Menu, Sabine Bagna, Emanuel FR Toritto, Davide 2014-06-30 International and European Business This paper aims to understand whether there is any evidence of a reduction in the discount applied by the market to financial instruments classified at level 3, when companies provide disclosure and reconciliation between a given year and the next one regarding such financial items. The analysis is based on a collected handling database, being the first analysis carried out for year 2013. The empirical test was borne out of the purpose to define whether the EU banks came into line with the previous research results, which show that markets tend to apply a reduced discount to illiquid asset (Level 3). The eventual purpose is to assess the policies adopted by European Banks during year 2013 regarding management of financial instruments. PDF Accès réservé aux membres de l'Université de Strasbourg sur authentification https://publication-theses.unistra.fr/restreint/memoires/2014/EMS/2014_PGE_TORITTO_Davide.pdf en École de Management Strasbourg http://www.sudoc.fr/243157150 Instruments financiers Liquidités internationales Fair Value Hierarchy; Level 3 Financial instrument; Liquidity discount; International and European Business 650 Accounting fair value hierarchy within the European banking sector : Level 3 financial instruments and their value on the market Mémoire de Master Memoire Unistra