Studies find evidence that opportunistic reporting often accompanies fair value measurement. However, research cannot determine whether the source of this opportunism is the estimate of fair value itself. Using detailed information on insurers’ investment holdings, we separate the use of fair value measurement discretion from the application of nonmeasurement-related discretion in accounting for incurred losses of financial instruments. Our evidence contradicts the view that fair value measurement discretion plays a large role in opportunistic avoidance of loss recognition for financial instruments. Instead, managers appear to avoid impairment loss recognition by opportunistically applying subjective criteria related to perceived loss persistence and intent to hold.

中文翻译：

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公允价值计量自由裁量权和减值损失确认的机会性规避

研究发现证据表明，机会主义报告通常伴随着公允价值计量。然而，研究无法确定这种机会主义的来源是否是对公允价值本身的估计。利用保险公司投资持有的详细信息，我们将公允价值计量自由裁量权的使用与非计量相关自由裁量权在金融工具已发生损失会计处理中的应用分开。我们的证据与公允价值计量自由裁量权在机会主义避免金融工具损失确认方面发挥重要作用的观点相矛盾。相反，管理人员似乎通过机会主义地应用与感知损失持续性和持有意图相关的主观标准来避免确认减值损失。