The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair …-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least …, exacerbated its severity. In this paper, we assess these arguments and examine the role of fair-value accounting in the financial …

fire sales. We investigate whether capital requirements and accounting rules at financial institutions contributed to the … requirements increase as an asset's credit becomes impaired. When accounting rules require such an asset's value to be marked …

, Education, and Other Services are among the most affected sectors. The jobs at risk due to COVID-19 related SME business …

find that banking relationships in the U.S. and Japan are strong in somewhat different dimensions. Our paper clarifies … these and other interesting similarities and differences between the U.S. and Japan …

This paper develops and tests the hypothesis that accounting rules mitigate the effect of tax policy on firm investment … flows and accounting profits. I estimate the weight placed on accounting profits by comparing the effectiveness of tax … incentives that do and do not affect them. Investment tax credits, which do affect accounting profits, have larger effects on …

accounting is slow to acknowledge loan losses. We estimate the model and show that it reproduces the facts. We examine … counterfactuals: different accounting rules produce a novel policy tradeoff …

Integrating national accounting with financial accounting, we provide firm-specific estimates of current-cost capital …

most transactions are carried out through an accounting system rather than any tangible medium of exchange, and (iii …