Real Effects of Subjectivity in Measuring Fair Values
研究了缺乏公开市场价格的资产在公允价值计量中的主观性如何影响企业投资效率和股东价值，发现主观性会导致长期项目投资不足，但适度主观性可缓解完全不计量带来的投资不足。
ABSTRACT This study examines how the subjectivity in measuring fair values of assets without readily observable market prices affects investment efficiency and shareholder value. When fair values are objective measures of asset value, they facilitate efficient investment decisions that align with shareholder interests. In contrast, firms' reliance on subjective valuation inputs causes underinvestment in long‐term projects. If fair values are highly subjective, they may lead firms to favor less profitable short‐term projects with objectively measurable fair values. When project returns are positively correlated, subjectivity in valuing long‐term projects induces overinvestment in short‐term projects with objective fair values. Regardless of these distortions, fair value measurement can add shareholder value. Not measuring fair values altogether leads to underinvestment, which moderately subjective fair values can alleviate.