NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Did Fair-Value Accounting Contribute to the Financial Crisis?

Christian Laux, Christian Leuz

NBER Working Paper No. 15515
Issued in November 2009

---- Acknowledgements -----

We appreciate helpful comments from David Autor, Chad Jones, Martin Hellwig, Hal Scott, Hyun Shin, Andrei Shleifer, Doug Skinner, Timothy Taylor, workshop participants at the University of Chicago as well as helpful conversations with Jacob Goldfield, Peter Goldschmidt (PwC), Timothy Schott (KPMG), and Timo Willershausen (PwC). We thank Denis Echtchenko, Frank Li and, in particular, Ashish Shenoy for their excellent research assistance. Christian Laux gratefully acknowledges the hospitality at the University of Chicago Booth School of Business, which he visited while the paper was written, and research funding provided by the Center for Financial Studies (CFS) at the Goethe-University Frankfurt. Christian Leuz gratefully acknowledges the support by the Neubauer Family Faculty Fellowship and the Initiative on Global Markets (IGM) at the University of Chicago Booth School of Business. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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