Acctg. Seminar: Bryce Schonberger (USC) "Real asset liquidity and asset impairments"
Friday, February 7
12:30pm – 2:00pm EST
Uris 1st Floor - 141
3022 Broadway, New York, NY 10027
Event Details
I examine how the presence of a more active (liquid) resale market for real assets influences the frequency and timeliness of asset impairments. Consistent with an available resale market providing a useful benchmark for evaluating recorded asset values, I find that firms with more liquid real assets recognize more frequent and timelier impairments, resulting in lower book-to-market ratios and more conditionally conservative earnings. Impairments are more frequent in tests using both industry-level measures of real asset liquidity and firm-specific measures of aircraft fleet liquidity for firms in the airline industry. Real asset liquidity also improves the information content of accounting values, especially book values. Finally, more frequent and timelier impairments are associated with decreases in information asymmetry around earnings announcements for firms with more liquid real assets.
Where & When

Uris 1st Floor - 141
3022 Broadway
New York, NY 10027

Friday, February 7, 12:30pm – 2:00pm

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