Using Fair Value Earnings to Assess Firm Value
分解公允价值收益的组成部分，说明哪些可用于评估企业价值，哪些反映价值冲击（如预期现金流变化的影响），帮助财务报表使用者做出经济决策。
SYNOPSIS Whether fair value accounting should be used in financial reporting has been the subject of debate for many years. A key dimension to this debate is whether fair value earnings can provide information to financial statement users that is helpful in making their economic decisions. A criticism of fair value accounting is the contention that fair value earnings simply reflects “shocks” to value, and thus cannot be used to assess firm value. We show how fair value earnings can be disaggregated into components that can be used to assess firm value, as well as components that provide information about various types to shocks to value, e.g., effects of changes in expected cash flows.