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DOES FAIR VALUE ACCOUNTING EXACERBATE THE
PRO-CYCLICALITY OF BANK LENDING?
by
Biqin Xie
A Dissertation Presented to the
FACULTY OF THE USC GRADUATE SCHOOL
UNIVERSITY OF SOUTHERN CALIFORNIA
In Partial Fulfillment of the
Requirements for the Degree
DOCTOR OF PHILOSOPHY
(BUSINESS ADMINISTRATION)
August 2012
Copyright 2012 Biqin Xie
Object Description
| Title | Does fair value accounting exacerbate the pro-cyclicality of bank lending? |
| Author | Xie, Biqin |
| Author email | biqinxie@usc.edu;bxx5@psu.edu |
| Degree | Doctor of Philosophy |
| Document type | Dissertation |
| Degree program | Accounting |
| School | Leventhal School of Accounting |
| Date defended/completed | 2012-05-30 |
| Date submitted | 2012-07-06 |
| Date approved | 2012-07-06 |
| Restricted until | 2012-07-06 |
| Date published | 2012-07-06 |
| Advisor (committee chair) | Subramanyam, K.R. |
| Advisor (committee member) |
DeFond, Mark Zhang, Jieying Nugent, Jeffrey |
| Abstract | This paper examines whether fair value accounting increases the pro-cyclicality of banks’ lending behavior. Exploiting cross-sectional variation in individual banks’ exposure to fair value accounting, I find that fair value accounting does not exacerbate the pro-cyclicality of bank lending over the past two business cycles during 1995-2010. This result holds despite the fact that every one dollar of unrealized gains (losses) is associated with at least 12 cents of new lending (cutbacks in lending). The probable cause of this non-exacerbation finding is that interest rates rise (fall) during some of the expansionary (recessionary) periods, resulting in movements of bank assets’ fair value that are not pro-cyclical. |
| Keyword | fair value accounting; bank lending; pro-cyclicality |
| Language | English |
| Part of collection | University of Southern California dissertations and theses |
| Publisher (of the original version) | University of Southern California |
| Place of publication (of the original version) | Los Angeles, California |
| Publisher (of the digital version) | University of Southern California. Libraries |
| Provenance | Electronically uploaded by the author |
| Type | texts |
| Legacy record ID | usctheses-m |
| Rights | Xie, Biqin |
| Access conditions | The author retains rights to his/her dissertation, thesis or other graduate work according to U.S. copyright law. Electronic access is being provided by the USC Libraries in agreement with the author, as the original true and official version of the work, but does not grant the reader permission to use the work if the desired use is covered by copyright. It is the author, as rights holder, who must provide use permission if such use is covered by copyright. The original signature page accompanying the original submission of the work to the USC Libraries is retained by the USC Libraries and a copy of it may be obtained by authorized requesters contacting the repository e-mail address given. |
| Repository name | University of Southern California Digital Library |
| Repository address | USC Digital Library, University of Southern California, University Park Campus MC 7002, 106 University Village, Los Angeles, California 90089-7002, USA |
| Repository email | cisadmin@usc.edu |
| Archival file | uscthesesreloadpub_Volume4/etd-XieBiqin-915.pdf |
Description
| Title | Page 1 |
| Full text | DOES FAIR VALUE ACCOUNTING EXACERBATE THE PRO-CYCLICALITY OF BANK LENDING? by Biqin Xie A Dissertation Presented to the FACULTY OF THE USC GRADUATE SCHOOL UNIVERSITY OF SOUTHERN CALIFORNIA In Partial Fulfillment of the Requirements for the Degree DOCTOR OF PHILOSOPHY (BUSINESS ADMINISTRATION) August 2012 Copyright 2012 Biqin Xie |
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