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The value relevance of the fair value hierarchy. Empirical evidence from the European Union
FINANCIAL REPORTING, 2018This paper investigates the value relevance of the fair value hierarchy disclosed for financial instruments through a sample of 97 financial entities listed over the period 2011-2016 in the stock markets of 23 European countries. Its main objectives are threefold. First, by analysing the European setting, the paper means to study the value relevance of
Mechelli Alessandro +3 more
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Differences in the Reliability of Fair Value Hierarchy Measurements: A Cross-Country Study [PDF]
Journal of Finance and Accounting, 2020 Prior research suggests there are significant differences in how investors perceive the reliability of fair values. An unaddressed question in this stream of research is whether cross-country differences in institutional factors can mediate differences in reliability for the fair value hierarchy measurements. We contribute to the research on fair value
LIM, Chu Yeong +2 more
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Fair Value Hierarchy, Bargaining Power, and Audit Pricing Across Audit Firms’ Client Portfolios
Journal of Corporate Accounting and Finance, 2022AbstractThis study explores how the presence of Level 2 and/or 3 fair value assets (FVA_23) influences audit pricing across small and large clients for Big‐4 and non‐Big‐4 audit firms. Through analysis of 7918 firm‐year observations, we investigate whether companies with FVA_23 incur higher audit fees than companies without FVA_23 and the differences ...
Brandon Vagner
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Banks’ Information Acquisition and Value-relevance of Fair Value Hierarchy
Korean Accounting Information Association[Purpose] This study examines whether the decline in value－relevance of opaque componentswithin the fair value hierarchy under SFAS 157 Fair Value Measurements is mitigated by banks’information acquisition activities. In particular, we use EDGAR downloads as a proxy forinformation acquisition and investigate their role.
Soojeong Hong, Kwangjin Lee, Sangmok Lee
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The Accounting Review, 2009
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 ...
Chang Joon Song, Wayne B. Thomas, Han Yi
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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 ...
Chang Joon Song, Wayne B. Thomas, Han Yi
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Corporate Ownership and Control, 2017 The objective of the work is to identify any significant relationships between different levels of fair value hierarchy for the valuation of financial assets and two main variables: market capitalization and net income. We considered a sample of 506 insurance companies in two main areas –in the US and in Europe - all listed between 2013 and 2008 ...
Marco Pompili, Marco TUTINO
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The Accounting Review, 2017
ABSTRACT Investors demand conditional conservatism to restrict managers' ability to opportunistically exploit unverifiable accounting estimates. The fair value estimation process is subject to verifiability concerns when market prices are unavailable and, thus, susceptible to managerial discretion.
Jonathan Black +2 more
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ABSTRACT Investors demand conditional conservatism to restrict managers' ability to opportunistically exploit unverifiable accounting estimates. The fair value estimation process is subject to verifiability concerns when market prices are unavailable and, thus, susceptible to managerial discretion.
Jonathan Black +2 more
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Information Risk in the Fair Value Hierarchy and Firm Characteristics
Korean Accounting Information Association, 2022Soon－kyung Kang +2 more
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Information Risk in the Fair Value hierarchy and Audit Efforts
Korean Accounting Review, 2022Soon-kyung Kang, Hyuk Shawn
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ESTIMATING HIERARCHY OF BIOLOGICAL ASSETS FAIR VALUES
2008In this paper, a flow diagram for estimating the fair value of biological assets is developed. According to the flow diagram developed, each method is examined separately with examples and explanations are given for the estimation of the fair values.
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