Investor reaction to IFRS for financial instruments in Europe: The role of firm-specific factors
dc.contributor.author | Onali, E | |
dc.contributor.author | Ginesti, G | |
dc.contributor.author | Ballestra, LV | |
dc.date.accessioned | 2020-01-06T14:31:47Z | |
dc.date.issued | 2017-01-10 | |
dc.description.abstract | We examine the market reaction to events related to the standard-setting process of International Financial Reporting Standard (IFRS) 9 for over 3,000 European firms that have adopted IFRS. We find that the market reaction to IFRS 9 is largely affected by firm-specific factors associated with information quality and information asymmetry. In particular, lower information asymmetry and higher information quality have a positive effect on market-adjusted returns. This is in conflict with the common view that IFRS 9 will improve accounting quality for those firms that need it most (namely, small firms with low liquidity and concentrated ownership structure). | en_GB |
dc.identifier.citation | Vol. 21, pp. 72 - 77 | en_GB |
dc.identifier.doi | 10.1016/j.frl.2017.01.002 | |
dc.identifier.uri | http://hdl.handle.net/10871/40263 | |
dc.language.iso | en | en_GB |
dc.publisher | Elsevier | en_GB |
dc.rights | © 2017. This version is made available under the CC-BY-NC-ND 4.0 license https://creativecommons.org/licenses/by-nc-nd/4.0/ | en_GB |
dc.subject | Market reaction | en_GB |
dc.subject | Event study | en_GB |
dc.subject | IFRS | en_GB |
dc.subject | Information asymmetry Information quality | en_GB |
dc.title | Investor reaction to IFRS for financial instruments in Europe: The role of firm-specific factors | en_GB |
dc.type | Article | en_GB |
dc.date.available | 2020-01-06T14:31:47Z | |
dc.identifier.issn | 1544-6123 | |
dc.description | This is the author accepted manuscript. The final version is available from the publisher via the DOI in this record | en_GB |
dc.identifier.journal | Finance Research Letters | en_GB |
dc.rights.uri | https://creativecommons.org/licenses/by-nc-nd/4.0/ | en_GB |
dcterms.dateAccepted | 2017-01-09 | |
rioxxterms.version | AM | en_GB |
rioxxterms.licenseref.startdate | 2017-01-10 | |
rioxxterms.type | Journal Article/Review | en_GB |
refterms.dateFCD | 2020-01-06T14:28:17Z | |
refterms.versionFCD | AM | |
refterms.dateFOA | 2020-01-06T14:31:55Z | |
refterms.panel | C | en_GB |
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Except where otherwise noted, this item's licence is described as © 2017. This version is made available under the CC-BY-NC-ND 4.0 license https://creativecommons.org/licenses/by-nc-nd/4.0/