This paper provides a non-traditional review of recent research on the fair value (FV) measurement hierarchy. We begin with a meta-analysis that synthesizes the studies on the value relevance of the FV hierarchy. Overall, we find that the value relevance is lower for level 3 than for levels 1...

We summarise the response of the EAA's FRSC to Towards a Disclosure Framework for the Notes, a Discussion Paper (DP) issued jointly by EFRAG, ANC and FRC. While supportive of much of the DP, and in particular of the underlying aim to place disclosures on a sounder conceptual foundation, we...

This paper provides early but broad empirical evidence on a major new investor protection regulation in Europe, MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. We predict that the price separation resulting from unbundling and a...