Auteur(s) : Toritto, Davide
Directeur : Menu, Sabine, Bagna, Emanuel
Composante : EMS
Date de création : 30-06-2014

Description : 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.
Mots-clés libres : Instruments financiers, Fair Value Hierarchy; Level 3 Financial instrument; Liquidity discount; International and European Business, 650 Gestion et organisation de l'entreprise
Couverture : FR