The Information Content of Annual Earnings Announcements and Mandatory Adoption of IFRS
The Information Content of Annual Earnings Announcements and Mandatory Adoption of IFRS
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DOI：
10.1016/j.jacceco.2011.04.002
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发表时间：
2011-04
期刊：
影响因子：
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通讯作者：
W. Landsman;Edward L. Maydew;Jacob R. Thornock
中科院分区：
文献类型：
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作者：
W. Landsman;Edward L. Maydew;Jacob R. Thornock
这项研究考察了强制采用国际财务报告准则后，各国盈利公告的信息含量--异常收益波动性和异常交易量--是否增加，以及增加的条件和机制。调查结果表明，强制采用《国际财务报告准则》的16个国家的信息含量较维持国内会计准则的11个国家有所增加，尽管强制采用《国际财务报告准则》的效果取决于采纳国的执法力度。利用路径分析方法，我们发现了采用IFRS增加信息含量的三种机制的证据：减少报告滞后、增加分析师追随者和增加外国投资。
This study examines whether the information content of earnings announcements – abnormal return volatility and abnormal trading volume – increases in countries following mandatory IFRS adoption, and conditions and mechanisms through which increases occur. Findings suggest information content increased in 16 countries that mandated adoption of IFRS relative to 11 that maintained domestic accounting standards, although the effect of mandatory IFRS adoption depends on the strength of legal enforcement in the adopting country. Utilizing a path analysis methodology, we find evidence of three mechanisms through which IFRS adoption increases information content: reducing reporting lag, increasing analyst following, and increasing foreign investment.