دانلود رایگان مقاله الزویر در مورد واکنش بازار قبل از تصویب IFRS 9: یک رویداد مطالعاتی سراسر کشوری (کلیک کنید)
توضیحات :
وبسایت مکاله اقدام به ارائه پروژه ی ساینس دایرکت با فرمت pdf، از انتشارات الزویر برای رشته حسابداری، و با عنوان واکنش بازار قبل از تصویب IFRS 9: یک رویداد مطالعاتی سراسر کشوری، نموده است.
مشخصات این مقاله :
عنوان مقاله :
Pre-adoption market reaction to IFRS 9: A cross-country event-study
ترجمه فارسی عنوان :
واکنش بازار قبل از تصویب IFRS 9: یک رویداد مطالعاتی سراسر کشوری
سال انتشار : 2014
متعلق به مجله یا ژورنال :مقالات مجله حسابداری و سیاست های دولتی – Journal of Accounting and Public Policy
فرمت: PDF
تعداد صفحات: 10
شماره پروژه: 5033
چکیده :
Abstract
Weare 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.
مقدمه این مقاله :
Introduction
1. Introduction
What does the market think about the new potential accounting regime for financial instruments (IFRS 9)? Do national characteristics of the country where the firm is domiciled affect investors’ reaction? These questions are key to understanding the potential impact of the IFRS 9 adoption in the European Union (EU) on international investors. The replacement of IAS 39 with IFRS 9 is one of key topics in the agenda of International Accounting Standards Board (IASB). At the G-20 summits in 2009, world leaders called for improvements of IAS 39. The role of IAS 39 for financial stability has generated a lively debate even among academics (Laux and Leuz, 2009, 2010; Barth and Landsman, 2010; Laux, 2012), because IAS 39 is widely considered to be a controversial accounting standard, largely due to its complexities (Armstrong et al., 2010; Paananen et al., 2012). Advocates of the reform claim that IFRS 9 reduces and simplifies the many rules in IAS 39, and increases cross-country comparability. Therefore, IFRS 9 should decrease the degree of asymmetric information, especially for international investors, and increase the value relevance of accounting data for investment decisions (Chen et al., 2013). Eventually, this should lead to lower cost of capital (Armstrong et al., 2010). Simplifying IAS 39 is a key innovation: Dichev et al. (2014) find that CFOs view favorably a reduction in the number of rules promulgated by standard setters, and support convergence between IFRS and U.S. GAAP. However, convergence could also be costly for investors, because of a decrease in the quality of firm-specific information (Ding et al., 2007), and a decrease in the comparability of financial accounts before and after the reform. Moreover, managers point out high costs of adoption and compliance for firms, and investor confusion (Dichev et al., 2014).
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دانلود رایگان مقاله الزویر در مورد واکنش بازار قبل از تصویب IFRS 9: یک رویداد مطالعاتی سراسر کشوری (کلیک کنید)
