市场流动性
业务
执行
流动性风险
金融体系
会计
财务
政治学
法学
出处
期刊:The Accounting Review
[American Accounting Association]
日期:2022-01-13
卷期号:97 (6): 445-473
标识
DOI:10.2308/tar-2018-0037
摘要
ABSTRACT Banks play a central role in creating liquidity for the economy by financing illiquid assets with liquid liabilities. This paper examines the effect of accounting restatements on bank liquidity creation. Using a difference-in-differences research design, I show that restatements trigger a significant reduction in liquidity creation. This effect derives mainly from banks shifting away from illiquid assets and toward liquid assets. Further analysis reveals that restatements affect liquidity creation through supervisory enforcement actions and unravelling of risk exposures accumulated in the misreporting period. Government deposit insurance blunts the effect of an information asymmetry channel. JEL Classifications: G21; G28; M41; M48.
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