Accounting Standards and Financial Market Stability: An Experimental Examination
通过实验比较公允价值、历史成本和按基础价值计值三种会计方法在资产泡沫和崩盘市场中的影响，发现杠杆条件下公允价值与按基础价值计值会加剧资产错误定价，但按基础价值计值市场完全避免违约，而公允价值市场违约最频繁严重。
We examine the effects of three alternative accounting methods in an experimental asset market characterised by bubbles and crashes: fair value (M2M), historical cost (HC) and marked to fundamental value (M2F). Each treatment is replicated under both no‐leverage and leverage conditions. In the no‐leverage condition, we find that accounting methods do not have a significant effect on asset mispricing. In the leverage condition, both M2M and M2F accounting methods exacerbate asset mispricing. Yet, the two differ in leverage dynamics. M2F markets are completely immune to defaults, while M2M markets experience the most frequent and the most severe defaults.