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Strategic Estimation of Asset Fair Values

Kathleen Weiss Hanley

出版	SSRN, 2018
URL	http://books.google.com.hk/books?id=jhIAzwEACAAJ&hl=&source=gbs_api

註釋

We examine whether fair value (FV) input levels and estimation sources are related to FV inflation, the difference between an insurer's FV estimate and the consensus FV estimate across the security's holders. FV inflation is higher and self-estimation more likely, when insurers report using Level 3 inputs when the consensus level is 2. Regardless of the level, FV is greater when self-estimated. Public insurers who inflate FV through self-estimation, potentially obfuscate detection by reporting the use of Level 2 inputs. Insurers with stronger incentives to appear financially healthy choose to self-estimate, resulting in greater aggregate portfolio FV inflation.