Investor Perceptions of Potential IFRS Adoption in the United States
Investor Perceptions of Potential IFRS Adoption in the United States
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DOI：
10.2308/accr-50338
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发表时间：
2013-03
期刊：
影响因子：
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通讯作者：
P.P.M. Joos;Edith Leung
中科院分区：
文献类型：
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作者：
P.P.M. Joos;Edith Leung
摘要：本文考察了美国股市对15起与采用IFRS有关的事件的反应。目的是评估投资者认为转向《国际财务报告准则》是有益的还是代价高昂的。我们的研究结果表明，在预期《国际财务报告准则》会带来趋同效益的情况下，投资者对采用《国际财务报告准则》的反应更为积极。我们的研究结果还表明，对于诉讼风险较高的公司，市场反应不太积极，这与投资者对这些公司在国际财务报告准则下更大的自由裁量权和更少的实施指导的担忧一致。总体而言，调查结果与美国目前关于采用国际财务报告准则的辩论有关，并强调了趋同对投资者的重要性。数据可用性：所有数据均可从论文中所述来源公开获得（见附录A和B）。
ABSTRACT : 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. Data Availability: All data are publicly available from the sources indicated in the paper (see Appendices A and B).