Pre-adoption market reaction to IFRS 9: A cross-country event-study
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...
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| Veröffentlicht in: | Journal of accounting and public policy 2014-11, Vol.33 (6), p.628-637 |
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| creator | Onali, Enrico Ginesti, Gianluca |
| description | 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. |
| doi_str_mv | 10.1016/j.jaccpubpol.2014.08.004 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0278-4254 |
| ispartof | Journal of accounting and public policy, 2014-11, Vol.33 (6), p.628-637 |
| issn | 0278-4254 1873-2070 |
| language | eng |
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| source | PAIS Index; Elsevier ScienceDirect Journals |
| subjects | Accounting Cost Data mining Decision-making Divergence Eastern Europe Error Errors Europe GAAP Information International accounting standards International Financial Reporting Standards Investors Markets Media coverage Regulation Sampling Shareholders wealth Stockholders Studies Western Europe |
| title | Pre-adoption market reaction to IFRS 9: A cross-country event-study |
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