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

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Pre-adoption market reaction to IFRS 9: A cross-country event-study. / Onali, E.; Ginesti, G.
In: Journal of Accounting and Public Policy, Vol. 33, No. 6, 30.08.2014, p. 628–637.

Research output: Contribution to journal › Article › peer-review

HarvardHarvard

Onali, E & Ginesti, G 2014, 'Pre-adoption market reaction to IFRS 9: A cross-country event-study', Journal of Accounting and Public Policy, vol. 33, no. 6, pp. 628–637. https://doi.org/10.1016/j.jaccpubpol.2014.08.004

APA

Onali, E., & Ginesti, G. (2014). Pre-adoption market reaction to IFRS 9: A cross-country event-study. Journal of Accounting and Public Policy, 33(6), 628–637. https://doi.org/10.1016/j.jaccpubpol.2014.08.004

CBE

Onali E, Ginesti G. 2014. Pre-adoption market reaction to IFRS 9: A cross-country event-study. Journal of Accounting and Public Policy. 33(6):628–637. https://doi.org/10.1016/j.jaccpubpol.2014.08.004

MLA

Onali, E. and G. Ginesti. "Pre-adoption market reaction to IFRS 9: A cross-country event-study". Journal of Accounting and Public Policy. 2014, 33(6). 628–637. https://doi.org/10.1016/j.jaccpubpol.2014.08.004

VancouverVancouver

Onali E, Ginesti G. Pre-adoption market reaction to IFRS 9: A cross-country event-study. Journal of Accounting and Public Policy. 2014 Aug 30;33(6):628–637. doi: 10.1016/j.jaccpubpol.2014.08.004

Author

Onali, E. ; Ginesti, G. / Pre-adoption market reaction to IFRS 9: A cross-country event-study. In: Journal of Accounting and Public Policy. 2014 ; Vol. 33, No. 6. pp. 628–637.

RIS

TY - JOUR

T1 - Pre-adoption market reaction to IFRS 9: A cross-country event-study

AU - Onali, E.

AU - Ginesti, G.

PY - 2014/8/30

Y1 - 2014/8/30

N2 - 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.

AB - 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.

U2 - 10.1016/j.jaccpubpol.2014.08.004

DO - 10.1016/j.jaccpubpol.2014.08.004

M3 - Article

VL - 33

SP - 628

EP - 637

JO - Journal of Accounting and Public Policy

JF - Journal of Accounting and Public Policy

SN - 0278-4254

IS - 6

ER -