Essays on fair value measurement:
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
2016
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | VII, 289 Seiten |
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| 245 | 1 | 0 | |a Essays on fair value measurement |c Dipl.-WiWi. Christian Stier |
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Record in the Search Index
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| adam_text | Titel: Essays on fair value measurement
Autor: Stier, Christian
Jahr: 2016
Table of contents
TABLE OF CONTENTS I
LIST OF ABBREVIATIONS IV
LIST OF FIGURES VI
LIST OF TABLES VII
1 INTRODUCTION 1
1.1 Fair value measurement for long-lived operating assets 1
1.2 Outline and acknowledgments 6
2 FAIR VALUE MEASUREMENT FOR LONG-LIVED OPERATING ASSETS: A
REVIEW OF EXTANT EVIDENCE 8
2.1 Introduction 8
2.2 Background 15
2.2.1 Fair value definition and hierarchy 15
2.2.2 Use of fair value measurement for long-lived operating assets in financial
reporting 16
2.2.3 Theoretical considerations 23
2.2.3.1 Roles of financial reporting 23
2.2.3.2 Determinants of accounting choices 26
2.3 Identification of relevant research 28
2.4 Research evidence 32
2.4.1 Economic relevance and characteristics 32
2.4.1.1 Economic relevance 32
2.4.1.2 Reliability of fair values 39
2.4.2 Determinants 44
2.4.2.1 Performing an asset revaluation 50
2.4.2.2 Voluntary provision of fair value information 53
2.4.2.3 Presentation format 54
2.4.2.4 Employment of an external appraiser to assess fair value 57
2.4.2.5 Summary 58
2.4.3 Consequences 58
2.4.3.1 Informational consequences 58
2.4.3.1.1 Value relevance 66
2.4.3.1.2 Predictive ability for future firm performance 71
2.4.3.1.3 Information asymmetry 72
2.4.3.1.4 Analyst forecast properties 73
2.4.3.2 Contracting consequences 74
2.4.3.2.1 Compensation contracting 77
2.4.3.2.2 Debt contracting 77
2.4.3.3 Other consequences 80
2.4.3.3.1 Auditing 83
2.4.3.3.2 Dividend distribution 83
2.4.3.3.3 Taxation 84
2.4.3.4 Summary 85
2.5 Conclusion and suggestions for future research 86
3 INVESTORS PERCEPTION OF MANDATORY FAIR VALUE
MEASUREMENT FOR INVESTMENT PROPERTY: EVIDENCE FROM U.S.
REITS 93
3.1 Introduction 93
3.2 Institutional background and events 98
3.2.1 Real Estate Investment Trusts (REITs) 98
3.2.2 Proposed change in accounting measurement for investment property 101
3.2.3 Events 105
3.3 Related literature 115
3.3.1 Market reactions to regulatory events related to fair value measurement 115
3.3.2 Economic consequences of fair value measurement 119
3.4 Hypothesis development 123
3.4.1 Average stock market reactions 123
3.4.2 Cross-sectional analysis 131
3.5 Data and research design 135
3.5.1 Sample selection 135
3.5.2 Average stock market reactions 136
3.5.3 Cross-sectional analysis 140
3.5.4 Descriptive statistics 146
3.6 Results 149
3.6.1 Average stock market reactions 149
3.6.2 Cross-sectional analysis 154
3.7 Robustness tests 157
3.7.1 Alternative test specifications and placebo tests for the average stock market
reactions 157
3.7.2 Event characteristics 163
3.7.2.1 Restriction to events with abnormal returns 164
3.7.2.2 Discretion in the scope criteria 165
3.7.2.3 Media coverage 170
3.7.3 Confounding events 171
3.8 Conclusion 173
3.9 Appendices 176
3.9.1 Appendix A: Variable definitions 176
3.9.2 Appendix B: Potential confounding events 178
4 ACCOUNTING MEASUREMENT AND CORPORATE INVESTMENT 183
4.1 Introduction 183
4.2 Institutional background 189
4.2.1 European real estate industry 189
4.2.2 Accounting measurement for investment property 190
4.2.3 Overview of advantageous setting features 192
4.3 Related research and hypothesis development 194
4.3.1 Related research 194
4.3.1.1 Financial reporting and corporate investment 194
4.3.1.1.1 Theoretical channels 194
4.3.1.1.2 Financial reporting properties studied 200
4.3.1.1.3 Measures of investment behavior 203
4.3.1.1.4 Empirical settings 205
4.3.1.1.5 Identification strategies 206
4.3.1.2 Economic consequences of accounting measurement 207
4.3.2 Hypothesis development 208
4.4 Research design and variable measurement 213
4.4.1 Unconditional effect of accounting measurement on abnormal investment 214
4.4.2 Conditional effect of accounting measurement on investment 222
4.4.2.1 Investment opportunities 222
4.4.2.2 Financing and liquidity constraints 224
4.5 Sample, data and descriptive statistics 227
4.5.1 Sample description 227
4.5.2 Descriptive statistics 231
4.6 Results 237
4.6.1 Unconditional effect of accounting measurement on abnormal investment 237
4.6.2 Conditional effect of accounting measurement on investment 242
4.6.2.1 Investment opportunities 242
4.6.2.2 Financing and liquidity constraints 246
4.7 Robustness tests 249
4.7.1 Alternative measures of investment opportunities 249
4.7.2 Alternative test of financing and liquidity constraints 259
4.8 Conclusion 263
4.9 Appendices 266
4.9.1 Appendix A: Pre-IFRS accounting measurement requirements for investment
property 266
4.9.2 Appendix B: Variable definitions 268
5 CONCLUSION 272
REFERENCES 276
AFFIRMATION - STATUTORY DECLARATION 289
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| language | English |
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| physical | VII, 289 Seiten |
| publishDate | 2016 |
| publishDateSearch | 2016 |
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| spelling | Stier, Christian Verfasser aut Essays on fair value measurement Dipl.-WiWi. Christian Stier 2016 VII, 289 Seiten txt rdacontent n rdamedia nc rdacarrier Dissertation WHU - Otto Beisheim School of Management 2016 International Financial Reporting Standards (DE-588)4699643-6 gnd rswk-swf Fair-Value-Bewertung (DE-588)4802015-1 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Fair-Value-Bewertung (DE-588)4802015-1 s International Financial Reporting Standards (DE-588)4699643-6 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030029689&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Stier, Christian Essays on fair value measurement International Financial Reporting Standards (DE-588)4699643-6 gnd Fair-Value-Bewertung (DE-588)4802015-1 gnd |
| subject_GND | (DE-588)4699643-6 (DE-588)4802015-1 (DE-588)4113937-9 |
| title | Essays on fair value measurement |
| title_auth | Essays on fair value measurement |
| title_exact_search | Essays on fair value measurement |
| title_full | Essays on fair value measurement Dipl.-WiWi. Christian Stier |
| title_fullStr | Essays on fair value measurement Dipl.-WiWi. Christian Stier |
| title_full_unstemmed | Essays on fair value measurement Dipl.-WiWi. Christian Stier |
| title_short | Essays on fair value measurement |
| title_sort | essays on fair value measurement |
| topic | International Financial Reporting Standards (DE-588)4699643-6 gnd Fair-Value-Bewertung (DE-588)4802015-1 gnd |
| topic_facet | International Financial Reporting Standards Fair-Value-Bewertung Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030029689&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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