Time to Get It Right: An Examination of Post-Acquisition Fair Value Adjustments
研究了收购方在一年计量期内调整资产和负债公允价值的行为，发现信息获取和处理成本影响调整频率和幅度，异常调整与盈余管理动机关联弱，符合会计准则初衷。
ABSTRACT I examine the role of preparer information gathering and processing constraints in fair value measurement. Using two business combination samples, I investigate whether acquirers adjust the initial fair value measurements of identifiable assets and liabilities during the one-year measurement period permitted by FASB Statement 141(R). Empirical proxies for preparers' information gathering and processing costs explain variation in the incidence and magnitude of measurement period adjustments (MPAs). I classify abnormally large MPAs that allow firms to exceed the consensus analyst forecast as suspect adjustments. Suspect adjustments exhibit little association with earnings management incentives and no association with future goodwill impairment. Overall, the results suggest that acquirers use the measurement period when there are concerns about the quality or availability of information, consistent with the FASB's intentions.