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  • 标题:IFRS Mandatory Adoption Effect on the Information Asymmetry: Immediate or Delayed?
  • 本地全文:下载
  • 作者:Turki, Hela ; Wali, Sonda ; Boujelbene, Younes
  • 期刊名称:Australasian Accounting, Business and Finance Journal
  • 印刷版ISSN:1834-2000
  • 电子版ISSN:1834-2019
  • 出版年度:2017
  • 卷号:11
  • 期号:1
  • 页码:55-77
  • 出版社:University of Wollongong
  • 摘要:The purpose of this paper is to examine the relationship between the mandatory adoption of IFRS/IAS and the information content of earnings in the European Union. More accurately, this study aims to determine if the effect of IFRS adoption on the level of information asymmetry, apprehended by the cost of capital and the financial analysts’ forecasts, is immediate or delayed. Based on a longitudinal study, we find evidence that for the two first years of adoption, international standards reduces significantly the cost of capital and the dispersion of the financial analysts’ forecasts. Furthermore, the magnitude of this effect increases with increasing the number of years after IFRS adoption. The findings further show that the effect of IFRS adoption on financial analysts’ errors is not immediate and that the errors decrease from the third year following the date of the first adoption. Overall, the findings of this study highlight the importance of adopting IFRS in the reduction of information asymmetry.
  • 关键词:IFRS; information asymmetry; cost of capital; financial analysts’ forecasts; immediate or delayed effect
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