ADAPTION OF INTERNATIONAL ACCOUNTING STANDARD AND EXPERIMENTAL STUDY OF EARNINGS-RETURNS

本研究涉及美国证券交易委员会（SEC）对外国公司的财务报告要求，提供与美国公认会计原则（表20-F）定量对账的必要性。盈余-收益研究结果表明，国外会计准则的发布提供了重要信息。但是，使用重新收集的信息进行的收益-回报研究的结果是喜忧参半。本研究在借鉴盈余-收益研究方法的基础上，将分析师的修正值作为衡量外国会计准则和20-F表披露信息影响的市场指标。假设1：20-F表申报前后的异常修正值随着美国会计准则盈余与外国会计准则盈余的差异而增加。我认为，分析师的追随与公司披露的信息量之间存在直接关系。假设2：20-F申报前后的异常修正量随着追随企业的分析师人数的增加而减少。盈利预测的高度离散意味着盈利预测的不一致。这是一个假设。假设3：20-F申报前后的异常修正随着分析师预期的离散度的增加而增加。样本包括在纽约证券交易所上市的非美国公司（英国、德国、法国、荷兰、意大利公司）。在提交20-F表格之前的数据来源是机构经纪人估计系统（I/B/E/S）国际数据库。

This study Involves the Securities and Exchange Commission's(SEC) Financial Reporting Requirements for Foreign Firms, the Necessity of Providing a Quantitative Reconciliation to U.S.GAAP(Form 20-F). The Results of Earnings-Returns Research Indicate that the Release of Foreign GAAP Provides Important Information. But the Results of Earnings-Returns Research Using Recociled Information are Mixed. Insead of Earnings-Returns Research Methodology, This Study Utilize Analysts' Revisions as a Market Indicator of the Effect of Information Released in Foreign GAAP and the Reconciled Information in Form 20-F.Hypothesis 1 : The Abnormal Revision around the Time of Filings Form 20-F Increases with the Divergence of US GAAP Earnings and Foreign GAAP Earnings. I expect that There is a Direct Relationship between Analyst Following and the Amount of Information Disclosed by a Firm. Hypothesis 2 : The Abnormal Revision around the Time of Filings Form 20-F Decreases with the Number of Analyst Following the Firm. A High Level of Dispersion in Earnings Forecast Implies Disagreement amoung Forecasts. Thus It is Hypothesissed. Hypothesis 3 : The Abnormal Revision around the Time of Filings Form 20-F Increases with the Amount of Dispersion of Analyst' Expectation. Samples Consist of Non-US Firms(UK, GERMANY, FRANCE, NETHERLAND, ITALY Firms) on the New York Stock Exchanges. The source of data for the period prior to filings Form 20-F is Institutional Brokers Estimate System(I/B/E/S)International Databases.