Beginning in 2010, mandated Financial Accounting Standards No. 166 and 167 (SFAS 166/167) changed the consolidation rules of securitization entities and required more information about their securitization activities. I find that securitizing banks experienced a decrease in information asymmetry from the pre- to the post-SFAS 166/167 periods, and that more visible securitizing banks are less sensitive to SFAS 166/167. These inferences are robust to a number of sensitivity analyses. This study is one of the first to provide evidence of the effects of SFAS 166/167 on the information asymmetry of securitizing banks.

中文翻译：

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SFAS 166/167是否降低了证券化银行的信息不对称性？

从2010年开始，强制性的第166和167号财务会计准则（SFAS 166/167）更改了证券化实体的合并规则，并要求提供有关其证券化活动的更多信息。我发现证券化银行从SFAS 166/167之前到之后的时期经历了信息不对称性的降低，并且可见性更高的证券化银行对SFAS 166/167的敏感性降低了。这些推论对于许多敏感性分析都是可靠的。这项研究是第一个提供SFAS 166/167对证券化银行信息不对称性影响的证据之一。