Analyst Coverage, Market Liquidity and Disclosure Quality: A Study of Fair-value Disclosures by European Real Estate Companies Under IAS 40 and IFRS 13
Disclosures in notes have been criticized by practitioners for being unwieldy and contributing little to the quality of the financial information. This study presents evidence on the association between disclosure quality, analyst following and liquidity in the real estate sector. More specifically,...
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| Veröffentlicht in: | The International journal of accounting education and research 2018-03, Vol.53 (1), p.54-75 |
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| container_title | The International journal of accounting education and research |
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| creator | Sundgren, Stefan Mäki, Juha Somoza-López, Antonio |
| description | Disclosures in notes have been criticized by practitioners for being unwieldy and contributing little to the quality of the financial information. This study presents evidence on the association between disclosure quality, analyst following and liquidity in the real estate sector. More specifically, we study the disclosure of the methods and significant assumptions applied in determining fair values of investment properties under IAS 40 and IFRS 13. We find that disclosure quality is significantly higher under IFRS 13. Furthermore, we show that the quality is associated with analyst following and bid-ask spreads. However, the improved disclosures following the adoption of IFRS 13 are not associated with any significant positive economic consequences. This result indicates that the revised disclosure requirements in IFRS 13 did not solve any market imperfections. |
| doi_str_mv | 10.1016/j.intacc.2018.02.003 |
| format | Article |
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| issn | 1094-4060 0020-7063 1879-2251 |
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| source | Recercat |
| subjects | Analyst following Business Studies Disclosure quality Divulgació científica företagsekonomi Garantia de qualitat IAS 40 Inversions Investments Liquiditat (Economia) Liquidity (Economics) Market liquidity Negocis immobiliaris Quality assurance Real estate business Science news |
| title | Analyst Coverage, Market Liquidity and Disclosure Quality: A Study of Fair-value Disclosures by European Real Estate Companies Under IAS 40 and IFRS 13 |
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