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<\/a><\/p>\nHaim Kedar-Levy<\/strong>, Ben Gurion University of the Negev, Israel<\/em><\/p>\n Elroi Hadad<\/strong>, Shamoon Collage of Engineering (SCE), Israel<\/em><\/p>\n Gitit Gur-Gershgoren<\/strong>, Ono Academic College, Israel<\/em><\/p>\n <\/p>\n The discount rate reporting entities apply for future employee benefits obligations has a profound impact on their present value, both at the firm and at the country level. The IAS-19 accounting standard requires the existence of a \u2018deep market\u2019 in high-quality corporate bonds in order to use their yields as the discount rate, and in its absence, the often-lower government bond yields should be used. From a financial economics perspective, the term \u2018deep market\u2019 is vaguely defined in IAS-19, therefore we propose a dual approach. First, from the macro-economic perspective, we explore funding liquidity, and second, from the micro-economic perspective, we measure the illiquidity premium in high-quality corporate bonds. We argue that both aspects are essential because they are inter-connected. Our approach is tested empirically on a sample of 32 countries, with detailed analysis of the Israeli market as a case in point.<\/p>\n <\/p>\n IAS-19; deep market; employee benefits; market liquidity; funding liquidity<\/p>\n <\/p>\n Kedar-Levy, H., Hadad, E., & Gur-Gershgoren, G. (2020). Deep-market by IAS-19: A unified cross-country approach for discount rate selection. Multinational Finance Journal, 24<\/em>(3\/4), 119\u2013154.<\/p>\n Kedar-Levy, H., Hadad, E. and Gur-Gershgoren, G., 2020. Deep-Market by IAS-19: A Unified Cross-Country Approach for Discount Rate Selection. Multinational Finance Journal<\/em>, 24(3\/4), pp.119\u2013154.<\/p>\n","protected":false},"excerpt":{"rendered":" Deep-Market by IAS-19: A Unified Cross-Country Approach for Discount Rate Selection Multinational Finance Journal, 2020, vol. 24, no. 3\/4, pp. 119\u2013154 Haim Kedar-Levy, Ben Gurion University of the Negev, Israel Elroi Hadad, Shamoon Collage of Engineering (SCE), Israel Gitit Gur-Gershgoren, Ono Academic College, Israel Abstract: The discount rate reporting entities apply for future employee […]<\/p>\n","protected":false},"author":621,"featured_media":0,"parent":221,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-2491","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/2491"}],"collection":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/users\/621"}],"replies":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/comments?post=2491"}],"version-history":[{"count":1,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/2491\/revisions"}],"predecessor-version":[{"id":2492,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/2491\/revisions\/2492"}],"up":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/221"}],"wp:attachment":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/media?parent=2491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Abstract:<\/strong><\/h3>\n
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