000			02121nab a2200217 4500
999			_c199630 _d199630
003			OSt
005			20200226102049.0
008			200127s2016 xxu|||||r|||| 00| 0 eng d
040			_aCO-BoUGC _cCO-BoUGC
100	1		_aBens, Daniel A. _9178286
245	1	4	_aThe impact of SEC disclosure monitoring on the uncertainty of fair value estimates _cDaniel A. Beans, Mei Cheng & Monica Neamtiu
300			_aPáginas 349 a la 375
520	3		_aWe investigate the role played by the Securities and Exchange Commission (SEC) in monitoring fair value disclosures in regulatory filings. Specifically, we assess whether SEC action via the issuance of fair value comment letters to registrants is followed by reductions in uncertainty about the firms' fair value estimates. We hypothesize that registrants that receive a comment letter focusing on their fair value disclosure policies experience reductions in investor uncertainty regarding their fair value estimates in the post-letter period, compared to the pre-letter period. Supporting this prediction, we find that for the periods after the fair value comment letters, the associations between Level 2 and 3 fair value assets and our measures of uncertainty are significantly reduced. These findings are robust to a series of tests designed to ensure that we do not simply capture general changes in market uncertainty levels for firms investing in these types of assets. Our study contributes to the further understanding of market participants' perception of fair value disclosures by investigating the role of SEC enforcement. This finding is important given recent criticisms of fair value reporting emanating from the highest levels of government and industry.
650	1	4	_aContabilidad _xLegislación _zEstados Unidos _vPublicaciones seriadas _9178293
690			_aSecurities and Exchange Commission (SEC) _9178287
690			_aValuación a valor razonable _9178288
700	1		_aCheng, Mei _9178289
700	1		_aNeamtiu, Monica _9177548
773	0		_082265 _9382158 _aThe accounting review 2016 V.91 No. 2 (Mar) _o0000002031463 _x0001-4826 (papel)
942			_2ddc _cART