| Autor: |
Beigman, Eyal, Brennan, Gerard, Hsieh, Sheng-Feng, Sannella, Alexander J. |
| Předmět: |
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| Zdroj: |
Journal of Accounting, Auditing & Finance; Oct2023, Vol. 38 Issue 4, p731-748, 18p, 9 Charts, 4 Graphs |
| Abstrakt: |
Cryptocurrencies and blockchain technology are disruptive innovations at the vanguard of a new wave of the digital revolution. The far-reaching appeal, global reach, unprecedented mobility of capital, and multitude of trading venues have created a marketplace like no other. The economic fundamentals underlying this market are yet to be fully comprehended, as evidenced by the often-contradicting guidelines recommended by accounting firms, government agencies, and standard setters. Many of the definitions and models used for classical markets cannot be applied directly to cryptocurrency. Basic concepts must be reinterpreted, and models must be modified to fit the mechanics of these markets. In this article, we focus on one such concept: that of fair value. We argue that in light of the fragmentation of cryptocurrency markets and the global dispersion of trading venues, a principal market may be difficult to identify. The primary objective of this article is to present a methodology to dynamically designate principal markets and derive fair value prices for financial reporting using this designation. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
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