Do Firms Manage Fair Value Estimates? An Examination of SFAS 142 Goodwill Impairments
发现SFAS 142下的商誉减记与未来预期现金流相关，但减记滞后于经济减值；对于有重组的公司，这种关联不显著，可能源于代理动机；未发现非减值公司有意规避减值的确凿证据。
Abstract: I find that goodwill write‐offs under Statement of Financial Accounting Standards No. 142 (SFAS 142) are associated with future expected cash flows as mandated by the standard. However, there are indications that goodwill write‐offs lag behind the economic impairment of goodwill. Additional analysis reveals that the association between goodwill write‐offs and future cash flows is insignificant for firms with contemporaneous restructuring. I hypothesize that this finding is due to agency‐based motives. Finally, I examine a sample of non‐impairment firms in which there are indications that goodwill is impaired. I fail to find convincing evidence that these firms are opportunistically avoiding impairments.