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In the course of the reappraisal of the last major financial crisis from 2007 to 2009 miscellaneous potential influencing factors for the sudden occurrence of market turbulences have been discussed. Among others, accounting in the form of fair value accounting also came into focus. This valuation method, which is regarded as more modern compared with the traditional historical cost accounting principle, is not undisputed in the accounting world anyway. Especially the alleged procyclical effect, which fair value accounting is said to have on financial markets, is criticized.
This thesis first illuminates this market-based valuation principle from a theoretical perspective and discusses pros and cons compared with a valuation according to historical costs. Subsequently, by use of an innovative approach the author analyzes the impact of fair value accounting on the stability and dynamics of financial markets. Here, he does not focus on the frequently regarded banking industry with its specific features, but rather presents a generally valid model across sectors.
The study is based on the so-called agent based modelling approach, which in recent years proved to be a suitable tool for deriving recommendations regarding various policy options in economic research. These models are here extended by the element of accounting. It is regarded how fair value accounting makes an impact on financial markets through the channel of business valuation and which feedback effects arise in turn.
Beside analytical results, the author also presents a comprehensive analysis of complex stochastic models. These models are able to replicate stylized facts of financial market time series and thus reliably mirror the effects on real financial markets.
keywordsAgentenbasierte Modellierung Betriebswirtschaftslehre Fair-Value-Bilanzierung Finanzmarkt Finanzmarktvolatilität Ineffiziente Märkte Internationale Rechnungslegung Simulationsanalyse
Ihr Werk im Verlag Dr. Kovač
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