Financial Accounting Standards No. 33, Financial Reporting and Changing Prices , Stamford, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 1985 . Statement of Financial Accounting Standards No. 87, Employers' Accounting for Pensions , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 1990 . Discussion Memorandum, Distinguishing between Liability and Equity Instruments and Accounting for Instruments with Characteristics of Both , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 1991 . Statement of Financial Accounting Standards No. 107, Disclosures about Fair Value of Financial Instruments , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 1993 . Statement of Financial Accounting Standards No. 115, Accounting for Certain Investments in Debt and Equity Securities , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 1994 . Statement of Financial Accounting Standards No. 119, Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 1995 . Statement of Financial Accounting Standards No. 123, Accounting for Stock-based Compensation , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 1998 . Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 2000 . Proposed Statement of Financial Accounting Standards, Accounting for Financial Instruments with Characteristics of Liabilities, Equity, or Both , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 2004 . Statement of Financial Accounting Standards No. 123 (revised), Share-Based Payment , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 2006a . Statement of Financial Accounting Standards No. 157, Fair Value Measurements , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 2006b . Proposed Statement of Financial Accounting Standards, The Fair Value Option for Financial Assets and Financial Liabilities , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• FASB. 2006c . Statement of Financial Accounting Standards No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans - an amendment of FASB Statements No. 87, 88, 106, and 132(R) , Norwalk, Connecticut : Financial Accounting Standards Board .
   Google Scholar
• IASB. 2003a . International Accounting Standard 32: Financial Instruments: Disclosure and Presentation , London , UK : International Accounting Standards Board .
   Google Scholar
• IASB. 2003b . International Accounting Standard 39: Financial Instruments: Recognition and Measurement , London , UK : International Accounting Standards Board .
   Google Scholar
• IASB. 2004 . International Financial Reporting Standard 2, Accounting for Share-based Payment , London , UK : International Accounting Standards Board .
   Google Scholar
• IASB. 2005a . International Financial Reporting Standard 7 Financial Instruments: Disclosures , London , UK : International Accounting Standards Board .
   Google Scholar
• IASB. 2005b . International Accounting Standard 39: Financial Instruments: Recognition and Measurement - The Fair Value Option , London , UK : International Accounting Standards Board .
   Google Scholar
• IASB. 2006 . Discussion Paper, Fair Value Measurements Part 1: Invitation to Comment , London , UK : International Accounting Standards Board .
   Google Scholar
• Landsman , W. 1986 . An empirical investigation of pension fund property rights . The Accounting Review , 61 : 662 – 691 .
   Web of Science ®Google Scholar
• Landsman , W. R. , Peasnell , K. , Pope , P. and Yeh , S. 2006 . Which approach to accounting for employee stock options best reflects market pricing? . Review of Accounting Studies , 11 : 203 – 245 .
   Web of Science ®Google Scholar
• Lin , Y. N. and Peasnell , K. V. 2000 . Fixed asset revaluation and equity depletion in the UK . Journal of Business Finance and Accounting , 27 : 359 – 394 .
   Google Scholar
• Muller , K. A. III and Riedl , E. J. 2002 . External monitoring of property appraisal estimates and information asymmetry . Journal of Accounting Research , 40 : 865 – 881 .
   Web of Science ®Google Scholar
• Nelson , K. 1996 . Fair value accounting for commercial banks: an empirical analysis of SFAS No. 107 . The Accounting Review , 71 : 161 – 82 .
   Web of Science ®Google Scholar
• Rendleman , R. J. and Bartter , B. J. 1979 . Two-state option pricing . Journal of Finance , 34 : 1,093 – 1,110 .
   Web of Science ®Google Scholar
• SEC. 2005 . Report and Recommendations Pursuant to Section 401(c) of the Sarbanes-Oxley Act of 2002 On Arrangements with Off-Balance Sheet Implications, Special Purpose Entities, and Transparency of Filings by Issuers , United States Securities and Exchange Commission .
   Google Scholar
• Sloan , R. G. 1999 . Evaluating the reliability of current value estimates . Journal of Accounting and Economics , 26 : 193 – 200 .
   Web of Science ®Google Scholar
• Venkatachalam , M. 1996 . Value-relevance of banks' derivatives disclosures . Journal of Accounting and Economics , 22 : 327 – 55 .
   Web of Science ®Google Scholar