01474nas a2200169   4500008004100000245012900041210006900170260000900239300001100248490000700259520083500266653001501101100001801116700001801134700001701152856013501169       2000                        eng d00aThe Value Relevance of Accounting Information During a Financial Crises:  Thailand and the 1997 Decline in Value of the Baht0 aValue Relevance of Accounting Information During a Financial Cri  c2000  a84-1070 v113 aThis study addresses whether the financial turmoil surrounding the devaluation of the baht affected the value relevance of Thai accounting information. Our results suggest a decline in the value relevance of Thai book values and earnings following the devaluation. Prior to mid 1997 the Bank of Thailand pegged the value of the baht to a basket of currencies of which 80% was weighted to the US dollar. In response to pressure by currency speculators the bank abandoned its peg on July 2 1997 in favor of a managed float. The devaluation was followed by volatile exchange rates. The change in value relevance of accounting information after the devaluation may be attributable to the initial recognition of foreign exchange losses and the subsequent recognition of foreign exchange gains as exchange rates fell and then recovered.10aAccounting1 aGraham, Roger1 aKing, Raymond1 aBailes, Jack  u/biblio/value-relevance-accounting-information-during-financial-crises-thailand-and-1997-decline-0