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Mandatory Ifrs Adoption And Changes In Default Prediction Accuracy
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Book Synopsis Mandatory IFRS Adoption and Changes in Default Prediction Accuracy by : Elizabeth F. Gutierrez
Download or read book Mandatory IFRS Adoption and Changes in Default Prediction Accuracy written by Elizabeth F. Gutierrez and published by . This book was released on 2017 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study tests for changes in default prediction accuracy following the country-level switch to International Financial Reporting Standards (IFRS) in 20 European Union (EU) and nonEU jurisdictions. Using a default prediction model that combines both accounting and market inputs, we find that compared to a control group of non-adopters, IFRS adopters do not benefit from the international standards in terms of default prediction accuracy. Further cross-sectional analyses of companies from adopting jurisdictions in the post-adoption period show that voluntary adopters and companies domiciled in jurisdictions with large distances between their local GAAP and IFRS have higher default prediction accuracy. Higher enforcement is associated with higher default prediction accuracy in the EU and with lower default prediction accuracy in non-EU jurisdictions. The results add to the literature on the consequences of IFRS adoption and speak to the performance of default prediction models across jurisdictions, given a change in accounting regulation.
Book Synopsis Mandatory IFRS Adoption and Analyst Forecast Accuracy by : Matthias Demmer
Download or read book Mandatory IFRS Adoption and Analyst Forecast Accuracy written by Matthias Demmer and published by . This book was released on 2018 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines whether the improvement in analyst forecast accuracy around mandatory IFRS adoption is associated with the improvement in the accuracy of financial statement-based forecasts. We find significant out-of-sample improvement in financial statement-based forecast accuracy around mandatory IFRS adoption and significant improvement in analyst forecast accuracy only in countries that made concurrent improvements to financial reporting enforcement. We show that the improvement in analyst forecast accuracy is associated with the improvement in financial statement-based forecast accuracy around IFRS adoption. We also show that analyst forecasts, particularly for firms whose analysts forecast under favorable conditions (i.e., analysts who are less busy with more experience and resources), have a greater association with financial statement-based forecasts after mandatory IFRS adoption in countries with concurrent changes in enforcement. Furthermore, we document that analyst forecasts, particulary for firms whose analysts forecast under unfavorable conditions (i.e., analysts who are busier with less experience and resources), do not fully exploit the predictive ability of financial statements after IFRS adoption for firms in countries without concurrent changes in enforcement. Finally, we find that the analyst underreliance on financial-statement based forecasts is associated with year-ahead stock returns. These results are robust to controlling for disclosure quality and comparability. The findings are important for understanding the impact of mandatory IFRS adoption on the predictive ability of financial statements, and for understanding analysts' use of financial statements around mandatory IFRS adoption.
Book Synopsis Mandatory IFRS Adoption and the Usefulness of Accounting Information in Predicting Future Earnings and Cash Flows by : Siyi Li
Download or read book Mandatory IFRS Adoption and the Usefulness of Accounting Information in Predicting Future Earnings and Cash Flows written by Siyi Li and published by . This book was released on 2017 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether the mandatory adoption of International Financial Reporting Standards (IFRS) has changed the usefulness of accounting information in predicting future earnings and cash flows out-of-sample. Using a sample of firms from European Union countries that mandatorily adopted IFRS in 2005, we find the out-of-sample earnings and cash flows forecasts derived from alternative accounting models become significantly more accurate after IFRS adoption. The accuracy, however, varies with the strength of legal and regulatory enforcement. Firms in strong enforcement countries experience larger improvements in earnings forecast accuracy than firms in weak enforcement countries but the opposite happens for cash flow forecasts. Accruals are useful in the prediction of both earnings and cash flows, but again their usefulness varies with the strength of the legal and regulatory environment. Portfolios of stocks based on the out-of-sample forecasts earn economically significant 12-month ahead hedge returns after IFRS adoption, which corroborates the detected forecast accuracy improvements. Overall, the study contributes to the IFRS literature by providing new evidence that an important dimension of accounting quality, predictive ability, has improved after mandatory IFRS adoption.
Book Synopsis Testing the Transparency Implications of Mandatory IFRS Adoption by : Gauri Bhat
Download or read book Testing the Transparency Implications of Mandatory IFRS Adoption written by Gauri Bhat and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study tests whether IFRS adoption increased accounting transparency based on model-driven hypotheses. Duffie and Lando (2001) show that changes to accounting transparency affect the spread/maturity relation of CDS instruments in very specific ways. Consistent with their model, we find that CDS spreads are lower across maturities following the adoption of IFRS, and the slope and concavity of the CDS spread/maturity relation are higher. These changes did not occur to the spread/maturity relation of a control sample of CDS instruments. Predicted changes apply more intensely to firms with low pre-IFRS transparency. Overall, this study provides strong evidence that IFRS adoption increased accounting transparency.
Book Synopsis Mandatory IFRS Adoption and Financial Statement Comparability by : Francois Brochet
Download or read book Mandatory IFRS Adoption and Financial Statement Comparability written by Francois Brochet and published by . This book was released on 2011 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines whether mandatory adoption of International Financial Reporting Standards (IFRS) leads to capital market benefits through enhanced financial statement comparability. UK domestic standards are considered very similar to IFRS (Bae et al. 2008), suggesting any capital market benefits observed for UK-domiciled firms are more likely attributable to improvements in comparability (i.e., better precision of across-firm information) than to changes in information quality specific to the firm (i.e., core information quality). If IFRS adoption improves financial statement comparability, we predict this should reduce insiders' ability to benefit from private information. Consistent with these expectations, we find that abnormal returns to insider purchases--used to proxy for private information--are reduced following IFRS adoption. Similar results are derived across numerous subsamples and proxies used to isolate IFRS effects attributable to comparability. Together, the findings are consistent with mandatory IFRS adoption improving comparability and thus leading to capital market benefits by reducing insiders' ability to exploit private information.
Book Synopsis Effect of Mandatory IFRS Adoption on Accounting-Based Prediction Models for CDS Spreads by : Pepa Kraft
Download or read book Effect of Mandatory IFRS Adoption on Accounting-Based Prediction Models for CDS Spreads written by Pepa Kraft and published by . This book was released on 2017 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the effects of mandatory IFRS adoption on accounting-based prediction models for CDS spreads for a sample of 357 firms in 16 IFRS-adopting countries. We do this by estimating accounting-based prediction models for CDS spreads separately for financial and non-financial firms before and after mandatory IFRS adoption. We find that mean and median absolute percentage prediction errors are larger for both financial and non-financial firms after mandatory IFRS adoption. We also estimate accounting-based prediction models for CDS spreads separately for financial and non-financial US firms before and after mandatory IFRS adoption to obtain prediction errors serve that as a benchmark. Although US firms also exhibit an increase in mean and median absolute percentage prediction errors over the same period, findings from regressions using a difference-in-difference design indicate that the increase is significantly greater for firms in countries that adopted IFRS mandatorily. We also find that in the post-adoption period, prediction errors are larger for firms in countries with low levels of and decreases in legal and regulatory quality.
Book Synopsis The Impact of Mandatory IFRS Adoption on Investment Efficiency by : Ru Gao
Download or read book The Impact of Mandatory IFRS Adoption on Investment Efficiency written by Ru Gao and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether mandatory adoption of International Financial Reporting Standards (IFRS) is followed by a decline in firms' sub-optimal investments. On average, we find that the probability of under-investment in capital expenditure declines for firms from 23 countries requiring mandatory adoption of IFRS relative to firms from countries that do not have such requirements; meanwhile the probability of over-investment remains unchanged. However, this real effect becomes smaller when we control for the concurrent changes to the enforcement of financial reporting along with the introduction of IFRS in some countries, suggesting that the switch in standards is only one of the drivers for the observed benefits. Moreover, we find that the reduction in sub-optimal investments is driven by firms with high reporting incentives to provide transparent financial reports from countries where the existing legal and enforcement systems are strong. We further show that the real effect increases with the predicted changes in accounting comparability. Further, we find that after mandatory IFRS adoption, capital investment becomes more value-relevant, less sensitive to the availability of free cash flows and more responsive to growth opportunities. Our findings provide new insights into the real effects of mandatory IFRS adoption.
Book Synopsis Accounting Comparability and Economic Outcomes of Mandatory IFRS Adoption by : Michael J. Neel
Download or read book Accounting Comparability and Economic Outcomes of Mandatory IFRS Adoption written by Michael J. Neel and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the accounting mechanisms linking the widespread mandatory adoption of IFRS in 2005 to valuation, liquidity, and analyst outcomes of adoption. I partition adopter firms into treatment groups based on changes in both reporting quality and cross-country accounting comparability around adoption, and study the relative importance of the two financial statement characteristics in explaining the economic effects of adoption. I find that firms with a larger improvement in comparability have better economic outcomes following adoption relative to other adopters. This result holds for tests of firm valuations, liquidity and analyst properties. Moreover, this result holds regardless of how reporting quality changes around adoption. In contrast, improvements in reporting quality around adoption appear to have only a second-order effect that is generally limited to valuation effects for those adopters with concurrent improvements in comparability. These results are robust to alternative design and variable specifications. Finally, I continue to find these results for samples restricted to countries with weaker pre-adoption institutional environments and countries that did not initiate pro-active financial statement reviews, indicating that strong institutions and regulatory improvements are not driving the results.
Book Synopsis Mandatory IFRS Adoption and Institutional Investment Decisions by : Annita Florou
Download or read book Mandatory IFRS Adoption and Institutional Investment Decisions written by Annita Florou and published by . This book was released on 2012 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine whether the mandatory introduction of International Financial Reporting Standards leads to an increase in institutional investor demand for equities. Using a large ownership database covering all types of institutional investors from around the world, we find that institutional holdings increase for mandatory IFRS adopters. Changes in holdings are concentrated around first-time annual reporting events. Second, we document that the positive IFRS effects on institutional holdings are concentrated among investors whose orientation and styles suggest they are most likely to benefit from higher quality financial statements, including active, value and growth investors. This result is consistent with the holdings changes being associated with the financial reporting regime change. Finally, we show that increased institutional holdings are concentrated in countries where enforcement and reporting incentives are strongest, and where the differences between local GAAP and IFRS are relatively high. Overall, our study helps shed new light on the channels by which IFRS information becomes impounded in market outcomes.
Book Synopsis Web, Artificial Intelligence and Network Applications by : Leonard Barolli
Download or read book Web, Artificial Intelligence and Network Applications written by Leonard Barolli and published by Springer Nature. This book was released on 2020-03-30 with total page 1487 pages. Available in PDF, EPUB and Kindle. Book excerpt: This proceedings book presents the latest research findings, and theoretical and practical perspectives on innovative methods and development techniques related to the emerging areas of Web computing, intelligent systems and Internet computing. The Web has become an important source of information, and techniques and methodologies that extract quality information are of paramount importance for many Web and Internet applications. Data mining and knowledge discovery play a key role in many of today's major Web applications, such as e-commerce and computer security. Moreover, Web services provide a new platform for enabling service-oriented systems. The emergence of large-scale distributed computing paradigms, such as cloud computing and mobile computing systems, has opened many opportunities for collaboration services, which are at the core of any information system. Artificial intelligence (AI) is an area of computer science that builds intelligent systems and algorithms that work and react like humans. AI techniques and computational intelligence are powerful tools for learning, adaptation, reasoning and planning, and they have the potential to become enabling technologies for future intelligent networks. Research in the field of intelligent systems, robotics, neuroscience, artificial intelligence and cognitive sciences is vital for the future development and innovation of Web and Internet applications. Chapter "An Event-Driven Multi Agent System for Scalable Traffic Optimization" is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Portfolio Preferences of Foreign Institutional Investors by : Reena Aggarwal
Download or read book Portfolio Preferences of Foreign Institutional Investors written by Reena Aggarwal and published by World Bank Publications. This book was released on 2003 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting in Central and Eastern Europe by : Catalin Albu
Download or read book Accounting in Central and Eastern Europe written by Catalin Albu and published by Emerald Group Publishing. This book was released on 2013-12-05 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries in Central and Eastern Europe (CEE), most of them former components of the communist bloc, have suffered diverse influences over time. Historically, the advent of communism in the 1950s has stopped the economic and political development of these countries. Its fall during the late 1980s and early 1990s triggered severe changes in the economic and social environment, with profound consequences on the countries' accounting and business models. The accounting regulatory process of these countries has mostly been a public one, although some countries also involved private sector and professional bodies. With economic and political reforms these countries are now reforming their accounting systems with for example the adoption of International Accounting Standards/International Financial Reporting Standards (IFRS). Additionally, the CEE countries' political will to join the European Union compelled the regulators to ensure a high level of harmonization with the European Directives. This volume present theoretical and empirical papers that will further our understanding of accounting issues in CEE countries.
Download or read book Mandating IFRS written by Dr. Edward Lee and published by . This book was released on 2008 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Concepts in Action written by and published by BRILL. This book was released on 2017-11-06 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rather than treating concepts and their application in a static and iconic manner,Concepts in Action provides us with examples of the active and creative use of concepts for constructing and generating new knowledge. Examples of theoretic constructions and topics discussed refers to the function of theory in main stream sociology; concepts enabling us to expand the range of interpretations; a critical view and approach to general concepts of culture, nature and consumption; concepts dealing with organization, institutions and actors; and examples of travelling concepts such as class, gender, race and social recognition. Concepts in Action follows on the earlier Theory in Action (2016) as part of a three volume project broadening our understanding of the interplay of theory and methods. The forthcoming third volume will focus on the strategy of constructing and analyzing the object in social science. This volume is highly relevant for researchers and students interested in theoretical construction in the social sciences. Contributors are: Göran Ahrne, Mette Andersson, Harriet Bjerrum Nielsen, Anne Britt Flemmen, Antje Gimmler, Willy Guneriussen, Roar Hagen, Raimund Hasse, Håkon Leiulfsrud, Willy Martinussen, John Scott, Peter Sohlberg, Pål Strandbakken, Richard Swedberg and Erik Olin Wright.
Book Synopsis Managing Climate Risk in the U.S. Financial System by : Leonardo Martinez-Diaz
Download or read book Managing Climate Risk in the U.S. Financial System written by Leonardo Martinez-Diaz and published by U.S. Commodity Futures Trading Commission . This book was released on 2020-09-09 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
Book Synopsis IFRS Essentials by : Dieter Christian
Download or read book IFRS Essentials written by Dieter Christian and published by John Wiley & Sons. This book was released on 2013-03-27 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gain a deeper understanding of financial reporting under IFRS through clear explanations and extensive practical examples. IFRS can be a complex topic, and books on the subject often tackle its intricacies through dense explanation across thousands of pages. Others seek to provide an overview of IFRS and these, while useful for the general reader, lack the depth required by practitioners and students. IFRS Essentials strikes a balance between the two extremes, offering concise interpretation of the crucial facts supported by a wealth of examples. Problems and their solutions are demonstrated in a manner which is short, straightforward and simple to understand, avoiding complex language; jargon and redundant detail. This book is suitable for students and lecturers at universities and other educational institutions, auditing and accounting trainees, and employees in the area of accounting and auditing who seek to develop their practical skills and deepen their knowledge of IFRS.
