TY - JOUR
T1 - Fair value and economic consequences of financial restatements
AU - Huang, Hua Wei Solomon
AU - Feng, Zhi Yuan Andy
AU - Zaher, Angie Abdel
N1 - Funding Information:
Hua-Wei Huang gratefully acknowledges the National Science Council, Taiwan, ROC, for support of this work under contract (NSC 100-2410-H-006-102).
Funding Information:
Hua-Wei Huang gratefully acknowledges the National Science Council , Taiwan, ROC, for support of this work under contract ( NSC 100-2410-H-006-102 ).
Publisher Copyright:
© 2019 Elsevier Inc.
PY - 2020/5
Y1 - 2020/5
N2 - This study finds that negative market reactions to restatement announcements are more severe when firms disclose higher ratios of Level 3 fair values. In addition, this negative association is stronger during financial crisis periods, showing that market investors prefer conservative fair values.
AB - This study finds that negative market reactions to restatement announcements are more severe when firms disclose higher ratios of Level 3 fair values. In addition, this negative association is stronger during financial crisis periods, showing that market investors prefer conservative fair values.
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U2 - 10.1016/j.frl.2019.07.017
DO - 10.1016/j.frl.2019.07.017
M3 - Article
AN - SCOPUS:85070216457
SN - 1544-6123
VL - 34
JO - Finance Research Letters
JF - Finance Research Letters
M1 - 101244
ER -