Lhaopadchan (2010, p. 243) poses the question, "Do impairment announcements contain information?" Discuss how fair value affects the impairment of "good will." What information is required to make an impairment judgment? Are impairment decisions objective, subjective, or both? What does the empirical evidence say about market reactions to impairment announcements in terms of market confirmation or rejection of impairment decisions by corporations? Separate from valuations, what conclusions does Lhaopadchan make regarding the relationship between impairment and earnings management?