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dc.contributor.authorFreixas, Xavieren_US
dc.contributor.authorLaux, Christianen_US
dc.date.accessioned2012-04-20T17:09:34Z-
dc.date.available2012-04-20T17:09:34Z-
dc.date.issued2011en_US
dc.identifier.piurn:nbn:de:hebis:30-101935en_US
dc.identifier.urihttp://hdl.handle.net/10419/57368-
dc.description.abstractThe aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information work and the effectiveness of their disclosure process during the crisis. Contrary to the commonly held view, fair value accounting did not have a major impact on the crisis development and severity. However, the structure and lack of accountability of credit rating agencies had a profound impact on their incentives, which may have jeopardized the accuracy of the whole rating process. We claim that the crisis experience has changed the way we think about information as well as market discipline and discuss policy implications and proposals for regulation.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2011/11en_US
dc.subject.jelG01en_US
dc.subject.jelG24en_US
dc.subject.jelG28en_US
dc.subject.jelM41en_US
dc.subject.jelM48en_US
dc.subject.ddc330en_US
dc.subject.keywordMark-to-Marketen_US
dc.subject.keywordFair-Value Accountingen_US
dc.subject.keywordCredit Rating Agenciesen_US
dc.subject.keywordFinancial Crisisen_US
dc.subject.keywordRegulationen_US
dc.subject.keywordFinancial Institutionsen_US
dc.subject.keywordBanksen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwInformationen_US
dc.subject.stwFair-Value-Bewertungen_US
dc.subject.stwPublizitätspflichten_US
dc.subject.stwKreditwürdigkeiten_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwRegulierungen_US
dc.subject.stwBankenpolitiken_US
dc.subject.stwWelten_US
dc.titleDisclosure, transparency, and market disciplineen_US
dc.typeWorking Paperen_US
dc.identifier.ppn655937536en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cfswop:201111-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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