By developing an analytical model, this paper examines the role of the "external appraiser" as a tool to face the informational asymmetry issue related to fair value measurements. A comparison between such a signali...By developing an analytical model, this paper examines the role of the "external appraiser" as a tool to face the informational asymmetry issue related to fair value measurements. A comparison between such a signaling mechanism and a "full fair value disclosure" is firstly carried out, highlighting variables affecting the efficiency and the effectiveness of both information strategies. Then, recovering the traditional distinction between "protective disclosure" (hard information) and "informative disclosure" (soft information), this paper demonstrates how the former could significantly increase the positive effects associated to an employment of an independent valuer, reaching some conclusions useful to the standard setting process.展开更多
文摘By developing an analytical model, this paper examines the role of the "external appraiser" as a tool to face the informational asymmetry issue related to fair value measurements. A comparison between such a signaling mechanism and a "full fair value disclosure" is firstly carried out, highlighting variables affecting the efficiency and the effectiveness of both information strategies. Then, recovering the traditional distinction between "protective disclosure" (hard information) and "informative disclosure" (soft information), this paper demonstrates how the former could significantly increase the positive effects associated to an employment of an independent valuer, reaching some conclusions useful to the standard setting process.