Heaton, John C.; Lucas, Deborah; McDonald, Robert L. - In: Journal of Monetary Economics 57 (2010) 1, pp. 64-75
Fundamental economic principles provide a rationale for requiring financial institutions to use mark-to-market, or fair value, accounting for financial reporting. The recent turmoil in financial markets, however, has raised questions about whether fair value accounting is exacerbating the...
