Actitudes del estudiante frente al problema de indisciplina

Landsman (2007) reviews capital market studies on the value relevance of fair value

information to investors. In general, he concludes that disclosed and recognised fair values

are informative for investors. However, the degree of informativeness is affected by the

measurement error and sources of information, external and internal appraisers. In the UK

and Australia, upward revaluation is permitted. Studies in these jurisdictions examine the

information content of revalued assets at fair value. Using a large sample of Australian firms,

Easton, Eddey and Harris (1993) examine the association between revaluation of tangible

long-lived assets and stock market prices. They document that the assets have incremental

explanatory power relative to other earnings components. Similarly, Barth and Clinch (1998)

conduct a similar analysis on the revaluation of financial, tangible and intangible assets, and

find that revalued investments are incrementally priced. A positive association is also found

between intangible assets revaluation and share prices. They find little evidence indicating

that independent appraiser-based revaluation is more value-relevant than director-based

estimates. Cotter and Richardson (2002) test whether there are differences between the

appraisals made by internal and external appraisers. They find that independent appraisers are

more likely to be used for the revaluations of land and buildings, and directors are more

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Aboody et al. (1999) extend the previous studies on the fair value measurement, by

examining the association between revaluations of fixed assets and firm performance,

measured using accounting-based measures and market-based measures. They report

evidence that supports the relevance of fair value measurement. In particular, they find that

upward revaluations are positively associated with changes in future firm performance, and

that current-year revaluations are positively priced by the market. However, the study also

finds that managerial incentives affect the usefulness of revaluations. They report that the

relationship between revaluations and firm performance is weaker for high debt-to-equity

firms. In an overview of the valuation of property, plant and equipment, Herrmann et al.

(2006) posit that fair value measurement for property, plant and equipment is more value-

relevant to decision-makers. They argue that the fair values are helpful in predicting future

profits, provide relevant information regarding dividend restrictions and more timely

financial information.

Much of the fair value studies in the US focus on assessing the relevance and reliability of

fair value measures of financial instruments in banks, since banks are largely comprised of

financial assets and liabilities. Barth (1994) examines the value relevance of investment

securities in US banks that are reported at fair value. The study reports that the fair values are

incrementally associated with bank share prices. However, the study also finds mixed results

concerning whether unrecognised securities’ gains and losses provide incremental

explanatory power relative to other components of income. The study claims that errors in

estimating the fair values are the primary explanation for the mixed results. Using a sample of

banks, with data pertaining to 1992 and 1993, Nelson (1996) assesses the value relevance of

the fair values of bank assets and liabilities disclosed under SFAS 107. Consistent with

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incrementally informative to investors. Venkatachalam (1996) evaluates the association

between the fair values of banks’ derivatives disclosures provided under SFAS No. 119 and

the share prices of the banks. Findings from the study suggest that the fair value estimates

explain cross-sectional variation in share prices. A recent study by Kanagaretnam, Mathieu

and Shehata (2009) examines the value relevance of fair value information for a sample of

Canadian firms that are listed in the US stock exchange. They report that changes in the fair

value of available-for-sale investments are positively valued by the market.

In Malaysia, Hassan and Saleh (2010) examine the value relevance of financial instruments

disclosure by 484 Malaysian public companies, from 1999 to 2003. In particular, they

examine whether each disclosure requirement, as stated in Malaysian accounting standard no.

24 (MASB 24),6 Financial Instruments: Disclosure and Presentation, and fair value

information are positively valued by the Malaysian market. They find that both the disclosure

quality of financial instruments information and fair value information are value-relevant.

Kwong (2010) investigates the value relevance of the book value of equity and earnings

before and after the adoption of IFRS. He highlights that some major attributes of financial

reporting after the convergence with the IFRS include the measurement of balance sheet

items using fair value and the recognition of fair value gain or loss in income statements. He

reports that book value and earnings are significant in jointly explaining the variations in their

associated market values. When the IFRS became mandatory to reporting entities in the

Malaysian market, the role of earnings and income statements in the stock market valuation

became increasingly important, compared to the role of the book value of equity. Based on

these two studies, overall, the Malaysian market perceives that fair value information is

value-relevant in its decision-making.

6 _{This is an old Malaysian accounting standard issued in 2001, before the issuance of FRS 132, Financial}

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