Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/57368 
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dc.contributor.authorFreixas, Xavieren
dc.contributor.authorLaux, Christianen
dc.date.accessioned2012-04-20T17:09:34Z-
dc.date.available2012-04-20T17:09:34Z-
dc.date.issued2011-
dc.identifier.piurn:nbn:de:hebis:30-101935en
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
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2011/11en
dc.subject.jelG01en
dc.subject.jelG24en
dc.subject.jelG28en
dc.subject.jelM41en
dc.subject.jelM48en
dc.subject.ddc330en
dc.subject.keywordMark-to-Marketen
dc.subject.keywordFair-Value Accountingen
dc.subject.keywordCredit Rating Agenciesen
dc.subject.keywordFinancial Crisisen
dc.subject.keywordRegulationen
dc.subject.keywordFinancial Institutionsen
dc.subject.keywordBanksen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwInformationen
dc.subject.stwFair-Value-Bewertungen
dc.subject.stwPublizitätspflichten
dc.subject.stwKreditwürdigkeiten
dc.subject.stwFinanzmarkten
dc.subject.stwRegulierungen
dc.subject.stwBankenpolitiken
dc.subject.stwWelten
dc.titleDisclosure, transparency, and market discipline-
dc.typeWorking Paperen
dc.identifier.ppn655937536en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:201111en

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