This paper examines whether fair values provide useful information for management decision making. This study uses a sample of 9733 bank‐quarters, covering 2009–2016 to examine the relation. Empirical evidence suggests that fair values, particularly of liability items, affect for stock price informativeness for managers. The effects, however, depend on the account type (asset or liability) and the investment area. Information contained within level 3 items, in general, benefits management learning. Evidence also suggests that accounting discretion and macroeconomic uncertainty largely disrupt management learning from reported fair values and that the fair value effects on management learning persists over the long‐run.