TY - UNPD A1 - Freixas, Xavier A1 - Laux, Christian T1 - Disclosure, transparency, and market discipline T2 - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2011,11 N2 - The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information work and the effectiveness of their disclosure process during the crisis. Contrary to the commonly held view, fair value accounting did not have a major impact on the crisis development and severity. However, the structure and lack of accountability of credit rating agencies had a profound impact on their incentives, which may have jeopardized the accuracy of the whole rating process. We claim that the crisis experience has changed the way we think about information as well as market discipline and discuss policy implications and proposals for regulation. JEL Classification: G01, G24, G28, M41, M48 T3 - CFS working paper series - 2011, 11 KW - Mark-to-Market KW - Fair-Value Accounting KW - Credit Rating Agencies KW - Financial Crisis KW - Regulation KW - Financial Institutions KW - Banks Y1 - 2011 UR - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/16267 UR - https://nbn-resolving.org/urn:nbn:de:hebis:30-101935 IS - March 2011 ER -