Level 3 assets: Booking profits and concealing losses
Fair value accounting forces institutions to revalue inventory whenever a transaction occurs. An institution that faces a balance sheet constraint may have incentives to suspend trading in Level 3 assets (traded on opaque over-the-counter markets) in order to avoid such marking-to-market. This keeps...
Main Author: | Milbradt, Konstantin |
---|---|
Other Authors: | Sloan School of Management |
Format: | Article |
Language: | en_US |
Published: |
Oxford University Press
2012
|
Online Access: | http://hdl.handle.net/1721.1/75367 |
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