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1、1本科畢業(yè)論文（設(shè)計(jì)）外文翻譯外文出處AccountingBusinessResearch外文作者WayneR.Lsman原文：原文：IsIsfairfairvaluevalueaccountingaccountinginfmationinfmationrelevantrelevantreliablereliableEvidenceEvidencefromfromcapitalcapitalmarketmarketresearchres

2、earch3.ArefairvaluesusefultoinvestsEvidencefromresearch3.1.USbasedresearchWhenassessingthequalityoffairvalueinfmationanaturalquestiontoaskiswhetherfairvalueinfmationisusefultoinvests.FexamplewhenitwasdeliberatingSFASNo.1

3、07theFASBwasconcernedwithpolicyquestionsrelatingtotherelevancereliabilityofdisclosedamounts.RegardingrelevancetheFASBwasinterestedinwhetherSFASNo.107disclosureswouldbeincrementallyusefultofinancialstatementusersrelativet

4、oitemsalreadyinfinancialstatementsincludingrecognisedbookvaluesdisclosedamounts.RegardingreliabilitytheFASBwasconcernedwithwhetherfairvaluesestimatesespeciallythoserelatingtoloanswouldbetoonoisytodisclose.AsBarthetal.(20

5、01)notepolicybasedaccountingresearchcannotdirectlyaddressthesequestionsbutcanprovideevidencethathelpsstardsettersassessrelevancereliabilityquestions.Acommonwaytoassessthesocalledvaluerelevanceofarecogniseddisclosedaccoun

6、tingamountistoassessitsincrementalassociationwithsharepricessharereturnsaftercontrollingfotheraccountingmarketinfmation.3studiesfindinvestmentsecuritiesfairvaluesareincrementallyinfmativerelativetotheirbookvaluesinexplai

7、ningbankshareprices.HoweverusingamepowerfulresearchdesignthatcontrolsftheeffectsofpotentialomittedvariablesBarthetal.(1996)alsofindevidencethatloans’fairvaluesarealsoincrementallyinfmativerelativetotheirbookvaluesinexpla

8、iningbankshareprices.Barthetal.(1996)alsoprovideadditionalevidencethatthefairvaluesofloansreflectinfmationregardingthedefaultinterestrateriskofthoseloans.Inadditionthestudy’sfindingssuggestthatinvestsappeartodiscountloan

9、s’fairvalueestimatesmadebylessfinanciallyhealthybanks(i.e.thosebankswithbelowsamplemedianregulatycapital)whichisconsistentwithinvestsbeingabletoseethroughattemptsbymanagersoflesshealthybankstomaketheirbanksappearmehealth

10、ybyexercisingdiscretionwhenestimatingloansfairvalues.FinallyVenkatachalam(1996)examinesthevaluerelevanceofbanks’derivativesdisclosuresprovidedunderSFASNo.119fasampleofbanksin19931994.Findingsfromthestudysuggestthatderiva

11、tives’fairvalueestimatesexplaincrosssectionalvariationinbanksharepricesincrementaltofairvaluesoftheprimaryonbalanceaccounts(i.e.cashinvestmentsloansdepositsdebt).3.2.InternationalresearchBecauseAustralianUKGAAPpermitupwa

12、rdassetrevaluationsbutaswithUSGAAPrequiredownwardrevaluationsinthecaseofassetimpairmentsseveralstudiesexaminethedimensionsofvaluerelevanceofrevaluationsinthesecountries.13MoststudiesincludingEastonetal.(1993)BarthClinch(

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