题 目：IFRS Reporting, Firm-specific Information Flows, and Institutional Environments: International Evidence
演讲者：Jeong-Bon Kim, Chair Professor of Accountancy, the Department of Accountancy, City University of Hong Kong
时 间：2011年10月28日（星期五）15:00-16:30
地 点：嘉庚二号楼501
论文简介：
This study investigates whether and how a firm’s voluntary adoption of International Financial Reporting Standards (IFRS) influences the extent to which firm-specific information is capitalized into stock prices measured by the inverse of stock price synchronicity. We also study the role of analyst following and institutional environments in determining the relation between IFRS reporting and synchronicity. Using firm-level data from 34 countries, we find that synchronicity is significantly lower for IFRS adopters than for non-adopters across all regression specifications, and that for IFRS adopters, it decreases from the pre-adoption period to the post-adoption period. This finding supports the view that voluntary IFRS adoption facilitates the incorporation of firm-specific information into stock prices. We also find that the synchronicity-reducing effect of IFRS adoption is attenuated (accentuated) for firms with high (low) analyst following, and is stronger (weaker) for firms in countries with poor (good) institutional environments. The above results are robust to a variety of sensitivity checks.
演讲者简介：
Professor Jeong-Bon Kim is currently Chair Professor of Accountancy with concurrent appointment as Head of the Department of Accountancy. He got his BBA and MBA from Seoul National University and his PhD. in Business Admin. from Temple University. His research interests include Accounting Disclosures and Corporate Governance, Earnings Management and External Monitoring, Auditor Choice, Audit Opinions, Audit Effectiveness, Disclosure Quality, Information Asymmetry and Ownership Structure.
