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雷达卡
Recently, a few studies have investigated the value relevance offair value disclosures based on the source of information used to estimate fairvalues as mandated by SFAS 157. They find that thevalue relevance of level 1 (observable inputs from quoted prices in activemarkets) and level 2 (indirectly observable inputs fromquoted prices of comparable items in active markets, identical items ininactive markets, or other market-related information) fair value estimates isgreater than the that of level 3 (unobservable, firm-generated inputs)estimates (see, Kolev, 2008; Goh et al., 2009; and Song et al., 2010).Blankenspoor et al. (2011) find that leverage measured using fair values offinancial instruments explains more variation in bond yield spreads and bankfailure than other less fair value-based leverage ratios.
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