Information Externalities of SFAS 161: Evidence from Supply Chains
研究发现，2009年生效的SFAS 161要求企业加强衍生品和套期活动披露，其客户（非衍生品使用者）的股票流动性因此短期提升，但一年后效果消失，且企业会减少自愿披露。
ABSTRACT Effective in 2009, SFAS 161 requires enhanced disclosures about derivative use and hedging activities. We test for changes to the information environment of firms whose disclosure policy is unaffected by this standard directly. Using a sample of non-users of derivatives, we find an increase in stock liquidity after their critical customers expand derivative disclosures under SFAS 161. The effect persists for one year and becomes insignificant in subsequent years as the firms dial back their voluntary disclosure. The effect is also more salient for firms that have stronger economic links with their customers and for firms whose customers exhibit more significant improvements in derivative disclosures. The findings suggest that the mandatory derivative disclosures due to SFAS 161 lead to short-term positive information externalities along supply chains. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: G32; M41; M48.