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Fair Value Reporting Standards and Market Volatility

Listed author(s):
  • Guillaume Plantin

    (Tepper School of Business)

  • Haresh Sapra

    (University of Chicago (Booth School of Business))

  • Hyun Song Shin

    (Princeton University)

[Début du chapitre] One of the most important public policy debates in recent years has been the reform of accounting standards toward “fair value” accounting. Financial institutions, especially banks and insurance companies, have been at the forefront of this debate and have been the most vocal opponents of this reform. Judging from the intensity of the arguments and the controversy that this reform has generated, there is clearly much more at stake than what may appear to be esoteric measurement issues. We review the main strands of this debate, and describe a framework of analysis that can weigh up the arguments on both sides. Far from being an esoteric debate, issues of measurement have a far reaching influence on the behaviour of financial institutions, and determine to a large extent the efficiency of the price mechanism in guiding real decisions.

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Paper provided by Sciences Po in its series Sciences Po publications with number info:hdl:2441/70ur20flu79u1at4a0q027ojpr.

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Date of creation: Jan 2004
Publication status: Published in Derivatives Accounting and Risk Management, pp.145-155
Handle: RePEc:spo:wpmain:info:hdl:2441/70ur20flu79u1at4a0q027ojpr
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  1. Stephen Morris & Hyun Song Shin, 2004. "Liquidity Black Holes," Review of Finance, European Finance Association, vol. 8(1), pages 1-18.
  2. Franklin Allen & Douglas Gale, 2003. "Financial Fragility, Liquidity and Asset Prices," Center for Financial Institutions Working Papers 01-37, Wharton School Center for Financial Institutions, University of Pennsylvania.
  3. O'Hara Maureen, 1993. "Real Bills Revisited: Market Value Accounting and Loan Maturity," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 51-76, October.
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