Date / Heure
Date(s) - 27/06/2017
9 h 00 - 10 h 30
Auditorium Gilles Glicenstein
« Marking to Market versus Taking to Market »
Abstract : Building on the idea that accounting measurements matter for corporate governance. We study in particular the equilibrium interaction between the measurement rules that firms find privately optimal, firms’ governance, and the liquidity in the secondary market for their assets. This equilibrium approach reveals a socially excessive use of market-value accounting. Corporate performance measures rely excessively on the information generated by asset sales by other firms and insufficiently on the realization of a firm’s own latent capital gains. This dries up market liquidity and reduces the informativeness of price signals.
Membres IA : 12 points PPC
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