We examine the relevance of fair value accounting (SFAS 157) to investors through the innovative prism of investors' reaction to 44 key events (e.g., Lehman's demise) during late 2008, the peak of the world-wide financial crisis. Based on the nature of these events, we further classify these 44...

We propose a measure of managerial ability, based on managers' efficiency in generating revenues, which is available for a large sample of firms and outperforms existing ability measures. We find that our measure is strongly associated with manager fixed effects, and that the stock price...