Articlegreen2012

Investor Perceptions of Potential IFRS Adoption in the United States

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Auditing, Earnings Management, Governance Financial Markets and Investment Strategies Accounting Theory and Financial Reporting

Abstract

ABSTRACT This paper examines the stock market reaction to 15 events relating to IFRS adoption in the United States. The goal is to assess whether investors perceive the switch to IFRS as beneficial or costly. Our findings suggest that investors' reaction to IFRS adoption is more positive in cases where IFRS is expected to lead to convergence benefits. Our results also indicate a less positive market reaction for firms with higher litigation risk, which is consistent with investors' concerns about greater discretion and less implementation guidance under IFRS for these firms. Overall, the findings are relevant to the current debate on IFRS adoption in the U.S. and highlight the importance of convergence to investors. Data Availability: All data are publicly available from the sources indicated in the paper (see Appendices A and B).

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References

2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 1997Industry costs of equity 2003Earnings management and investor protection: an international comparison 2002The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors 1991Disclosure, Liquidity, and the Cost of Capital 1997Disclosure level and the cost of equity capital.2000The effect of international institutional factors on properties of accounting earnings 2008International Accounting Standards and Accounting Quality

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