Prior research shows that firms' financial statement comparability improves the accuracy of market participants' valuation judgments and thus may reduce firms' costs of capital. Distinct from prior research focusing on the equity market, we develop measures of comparability relevant to debt...

We examine whether the adoption of the current expected credit losses (CECL) model, which reflects forward-looking information in loan loss provisions, improves banks’ information production. We find that CECL adopting banks' loan loss provisions are timelier and better reflect future local...

Prior to 2018, accounting rules required banks that recognize financial liabilities at fair value to record unrealized gains and losses on the liabilities attributable to changes in the banks' own credit risk, referred to as the debt valuation adjustment (DVA), in earnings each period. Using a...