Toward a general equilibrium theory of financial reporting
构建了一个模型，研究投资能力如何响应总体冲击而重新配置，并分析其一般均衡效应。理论预测总体流动性冲击、资本成本与保守会计之间存在正相关关系，并可能引发多重均衡。
Abstract We present a model in which investment capacity is reallocated in response to aggregate shocks and examine the resulting general equilibrium effects. The theory predicts a positive association between aggregate liquidity shocks, cost of capital, and conservative accounting. When capital becomes scarce, the accounting system is designed to preserve collateral, which depletes the supply of traded capital and leads to a higher cost of capital. The economy may accelerate small shocks with large (discontinuous) readjustments in financial reporting policies, cost of capital, and investment activity. We show that accounting policies set by firms to increase their market value may imply multiple equilibria, with self‐fulfilling inefficient equilibria exhibiting excessive collateral requirements and reduced aggregate investment.