TY  - SER
AU  - Siekkinen, Jimi
TI  - Value relevance of fair values in different investor protection environments
SN  - 01559982
U1  - BPer. 657 March 2016
PY  - 2016///
CY  - Amsterdam
PB  - Elsevier, 
KW  - IFRS 13
KW  - Fair value accounting
KW  - Investor protection
KW  - Value relevance
KW  - Fair value hierarchy
N1  - Includes references
N2  - This paper examines whether the value relevance of fair values varies across investor protection environments. By analyzing financial firms from 34 countries this study finds evidence that fair values, irrespective of the level in the fair value hierarchy, are value relevant in countries with a strong or medium investor protection environment. In a weak investor protection environment, only market prices (level 1) are relevant to investors. In addition, the results indicate that the difference in value relevance between market prices (level 1) and fair value estimates (level 3) decreases with the quality of investor protection
ER  -