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Accounting for Financial Instruments in the Banking Industry: Conclusions from a Simulation Model
Gebhardt, Günther; Reichardt, Rolf; Wittenbrink, Carsten - Center for Financial Studies - 2003
universal bank with investment banking and commercial banking activities. We run simulations for different strategies (fully … IAS a fully hedged bank can portray its zero economic earnings in its financial statements. As Old IAS offer much … discretion, this bank may also present income that is either positive or negative. We further show that because of the …
Persistent link: https://www.econbiz.de/10010986482
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Disclosure, transparency, and market discipline
Freixas, Xavier; Laux, Christian - Center for Financial Studies - 2011
The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information...
Persistent link: https://www.econbiz.de/10010958732
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The crisis of fair value accounting: Making sense of the recent debate
Laux, Christian; Leuz, Christian - Center for Financial Studies - 2009
accounting standards, be it IFRS or U.S. GAAP. Third, historical cost accounting (HCA) is unlikely to be the remedy. There are a …
Persistent link: https://www.econbiz.de/10010958757
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Mark-to-market accounting and liquidity pricing
Allen, Franklin; Carletti, Elena - Center for Financial Studies - 2006
When liquidity plays an important role as in times of financial crisis, asset prices in some markets may reflect the amount of liquidity available in the market rather than the future earning power of the asset. Mark-to-market accounting is not a desirable way to assess the solvency of a...
Persistent link: https://www.econbiz.de/10010986447
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Mark-to-Market Accounting and Liquidity Pricing
Allen, Franklin; Carletti, Elena - Center for Financial Studies - 2006
When liquidity plays an important role as in times of financial crisis, asset prices in some markets may reflect the amount of liquidity available in the market rather than the future earning power of the asset. Mark-to-market accounting is not a desirable way to assess the solvency of a...
Persistent link: https://www.econbiz.de/10005022412
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Financial disclosure and market transparency with costly information processing
Di Maggio, Marco; Pagano, Marco - Center for Financial Studies - 2014
We study a model where some investors ("hedgers") are bad at information processing, while others ("speculators") have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from trading,...
Persistent link: https://www.econbiz.de/10010961636
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Did fair-value accounting contribute to the financial crisis?
Laux, Christian; Leuz, Christian - Center for Financial Studies - 2009
evidence to date points in the opposite direction, that is, towards overvaluation of bank assets. …
Persistent link: https://www.econbiz.de/10010958489
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The role of accounting in the German financial system
Leuz, Christian; Wüstemann, Jens - Center for Financial Studies - 2003
This chapter analyzes the role of financial accounting in the German financial system. It starts from the common perception that German accounting is rather uninformative. This characterization is appropriate from the perspective of an arms length or outside investor and when confined to the...
Persistent link: https://www.econbiz.de/10010986429
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The Role of Accounting in the German Financial System
Leuz, Christian; Wüstemann, Jens - Center for Financial Studies - 2003
This chapter analyzes the role of financial accounting in the German financial system. It starts from the common perception that German accounting is rather "uninformative". This characterization is appropriate from the perspective of an arm’s length or outside investor and when confined to...
Persistent link: https://www.econbiz.de/10005120790
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Organized equity markets in Germany
Theissen, Erik - Center for Financial Studies - 2003
The German financial system is the archetype of a bank-dominated system. This implies that organized equity markets are …
Persistent link: https://www.econbiz.de/10011105003