Pre-adoption market reaction to IFRS 9: A cross-country event-study

Allbwn ymchwil: Cyfraniad at gyfnodolynErthygl

Fersiynau electronig

Dangosydd eitem ddigidol (DOI)

We are the first to examine the market reaction to 13 announcement dates related to IFRS 9 for over 5400 European listed firms. We find an overall positive reaction to the introduction of IFRS 9. The regulation is particularly beneficial to shareholders of firms in countries with weaker rule of law and a smaller divergence between local GAAP and IAS 39. Bootstrap simulations rule out the possibility that sampling error or data mining are driving our findings. Our main findings are also robust to confounding events and the extent of the media coverage for each event. These results suggest that investors perceive the new regulation as shareholder-wealth enhancing and support the view that stronger comparability across accounting standards of European firms is beneficial to international investors and outweighs the costs of poorer firm-specific information.
Iaith wreiddiolSaesneg
Tudalennau (o-i)628–637
CyfnodolynJournal of Accounting and Public Policy
Rhif y cyfnodolyn6
Dynodwyr Gwrthrych Digidol (DOIs)
StatwsCyhoeddwyd - 30 Awst 2014
Gweld graff cysylltiadau