Does Fair Value Accounting Provide More Useful Financial Statements than Current GAAP for Banks?
研究发现，对于银行估值，公允价值会计下的财务报表（包括权益账面价值和收益）的价值相关性低于现行GAAP（主要基于历史成本），因为公允价值收益包含暂时性未实现损益，且公允价值估计存在误差。
ABSTRACT Standard setters contend that fair value accounting yields the most relevant measurement for financial instruments. We examine this claim by comparing the value relevance of banks' financial statements under fair value accounting with that under current GAAP, which is largely based on historical costs. We find that the combined value relevance of book value of equity and income under fair value is less than that under GAAP. We also find that fair value income is less value-relevant than GAAP income because of the inclusion of transitory unrealized gains and losses in fair value income. More surprisingly, we find that book value of equity under fair value is not more value-relevant than under GAAP, due both to divergence between exit value and value-in-use and to measurement error in fair value estimates. Overall, our results suggest that financial statements under fair value accounting provide less relevant information for bank valuation than financial statements under current GAAP.