Asset Reclassifications and Bank Recapitalization During the Financial Crisis

The authors appreciate helpful comments from Brian Bushee (editor), the associate editor, two anonymous referees, Yakov Amihud, Mary Barth, John Gallemore, Günther Gebhardt, Silviu Glavan, Joerg-Markus Hitz, Bob Holthausen, Paul Klumpes, Jim Leisenring, Christian Leuz, Edgar Löw, Stuart McLeay, Scott Richardson, Katherine Schipper, Doug Skinner, Donna Street, Mary Tokar, Johannes Voget, Gero Wiechens and Steve Young, as well as workshop participants at the Global Issues in Accounting Conference (University of North Carolina at Chapel Hill), the 4th Tel Aviv International Conference in Accounting, the Workshop on Accounting and Economics in Vienna, the 33rd EAA Annual Congress in Istanbul, the INTACCT workshop in Paris, the 11th IAAER World Congress in Singapore, Alliance Manchester Business School, BI Norwegian Business School, Cass Business School, ESMT Berlin, Free University Berlin, Georg August University Göttingen, Goethe University Frankfurt, IESE Business School, Ludwig Maximilian University of Munich, London Business School, Maastricht University, Stockholm School of Economics, Unversité de Neuchâtel, University of Chicago Booth School of Business, University of Mannheim, Vienna University of Economics and Business, the Institute of Chartered Accountants in England and Wales, London, and the Lisbon Accounting Conference. The authors thank Si Yue Li, Philip Di Salvo, Jan Schwarting, and Linda Tjoa for excellent research assistance. The paper is based in part on our earlier manuscript “Fair Value Reclassifications of Financial Assets During the Financial Crisis.”