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[null,"1.","Record Nr.",null,"UNINA9910970438903321"]
[null,null,"Autore",null,"Laeven Luc"]
[null,null,"Titolo",null,"Accounting discretion of banks during a financial crisis / / Luc Laeven, Harry Huizinga"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2009"]
[null,null,"ISBN",null,"9786612844133"]
[{"$nulls":4},"9781462332557"]
[{"$nulls":4},"1462332552"]
[{"$nulls":4},"9781451873542"]
[{"$nulls":4},"1451873549"]
[{"$nulls":4},"9781282844131"]
[{"$nulls":4},"128284413X"]
[{"$nulls":4},"9781452734927"]
[{"$nulls":4},"1452734925"]
[null,null,"Edizione",null,"[1st ed.]"]
[null,null,"Descrizione fisica",null,"41 p. : ill"]
[null,null,"Collana",null,"IMF Working Papers"]
[null,null,"Disciplina",null,"332.01"]
[null,null,"Soggetti",null,"Banks and banking"]
[{"$nulls":4},"Accounting - Corrupt practices"]
[{"$nulls":4},"Asset valuation"]
[{"$nulls":4},"Asset-liability management"]
[{"$nulls":4},"Banking"]
[{"$nulls":4},"Banks and Banking"]
[{"$nulls":4},"Banks"]
[{"$nulls":4},"Depository Institutions"]
[{"$nulls":4},"Finance"]
[{"$nulls":4},"Financial Institutions and Services: Government Policy and Regulation"]
[{"$nulls":4},"Financial instruments"]
[{"$nulls":4},"Financial Risk Management"]
[{"$nulls":4},"Financial services law & regulation"]
[{"$nulls":4},"General Financial Markets: General (includes Measurement and Data)"]
[{"$nulls":4},"Industries: Financial Services"]
[{"$nulls":4},"International Financial Markets"]
[{"$nulls":4},"Investment & securities"]
[{"$nulls":4},"Investments: General"]
[{"$nulls":4},"Loan loss provisions"]
[{"$nulls":4},"Loans"]
[{"$nulls":4},"Micro Finance Institutions"]
[{"$nulls":4},"Mortgages"]
[{"$nulls":4},"Securities"]
[{"$nulls":4},"State supervision"]
[{"$nulls":4},"United States"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","Bibliographic Level Mode of Issuance: Monograph"]
[null,null,null,"Nota di bibliografia","Includes bibliographical references."]
[null,null,"Nota di contenuto",null,"Intro -- Contents -- I. Introduction -- II. Tobin's q Value and Market Discounts -- III. The Data -- IV. Market Discounts and Valuation Effects of Real Estate Related Assets -- A. Empirical Evidence on Market Discounts -- B. Banks' Stock Price Reaction to Amendments of Fair Value Accounting Rules -- V. Accounting Discretion on Impaired Assets and Asset Classification -- A. Accounting Discretion on Accounting for Bad Loans -- B. Classification of Mortgage-Backed Securities -- VI. Conclusions -- References -- Appendix -- Variable Definitions  and Data Sources -- Tables -- 1. Summary  Statistics for 2008, Quarterly Data -- 2. Tobin's q and Real Estate Related Assets in 2008 -- 3. Tobin's q and Real Estate Related Assets in 2001-2007 -- 4. Tobin's q Real Estate Related Assets and Asset Size -- 5. Tobin's q and Additional Balance Sheet and Off-balance Sheet Items -- 6. Event Study of New FASB Rules on Fair Value Accounting for Illiquid Assets (FAS 157), Announced on October 10, 2008 -- 7. Event Study of FASB Amendments to Fair Value Accounting of Hard-to-Value Assets, Announced on April 9, 2009 -- 8. Loan Loss Provisions and Net Loan Charge-offs in 2008 -- 9. Share of Mortgage-backed Securities that is Held-to-Maturity in 2008 -- 10. Share of Non-Guaranteed Mortgage-backed Securities that is Held-to-Maturity in 2001-2007 -- Figures -- 1. Tobin's q and Share  of Zombie Banks -- 2. Real Estate Loans and Mortgage-backed Securities -- 3. Share of Mortgage-backed Securities that is Held-to-Maturity -- 4. Fair Value of Mortgage-backed Securities Relative to Amortized Cost -- 5. Tier 1 Capital Ratio and Share of Tier 1 Capital in Total Capital."]
[null,null,null,"Sommario/riassunto","This paper shows that banks use accounting discretion to overstate the value of distressed assets. Banks' balance sheets overvalue real estate-related assets compared to the market value of these assets, especially during the U.S. mortgage crisis. Share prices of banks with large exposure to mortgage-backed securities also react favorably to recent changes in accounting rules that relax fair-value accounting, and these banks provision less for bad loans. Furthermore, distressed banks use discretion in the classification of mortgage-backed securities to inflate their books. Our results indicate that banks' balance sheets offer a distorted view of the financial health of the banks."]