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Economic Benefits of Adopting IFRS or US‐GAAP – Have the Expected Cost of Equity Capital Really Decreased?
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Economic Benefits of Adopting IFRS or US‐GAAP – Have the Expected Cost of Equity Capital Really Decreased? (2006)Economic Benefits of Adopting IFRS or US‐…Accounting Information, Disclosure, and the Cost of Capital (2007)Accounting Information, Discl…Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2006)Estimating Standard Errors in…The Capital Asset Pricing Model: Theory and Evidence (2004)The Capital Asset Pricing Mod…Information and the Cost of Capital (2004)Information and the Cost of C…Costs of Equity and Earnings Attributes (2004)Costs of Equity and Earnings …Incentives versus standards: properties of accounting income in four East Asian countries (2003)Incentives versus standards: …Essays on disclosure (2001)Essays on disclosureThe Economic Consequences of Increased Disclosure (2000)The Economic Consequences of …The Economic Consequences of Increased Disclosure (1999)The Economic Consequences of …Industry costs of equity (1997)Industry costs of equityDisclosure level and the cost of equity capital. (1997)Disclosure level and the cost…Corporate Disclosure Policy and Analyst Behavior. (1996)Corporate Disclosure Policy a…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Disclosure, Liquidity, and the Cost of Capital (1991)Disclosure, Liquidity, and th…Modern Portfolio Theory and Investment Analysis. (1982)Modern Portfolio Theory and I…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The impact of IFRS on accounting quality: Evidence from Greece (2013)The impact of IFRS on account…A Meta-analysis of IFRS Adoption Effects (2013)A Meta-analysis of IFRS Adopt…Adopting a Label: Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions (2012)Adopting a Label: Heterogenei…The Impact of Corporate Governance on IFRS Adoption Choices (2011)The Impact of Corporate Gover…The European IFRS experiment: objectives, research challenges and some early evidence (2011)The European IFRS experiment:…International Financial Reporting Standards: what are the benefits? (2011)International Financial Repor…Do earnings reported under IFRS tell us more about future earnings and cash flows? (2010)Do earnings reported under IF…Cooking the books: Recipes and costs of falsified financial statements in China (2010)Cooking the books: Recipes an…The Development of Accounting Quality of IAS and IFRS over Time: The Case of Germany (2009)The Development of Accounting…Multiple large shareholders, control contests, and implied cost of equity (2008)Multiple large shareholders, …Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital? (2008)Does Mandatory Adoption of In…Corporate disclosure, cost of capital and reputation: Evidence from finance directors (2008)Corporate disclosure, cost of…Effect of Analysts' Optimism on Estimates of the Expected Rate of Return Implied by Earnings Forecasts (2007)Effect of Analysts' Optimism …Cross-sectional variation in the economic consequences of international accounting harmonization: The case of mandatory IFRS adoption in the UK (2007)Cross-sectional variation in …Adopting a Label: Heterogeneity in the Economic Consequences of IFRS Adoptions * (2007)Adopting a Label: Heterogenei…Applying IFRS in Germany: Determinants and Consequences (2006)Applying IFRS in Germany: Det…Coefficient Alpha and the Internal Structure of Tests (1951)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The economic implications of corporate financial reporting (2005)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Common risk factors in the returns on stocks and bonds (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)Measuring Mutual Fund Performance with Characteristic‐Based Benchmarks (1997)Conditional Skewness in Asset Pricing Tests (2000)Specification Tests in Econometrics (1978)Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures (1993)Why Firms Voluntarily Disclose Bad News (1994)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)On Persistence in Mutual Fund Performance (1997)Econometric Analysis of Cross Section and Panel Data (2001)More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)Common Errors: How to (and Not to) Control for Unobserved Heterogeneity (2012)Corporate Immunity to the COVID-19 Pandemic (2020)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Illiquidity and stock returns: cross-section and time-series effects (2002)Legal Determinants of External Finance (1997)How does financial reporting quality relate to investment efficiency? (2009)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)Continuous Auctions and Insider Trading (1985)Information Uncertainty and Stock Returns (2006)Liquidity and Asset Prices (2006)High idiosyncratic volatility and low returns: International and further U.S. evidence (2008)The Sharpe Ratio (1994)An Introduction to Econophysics: Correlations and Complexity in Finance (2000)Betting against beta (2013)
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References

  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1997Industry costs of equity5,793 cited
  • 1991Disclosure, Liquidity, and the Cost of Capital3,828 cited
  • 1997Disclosure level and the cost of equity capital.3,577 cited
  • 2004Information and the Cost of Capital3,057 cited
  • 1982Modern Portfolio Theory and Investment Analysis.3,012 cited
  • 1996Corporate Disclosure Policy and Analyst Behavior.2,743 cited
  • 2007Accounting Information, Disclosure, and the Cost of Capital2,582 cited
  • 2006Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches2,559 cited
  • 2001Essays on disclosure2,478 cited
  • 2004Costs of Equity and Earnings Attributes2,387 cited
  • 2000The Economic Consequences of Increased Disclosure2,369 cited
  • 1999The Economic Consequences of Increased Disclosure2,101 cited
  • 2003Incentives versus standards: properties of accounting income in four East Asian countries2,078 cited
  • 2004The Capital Asset Pricing Model: Theory and Evidence

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  • 2008Multiple large shareholders, control contests, and implied cost of equity362 cited
  • 2009The Development of Accounting Quality of IAS and IFRS over Time: The Case of Germany313 cited
  • 2007Effect of Analysts' Optimism on Estimates of the Expected Rate of Return Implied by Earnings Forecasts282 cited
  • 2011The European IFRS experiment: objectives, research challenges and some early evidence236 cited
  • 2007Cross-sectional variation in the economic consequences of international accounting harmonization: The case of mandatory IFRS adoption in the UK231 cited
  • 2013A Meta-analysis of IFRS Adoption Effects228 cited
  • 2012Adopting a Label: Heterogeneity in the Economic Consequences Around IAS/IFRS Adoptions225 cited
  • 2010Cooking the books: Recipes and costs of falsified financial statements in China221 cited
  • 2006Applying IFRS in Germany: Determinants and Consequences216 cited
  • 2011International Financial Reporting Standards: what are the benefits?211 cited
  • 2007Adopting a Label: Heterogeneity in the Economic Consequences of IFRS Adoptions *209 cited
  • 2010Do earnings reported under IFRS tell us more about future earnings and cash flows?188 cited
  • 2008Does Mandatory Adoption of International Financial Reporting Standards in the European Union Reduce the Cost of Equity Capital?175 cited
  • 2008Corporate disclosure, cost of capital and reputation: Evidence from finance directors168 cited
  • 2011The Impact of Corporate Governance on IFRS Adoption Choices161 cited
  • 2013The impact of IFRS on accounting quality: Evidence from Greece151 cited