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On the Social Value of Accounting Objectivity in Financial Stability

机译：论财务稳定中会计客观性的社会价值

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In this paper, we analyze the social value of accounting objectivity in maintaining financial stability. Building on an early influential accounting study by Ijiri and Jaedicke (1966), we operationalize two informational properties, accuracy (free of collective bias) and objectivity (degree of consensus), in a correlated information structure and embed them into a model of runs on financial institutions. We show that when compared with the accuracy property, the objectivity property exhibits an advantage in mitigating inefficient panic-based runs. In fact, it is possible that improving objectivity discourages such runs, whereas improving accuracy encourages them. Our model also sheds light on the design of optimal accounting systems to enhance objectivity. We find that to generate a more objective accounting report, accounting systems should be designed to be less vulnerable to intentional managerial intervention.
机译：在本文中，我们分析了会计客观性在维持财务稳定性方面的社会价值。在Ijiri和Jaedicke（1966）的早期有影响力的会计研究的基础上，我们在相关的信息结构中操作了两种信息属性，准确性（无集体偏见）和客观性（共识度），并将它们嵌入到运行模型中金融机构。我们表明，与准确性属性相比，客观性属性在减轻基于恐慌的低效运行方面具有优势。实际上，提高客观性可能会阻止此类运行，而提高准确性会鼓励这种运行。我们的模型还阐明了优化会计系统以增强客观性的设计。我们发现，要生成更客观的会计报告，会计系统应设计为不易受到故意的管理干预。

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