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Author: Edith Leung
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper examines the stock market reaction to 15 events relating to IFRS adoption in the United States. The goal is to assess whether investors perceive the switch to IFRS as beneficial or costly. Our findings suggest that investors' reaction to IFRS adoption is more positive in cases where IFRS is expected to lead to convergence benefits. Our results also indicate a less positive market reaction for firms with higher litigation risk, which is consistent with investors' concerns about greater discretion and less implementation guidance under IFRS for these firms. Overall, the findings are relevant to the current debate on IFRS adoption in the U.S. and highlight the importance of convergence to investors.
Author: Edith Leung
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This paper examines the stock market reaction to 15 events relating to IFRS adoption in the United States. The goal is to assess whether investors perceive the switch to IFRS as beneficial or costly. Our findings suggest that investors' reaction to IFRS adoption is more positive in cases where IFRS is expected to lead to convergence benefits. Our results also indicate a less positive market reaction for firms with higher litigation risk, which is consistent with investors' concerns about greater discretion and less implementation guidance under IFRS for these firms. Overall, the findings are relevant to the current debate on IFRS adoption in the U.S. and highlight the importance of convergence to investors.
Author: Luzi Hail
Publisher:
ISBN:
Category :
Languages : en
Pages : 104
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Book Description
Drawing on the academic literature in accounting, finance and economics, we analyze economic and policy factors related to the potential adoption of International Financial Reporting Standards (IFRS) in the U.S. We highlight the unique institutional features of U.S. markets to assess the potential impact of IFRS adoption on the quality and comparability of U.S. reporting practices, the ensuing capital market effects, and the potential costs of switching from U.S. GAAP to IFRS. We discuss the compatibility of IFRS with the current U.S. regulatory and legal environment as well as the possible effects of IFRS adoption on the U.S. economy as a whole. We also consider how a switch to IFRS may affect worldwide competition among accounting standards and standard setters, and discuss the political ramifications of such a decision on the standard setting process and on the governance structure of the International Accounting Standards Board. Our analysis shows that the decision to adopt IFRS mainly involves a cost-benefit tradeoff between (1) recurring, albeit modest, comparability benefits for investors, (2) recurring future cost savings that will largely accrue to multinational companies, and (3) one-time transition costs borne by all firms and the U.S. economy as a whole, including those from adjustments to U.S. institutions. We conclude by outlining several possible scenarios for the future of U.S. accounting standards, ranging from maintaining U.S. GAAP, letting firms decide whether and when to adopt IFRS, to the creation of a competing U.S. GAAP-based set of global accounting standards that could serve as an alternative to IFRS.
Author: Thi Hong Nga Nguyen
Publisher: Springer Nature
ISBN: 9819984726
Category :
Languages : en
Pages : 655
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Book Description
Author: Mohammad Nurunnabi
Publisher: Emerald Group Publishing
ISBN: 1801174423
Category : Business & Economics
Languages : en
Pages : 276
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Book Description
Contributions to International Accounting aims to address a vital gap in research by focusing on providing relevant and timely studies on International Financial Reporting Standards implementation for local and international policymakers.
Author: Simon Falcke
Publisher: GRIN Verlag
ISBN: 3346203107
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
Seminar paper from the year 2019 in the subject Business economics - Investment and Finance, grade: 1,0, Otto Beisheim School of Management Vallendar, language: English, abstract: Starting in 2005, the portion of foreign shareholders in the Dax has risen from 45% to 58% in the last decade. In the same year, the regulation of the European Union from 2002 came into effect which required all listed firms in the European Union to report their consolidated accounts in accordance with the International Financial Reporting Standard (IFRS) from 2005 on instead of each countries’ generally accepted accounting standards (GAAP). This is just one example where the volume of investments increased concurrently with the adoption of IFRS. Therefore, the question arises if the mandatory adoption of IFRS in the EU in 2005 or in other cases significantly affected and continues to affect investment decisions among adopters or third parties. In order to better account for differences between different types of investors and investees, we differentiate between retail investors, institutional investors and corporate finance activities. Moreover, we focus on the consequence of IFRS adoption on equity investment decisions as most research appears to focus on the equity instead of the credit market. Additionally, Lourenco & Branco point out that most research which finds no significant effects of IFRS adoption on investment decisions appears to focus on voluntary adoption before 2005. Thus, this paper mainly focuses on mandatory IFRS adoption. In this context, research suggests that mandatory IFRS adopters experience significant capital markets benefits as well as enhanced foreign institutional ownership and enhanced M&A activity. Ultimately, we observe four overarching drivers behind the aforementioned observations that impact investment decisions across different types of investors and investees.
Author: 徐崇豪
Publisher: 索引數位股份有限公司
ISBN: 9869554334
Category : Business & Economics
Languages : en
Pages :
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Book Description
本文首先測試了我國接軌與採用國際會計準則(亦稱國際財務報導準則，簡稱IAS或IFRS)對國外基金投資影響。
Author: Kees Camfferman
Publisher: Oxford University Press, USA
ISBN: 0199646317
Category : Business & Economics
Languages : en
Pages : 689
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Book Description
This book provides a historical study of the body that sets International Financial Reporting Standards (IFRSs) - the basis for financial reporting. It provides extensive background information to help practitioners, policy-makers, researchers, and educators form a deeper understanding of the people, the forces, and events that have shaped IFRSs.
Author: Abagail McWilliams
Publisher:
ISBN: 0198802285
Category :
Languages : en
Pages : 710
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Book Description
Corporate social responsibility (CSR) continues to grow as an area of interest in academia and business. Encompassing broad topics such as the relationship between business, society, and government, environmental issues, globalization, and the social and ethical dimensions of management andcorporate operation, CSR has become an increasingly interdisciplinary subject relevant to areas of economics, sociology, and psychology, among others.New directions in CSR research include advanced 'micro' based investigations in organizational behaviour and human resource management, additional studies of environmental social responsibility and sustainability, further research on "strategic" CSR, connections between social responsibility andentrepreneurship, and improvements in methods and data analysis as the field matures. Through authoritative contributions from international scholars across the social sciences, this Handbook provides a cohesive overview of this recent expansion. It introduces new perspectives, new methodologies,and new evidence from a range of disciplines to encourage and facilitate interdisciplinary research and global implementation of corporate social responsibility.
Author: Jenice J. Prather-Kinsey
Publisher:
ISBN:
Category :
Languages : en
Pages : 47
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Book Description
The objective of our study is to test whether the adoption of International Financial Reporting Standards (IFRS) in the United States (U.S.) is perceived positively by American Depository Receipt (ADR) firms' equity market participants. We conduct our tests by studying market reactions to the Securities and Exchange Commission's (SEC) IFRS-related press releases between 2007 and 2011 regarding potential adoption of IFRS in the U.S. Using a sample of ADR firms and multivariate regression analyses, we test the 3-day cumulative abnormal returns (CAR) of investors of ADR firms in response to SEC announcements on potential IFRS adoption. We find a significant and positive market reaction to the SEC's announcements related to the potential adoption of IFRS in the U.S. for ADR firms reporting their financial statements using IFRS, especially in the industry where IFRS is the globally predominant accounting standard. Conversely, we find a significantly negative market reaction to SEC related announcements of potential adoption of IFRS in the U.S. for ADR firms currently reporting their financial statements using U.S. generally accepted accounting principles (GAAP). We conclude that the SEC's adoption of IFRS may benefit global and U.S. equity market participants relative to Local GAAP reporting (reporting using domestic GAAP that is not IFRS or U.S. GAAP) by providing a common basis for investors, issuers and others to evaluate investment opportunities.
Author: Xiaoxiao Song
Publisher:
ISBN:
Category : Economic forecasting
Languages : en
Pages : 181
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Book Description
The globalization of business and finance has led to the adoption of International Financial Reporting Standards (IFRS) in more than 100 countries, and numerous studies have examined the consequences of IFRS adoption in these countries. Currently, however, U.S. domestic issuers are not required to use IFRS in preparing their financial statements, which makes the study of potential IFRS adoption effects on U.S. domestic issuers difficult. My dissertation uses a unique sample of foreign private issuers that are cross listed in the U.S. and are allowed to use IFRS for their financial statements, so that I can investigate the effect of IFRS adoption on analyst forecast behavior and analyst information precision in the U.S. By comparing this IFRS adoption sample group with another group of U.S. foreign private issuers that use U.S. GAAP for their financial statements, my dissertation examines and answers three research questions. Firstly, whether there are any differences in analyst forecast behavior, such as analyst following, analyst forecast accuracy, and analyst forecast dispersion, between the IFRS group and the U.S. GAAP group. Secondly, whether analyst public and private information precision are affected by foreign private issuers' IFRS adoption. And lastly, whether the IFRS adoption effect is moderated by industry characteristics (whether or not IFRS is the dominant accounting standard in the issuer's industry) and moderated by the level of rule of law in the issuer's home country. Results show that compared with the U.S. GAAP group, the IFRS group generally has lower analyst following, lower analyst forecast accuracy, higher forecast dispersion, and less precise public information precision. In addition, the negative effect of foreign private issuers' IFRS adoption on analyst forecast accuracy is weaker when the issuer's industry is in IFRS dominant industry, while the negative effect of IFRS adoption on analyst following is stronger when the issuer comes from a country with strong rule of law. In essence, my dissertation sheds light on the debate surrounding potential IFRS adoption in the U.S by providing evidence that to some extent, foreign private issuers' IFRS adoption is related to unfavorable analyst forecast behavior and information precision in the U.S. capital market.
