Value relevance of fair values in different investor protection environments
研究了34个国家金融企业的数据，发现公允价值在投资者保护强的国家更有价值相关性，而在保护弱的国家只有市场价格（第一层级）对投资者有用。
This paper examines whether the value relevance of fair values varies across investor protection environments. By analyzing financial firms from 34 countries this study finds evidence that fair values, irrespective of the level in the fair value hierarchy, are value relevant in countries with a strong or medium investor protection environment. In a weak investor protection environment, only market prices (level 1) are relevant to investors. In addition, the results indicate that the difference in value relevance between market prices (level 1) and fair value estimates (level 3) decreases with the quality of investor protection.