The Impact of SFAS 133 on Income Smoothing by Banks through Loan Loss Provisions
研究了SFAS 133（衍生工具和套期活动会计）如何影响商业银行通过贷款损失准备平滑收入的行为，发现受该准则影响较大的银行更依赖贷款损失准备来平滑收入，但这降低了贷款损失准备对未来贷款违约和股票收益的信息含量。
ABSTRACT: We examine the impact of SFAS 133, Accounting for Derivative Instruments and Hedging Activities, on the reporting behavior of commercial banks and the informativeness of their financial statements. We argue that, because mandatory recognition of hedge ineffectiveness under SFAS 133 reduced banks' ability to smooth income through derivatives, banks that are more affected by SFAS 133 rely more on loan loss provisions to smooth income. We find evidence consistent with this argument. We also find that the increased reliance on loan loss provisions for smoothing income has impaired the informativeness of loan loss provisions for future loan defaults and bank stock returns. Data Availability: The data are available from public sources.