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...

Focusing on closed-end investment funds, this paper examines whether the value relevance attached to the fair value estimates is influenced by the type of investment being held. Our premise is that the fair values of different investment types rely on different valuation models and imply...