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Banks' Financial Reporting and Financial System Stability

Journal of accounting research, 2016-05, Vol.54 (2), p.277-340 [Peer Reviewed Journal]

2016 The Accounting Research Center at the University of Chicago Booth School of Business ;Copyright ©, University of Chicago on behalf of the Accounting Research Center, 2016 ;ISSN: 0021-8456 ;EISSN: 1475-679X ;DOI: 10.1111/1475-679X.12114 ;CODEN: JACRBR

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  • Title:
    Banks' Financial Reporting and Financial System Stability
  • Author: ACHARYA, VIRAL V. ; RYAN, STEPHEN G.
  • Subjects: Accounting ; amortized cost accounting ; Banks ; Disclosure ; fair value accounting ; Financial reporting ; financial system ; G01 ; G21 ; G28 ; M41 ; M48 ; opacity ; provision for loan losses ; Regulation of financial institutions ; stability ; Studies
  • Is Part Of: Journal of accounting research, 2016-05, Vol.54 (2), p.277-340
  • Description: The use of accounting measures and disclosures in banks' contracts and regulation suggests that the quality of banks' financial reporting is central to the efficacy of market discipline and nonmarket mechanisms in limiting banks' development of debt and risk overhangs in economic good times and in mitigating the adverse consequences of those overhangs for the stability of the financial system in downturns. This essay examines how research on banks' financial reporting, informed by the financial economics literature on banking, can generate insights about how to enhance the stability of the financial system. We begin with a foundational discussion of how aspects of banks' accounting and disclosures may affect stability. We then evaluate representative papers in the empirical literature on banks' financial reporting and stability, pointing out the research design issues that empirical accounting researchers need to confront to develop well-specified tests able to generate reliably interpretable findings. To this end, we provide examples of settings amenable to addressing these issues. We conclude with considerations for accounting standard setters and financial system policy makers.
  • Publisher: Chicago: Blackwell Publishing Ltd
  • Language: English
  • Identifier: ISSN: 0021-8456
    EISSN: 1475-679X
    DOI: 10.1111/1475-679X.12114
    CODEN: JACRBR
  • Source: Alma/SFX Local Collection
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