Fair Value Measurement Discretion and Opportunistic Avoidance of Impairment Loss Recognition
利用保险公司投资持仓的详细数据，分离公允价值计量自由裁量权与非计量相关自由裁量权在金融资产减值会计中的应用，发现机会主义避免确认减值损失主要源于对损失持续性和持有意图的主观判断，而非公允价值计量自由裁量权。
ABSTRACT Studies find evidence that opportunistic reporting often accompanies fair value measurement. However, research has not determined whether the source of this opportunism is the estimate of fair value. Using detailed information on insurers' investment holdings, we separate the use of fair value measurement discretion from the application of non-measurement-related discretion in accounting for impairments of financial assets. Our evidence contradicts the view that fair value measurement discretion plays a large role in opportunistic avoidance of impairment recognition for investment securities. Instead, managers appear to avoid recording impairment losses by opportunistically applying subjective criteria regarding perceived loss persistence and intent to hold. Data Availability: Data are available from sources identified in the paper. JEL Classifications: G20; G22; G30; M41.