Using a sample of illiquid assets we provide evidence of the delay of updating fair values of individual assets reported in financial statements (delayed updating). Although we find that some delayed updating is due to a lack of information, we find more evidence consistent with intentional...

This study examines how aggregation in financial reporting leads to information loss using a sample of firms that report individual financial assets. The level of information loss increases with the level of aggregation; however, combining assets with similar risk-factor exposures mitigates this...