Debt Structure and Fair Value Accounting
Subject Areas :Seyedeh Mahboobeh Jafari 1 , Maryam Ghasemi 2
1 - Accounting Islamic azad university of tehran south
2 - دانشجوی دکترای مهندسی مالی دانشگاه آزاد اسلامی ـ واحد تهران جنوب
Keywords: Fair Value, Debt Structure, Stock Quality,
Abstract :
The aim of this study was to evaluate the relationship between debt structure and fair value accounting in firms listed in Tehran Stock Exchange. The method of this applied research was descriptive-correlation. The statistical population of the research consists of all companies listed in Tehran Stock Exchange market during the period from 2010 to 2015 with the number of 118 companies as systematic sampling constraints of the study. Data of research was extracted from financial reports of companies and analyzed by pooling regression models. Findings showed that increase in fair value accounting makes increase in debt maturity and this relationship is stronger in firms with high quality stock rather than others.
مرجعها
Aytekin, E. & Karolyi, S. A. 2015. “Relevance, Reliability, and Optimal Debt Contracting: Evidence from Fair Value Adoption”, Working Paper, CMU & LBS.
Barnea, A.; Haugen, R.; Senbet, L. 1980. “A Rational for Debt Maturity Structure and Call Provisions in the Agency Theoretic Framework”, The Journal of Finance 35(5), 1223-1234.
Barron, O.; Chung, S. G.; Yong, K. O. 2016. “The Effect of Statement of Financial Accounting Standards no. 157: Fair Value Measurements on Analysts' Information Environment”, Journal of Accounting and Public Policy 35, 395-416.
Barth, M. 1994. “Fair Value Accounting: Evidence from Investment Securities and the Market Valuation of Banks”, The Accounting Review 69(1), 1-25.
Blankespoor, E.; Linsmeier, T.; Petroni, K.; Shakespeare, C. 2013. “Fair Value Accounting for Financial Instruments: Does It Improve the Association between Bank Leverage and Credit Risk?”, The Accounting Review 88(4), 1143-1177.
Bodie, Z. & Taggart, R. 1978. “Future Investment Opportunities and the Value of a Call Provision on a Bond”, The Journal of Finance 33, 1187-1200.
Cantrell, W.; McInnis, M.; Yust, G. 2014. “Predicting Credit Losses: Loan Fair Values versus Historical Costs”, The Accounting Review 89(1), 147-176.
DeFond, M. L.; Hung, M.; Li, S.; Li, Y. 2014. “Does Mandatory IFRS Adoption Affect Crash Risk?”, The Accounting Review 90(1), 265-299.
Demerjian, P. R.; Donovan, J.; Larson, C. 2016. “Fair Value Accounting and Debt Contracting: Evidence from Adoption of SFAS 159”, Journal of Accounting Research 54(4), 1041-1076
Eccher, E.; Ramesh, K.; Thiagarajan, S. 1996. “Fair Value Disclosures by Bank Holding Companies”, Journal of Accounting and Economics 22(1-3), 79-117.
Goncharov, I. & Triest, S. 2011. “Do Fair Value Adjustments Influence Dividend Policy?”, Accounting and Business Research 41(1), 51-68.
Hitz, J. 2007. “The Decision Usefulness of Fair Value Accounting, A Theoretical Perspective”, European Accounting Review 16(2), 323-362.
Hodder, L.; Hopkins, P.; Wahlen, J. 2006. “Risk-Relevance of Fair-Value Income Measures for Commercial Banks”, The Accounting Review 81(2), 337-375.
Magnan, M.; Menini, A.; Parbonetti, A. 2015. “Fair Value Accounting: Information or Confusion for Financial Markets?”, Review of Accounting Studies 20(1), 559-591.
Magnan, M.; Shi, Y.; Wang, H. 2017. “Fair Value Accounting and the Cost of Debt”, Working Paper.
Myers, S. 1977. “Determinants of Corporate Borrowing”, Journal of Financial Economics 5, 147-176.
Nelson, K. 1996. “Fair Value Accounting for Commercial Banks: An Empirical Analysis of FAS no.107”, The Accounting Review 71(2), 161-182.
Petroni, K. & Wahlen, J. 1995. “Fair Values of Equity and Debt Securities and Share Prices of Property Liability Insurer”, The Journal of Risk and Insurance 62(4), 719-737.
Song, C.; Thomas, W.; Yi, H. 2010. “Value Relevance of FAS, no. 157: Fair Value Hierarchy Information and the Impact of Corporate Governance Mechanisms”, The Accounting Review 85(4), 1375-1410.
Wang, H. & Zhang, J. 2017. “Fair Value Accounting and Corporate Debt Structure, Advances in Accounting, Incorporating Advances in International Accounting”, http://dx.doi.org/10.1016/j.adiac.2017.02.002
_||_
