TAILIEUCHUNG - OCCASIONAL PAPER SERIES NO. 1 3 / APRIL 2004: FAIR VALUE ACCOUNTING AND FINANCIAL STABILITY

This section discusses the development of the contracting literature and contractual uses of accounting. It develops implications for relative abilities of earnings and cash flows to forecast future cash flows and for the times series properties of earnings and cash flows. The modern economic theory of the firm views the firm as a set of contracts between a multitude of parties. The underlying hypothesis is that the firm's "contractual designs, both implicit and explicit, are created to minimize transactions costs between specialized factors of production" (Holmstrom and Tirole, 1989, p. 63; see also Alchian, 1950; Stigler, 1951; and Fama and Jensen,. | EUROPEAN CENTRAL BANK OCCASIONAL PAPER SERIES NO. 13 I APRIL 2004 FAIR VALUE ACCOUNTING AND FINANCIAL STABILITY by a staff team led by Andrea Enria and including Lorenzo Cappiello Frank Dierick Sergio Grittini Andrew Haralambous Angela Maddaloni Philippe Molitor Fatima Pires and Paolo Poloni EUROPEAN CENTRAL BANK OCCASIONAL PAPER SERIES NO. 13 I APRIL 2004 In 2004 all ECB publications will feature a motif taken from the 100 banknote. FAIR VALUE ACCOUNTING AND FINANCIAL STABILITY by a staff team led by Andrea Enria and including Lorenzo Cappiello Frank Dierick Sergio Grittini Andrew Haralambous Angela Maddaloni Philippe Molitor Fatima Pires and Paolo Poloni This paper can be downloaded from the ECB s website http . European Central Bank 2004 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Website http Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational andnon-commercial purposes is permitted provided that the source is acknowledged. The views expressed in this paper do not necessarily reflect those of the European Central Bank. ISSN1607-1484 print ISSN 1725-6534 online

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