메뉴 건너뛰기




Volumn 36, Issue 7-8, 2009, Pages 793-821

Disclosure and the cost of capital: Evidence from the market's reaction to firm voluntary adoption of IAS

Author keywords

Bonding; Cost of capital; Disclosure; IAS; IFRS; Investor protection; Signaling

Indexed keywords


EID: 70349503654     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/j.1468-5957.2009.02154.x     Document Type: Article
Times cited : (58)

References (59)
  • 1
    • 0010201673 scopus 로고    scopus 로고
    • Non-US firm's accounting standard choices
    • Ashbaugh, H. (2001 Non-US Firm's Accounting Standard Choices Journal of Accounting and Public Policy, Vol. 20, No. 2 (July), pp. 129 153.
    • (2001) Journal of Accounting and Public Policy , vol.20 , Issue.2 JULY , pp. 129-153
    • Ashbaugh, H.1
  • 2
    • 0035730596 scopus 로고    scopus 로고
    • Domestic accounting standards, international accounting standards, and the predictability of earnings
    • Ashbaugh, H. and M. Pincus (2001 Domestic Accounting Standards, International Accounting Standards, and the Predictability of Earnings Journal of Accounting Research, Vol. 39, No. 3 (December), pp. 417 434.
    • (2001) Journal of Accounting Research , vol.39 , Issue.3 DECEMBER , pp. 417-434
    • Ashbaugh, H.1    Pincus, M.2
  • 3
    • 0042780791 scopus 로고    scopus 로고
    • The effect of international institutional factors on properties of accounting earnings
    • Ball, R., S. P. Kothari and A. Robin (2000 The Effect of International Institutional Factors on Properties of Accounting Earnings Journal of Accounting and Economics, Vol. 29, No. 1 (February), pp. 1 51.
    • (2000) Journal of Accounting and Economics , vol.29 , Issue.1 FEBRUARY , pp. 1-51
    • Ball, R.1    Kothari, S.P.2    Robin, A.3
  • 4
    • 0041790655 scopus 로고    scopus 로고
    • Incentives versus standards: Properties of accounting income in four east asian countries
    • Ball, R., A. Robin and J. S. Wu (2003 Incentives versus Standards: Properties of Accounting Income in Four East Asian Countries Journal of Accounting and Economics, Vol. 36, Nos. 1-3 (December), pp. 235 270.
    • (2003) Journal of Accounting and Economics , vol.36 , Issue.1-3 DECEMBER , pp. 235-270
    • Ball, R.1    Robin, A.2    Wu, J.S.3
  • 5
    • 0030194534 scopus 로고    scopus 로고
    • Detecting abnormal operating performance: The empirical power and specification of test-statistics
    • Barber, B. M. and J. D. Lyon (1996 Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test-Statistics Journal of Financial Economics, Vol. 41, No. 3 (July), pp. 359 399.
    • (1996) Journal of Financial Economics , vol.41 , Issue.3 , pp. 359-399
    • Barber, B.M.1    Lyon, J.D.2
  • 6
    • 42149166975 scopus 로고    scopus 로고
    • International accounting standards and accounting quality
    • Barth, M., W. Landsman and M. Lang (2008 International Accounting Standards and Accounting Quality Journal of Accounting Research, Vol. 46, No. 3 (June), pp. 467 498.
    • (2008) Journal of Accounting Research , vol.46 , Issue.3 , pp. 467-498
    • Barth, M.1    Landsman, W.2    Lang, M.3
  • 8
    • 84974265462 scopus 로고
    • Differential information and security market equilibrium
    • Barry, C. and S. Brown (1985 Differential Information and Security Market Equilibrium Journal of Financial and Quantitative Analysis, Vol. 20, No. 4 (December), pp. 407 422.
    • (1985) Journal of Financial and Quantitative Analysis , vol.20 , Issue.4 DECEMBER , pp. 407-422
    • Barry, C.1    Brown, S.2
  • 10
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure level and the cost of equity capital
    • Botosan, C. (1997 Disclosure Level and the Cost of Equity Capital The Accounting Review, Vol. 72, No. 3 (July), pp. 323 349. (Pubitemid 127173764)
    • (1997) Accounting Review , vol.72 , Issue.3 , pp. 323-349
    • Botosan, C.A.1
  • 11
    • 0036004043 scopus 로고    scopus 로고
    • A re-examination of disclosure level and the expected cost of equity capital
    • Botosan, C. and M. Plumlee (2002 A Re-examination of Disclosure Level and the Expected Cost of Equity Capital Journal of Accounting Research, Vol. 40, No. 1 (March), pp. 21 40.
    • (2002) Journal of Accounting Research , vol.40 , Issue.1 MARCH , pp. 21-40
    • Botosan, C.1    Plumlee, M.2
  • 12
    • 9944235715 scopus 로고    scopus 로고
    • Accounting choice, home bias, and US investment in non-US firms
    • Bradshaw, M. T., B. J. Bushee and G.S. Miller (2004 Accounting Choice, Home Bias, and US Investment in Non-US Firms Journal of Accounting Research, Vol. 42, No. 5 (December), pp. 795 841.
    • (2004) Journal of Accounting Research , vol.42 , Issue.5 DECEMBER , pp. 795-841
    • Bradshaw, M.T.1    Bushee, B.J.2    Miller, G.S.3
  • 13
    • 17544362633 scopus 로고    scopus 로고
    • Economic consequences of sec disclosure regulation: Evidence from the OTC bulletin board
    • Bushee, B. J. and C. Leuz (2005 Economic Consequences of SEC Disclosure Regulation: Evidence from the OTC Bulletin Board Journal of Accounting and Economics, Vol. 39, No. 2 (June), pp. 233 264.
    • (2005) Journal of Accounting and Economics , vol.39 , Issue.2 JUNE , pp. 233-264
    • Bushee, B.J.1    Leuz, C.2
  • 16
    • 0039250386 scopus 로고    scopus 로고
    • Equity premia as low as three percent? evidence from analysts' earnings forecasts for domestic and international stock markets
    • Claus, J. and J. Thomas (2001 Equity Premia as Low as Three Percent? Evidence From Analysts' Earnings Forecasts for Domestic and International Stock Markets The Journal of Finance, Vol. 56, No. 5 (October), pp. 1629 1666.
    • (2001) The Journal of Finance , vol.56 , Issue.5 OCTOBER , pp. 1629-1666
    • Claus, J.1    Thomas, J.2
  • 17
    • 0042261097 scopus 로고    scopus 로고
    • The future as history: The prospect for global convergence in corporate governance and its implications
    • Coffee, J. (1999 The Future as History: The Prospect for Global Convergence in Corporate Governance and its Implications Northwestern University Law Review, Vol. 93, pp. 641 708.
    • (1999) Northwestern University Law Review , vol.93 , pp. 641-708
    • Coffee, J.1
  • 18
    • 0036868524 scopus 로고    scopus 로고
    • Racing towards the top? : tthe impact of cross-listings and stock market competition on international corporate governance
    • Coffee, J. (2002 Racing Towards the Top? : The Impact of Cross-listings and Stock Market Competition on International Corporate Governance Columbia Law Review, Vol. 102, pp. 1757 1831.
    • (2002) Columbia Law Review , vol.102 , pp. 1757-1831
    • Coffee, J.1
  • 19
    • 33646886798 scopus 로고    scopus 로고
    • Economic benefits of adopting IFRS or US-GAAP - Have the expected cost of equity capital really decreased?
    • Daske, H. (2006 Economic Benefits of Adopting IFRS or US-GAAP - Have the Expected Cost of Equity Capital Really Decreased? Journal of Business Finance & Accounting, Vol. 33, Nos. 3 & 4 (April-May), pp. 329 373.
    • (2006) Journal of Business Finance & Accounting , vol.33 , Issue.3-4 APRIL-MAY , pp. 329-373
    • Daske, H.1
  • 20
    • 54249153844 scopus 로고    scopus 로고
    • Mandatory IFRS reporting around the world: Early evidence on the economic consequences
    • Daske, H., L. Hail, C. Leuz and R. Verdi (2008 Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences Journal of Accounting Research, Vol. 46, No. 5 (December), pp. 1085 1142.
    • (2008) Journal of Accounting Research , vol.46 , Issue.5 DECEMBER , pp. 1085-1142
    • Daske, H.1    Hail, L.2    Leuz, C.3    Verdi, R.4
  • 21
    • 33846326558 scopus 로고    scopus 로고
    • Differences between domestic accounting standards and IAS: Measurement, determinants, and implications
    • Ding, Y., O.-K. Hope, T. Jeanjean and H. Stolowy (2007 Differences between Domestic Accounting Standards and IAS: Measurement, Determinants, and Implications Journal of Accounting and Public Policy, Vol. 26, No. 1 (January-February), pp. 1 38.
    • (2007) Journal of Accounting and Public Policy , vol.26 , Issue.1 JUNAURY-FEBRUARY , pp. 1-38
    • Ding, Y.1    Hope, O.-K.2    Jeanjean, T.3    Stolowy, H.4
  • 23
    • 2442704358 scopus 로고    scopus 로고
    • U.S. cross-listings and the private benefits of control: Evidence from dual class firms
    • Doidge, C. (2004 U.S. Cross-listings and the Private Benefits of Control: Evidence from Dual Class Firms Journal of Financial Economics, Vol. 72, No. 3 (June), pp. 519 554.
    • (2004) Journal of Financial Economics , vol.72 , Issue.3 , pp. 519-554
    • Doidge, C.1
  • 24
    • 2442609381 scopus 로고    scopus 로고
    • Information and the cost of capital
    • Easley, D. and M. O'Hara (2004 Information and the Cost of Capital Journal of Finance, Vol. 59, No. 4 (August), pp. 1553 1583.
    • (2004) Journal of Finance , vol.59 , Issue.4 AUGUST , pp. 1553-1583
    • Easley, D.1    O'Hara, M.2
  • 27
    • 0034549667 scopus 로고    scopus 로고
    • Market segmentation and the cost of capital in international equity markets
    • Errunza, V. and D. P. Miller (2000 Market Segmentation and the Cost of Capital in International Equity Markets Journal of Financial and Quantitative Analysis, Vol. 35, No. 4 (December), pp. 577 600.
    • (2000) Journal of Financial and Quantitative Analysis , vol.35 , Issue.4 DECEMBER , pp. 577-600
    • Errunza, V.1    Miller, D.P.2
  • 28
    • 36849062705 scopus 로고    scopus 로고
    • Disclosure interactions and the cost of equity capital: Evidence from the spanish continuous market
    • Espinosa, M. and M. Trombetta (2007 Disclosure Interactions and the Cost of Equity Capital: Evidence from the Spanish Continuous Market 11:58 AM 10/3/2009 Journal of Business Finance & Accounting, Vol 34, Nos. 9 & 10 (November-December), pp. 1371 1392.
    • (2007) Journal of Business Finance & Accounting , vol.34 , Issue.9-10 NOVEMBER-DECEMBER , pp. 1371-1392
    • Espinosa, M.1    Trombetta, M.2
  • 29
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stocks and bonds
    • Fama, E. F. and K. R. French (1992 Common Risk Factors in the Returns on Stocks and Bonds Journal of Financial Economics, Vol. 33, pp. 3 56.
    • (1992) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.F.1    French, K.R.2
  • 30
    • 0002357241 scopus 로고    scopus 로고
    • Effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listings in the US
    • Foerster, S. R. and G. A. Karolyi (1999 Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listings in the US Journal of Finance, Vol. 54, No. 3 (June), pp. 981 1013.
    • (1999) Journal of Finance , vol.54 , Issue.3 , pp. 981-1013
    • Foerster, S.R.1    Karolyi, G.A.2
  • 31
    • 8744235158 scopus 로고    scopus 로고
    • Costs of equity and earnings attributes
    • Francis, J., R. LaFond, P. Olsson and K. Schipper (2004 Costs of Equity and Earnings Attributes The Accounting Review, Vol. 79, No. 4 (October), pp. 967 1010.
    • (2004) The Accounting Review , vol.79 , Issue.4 OCTOBER , pp. 967-1010
    • Francis, J.1    Lafond, R.2    Olsson, P.3    Schipper, K.4
  • 34
    • 27844443159 scopus 로고    scopus 로고
    • Cost of capital, strategic disclosures and accounting choice
    • Gietzmann, M. and J. Ireland (2005 Cost of Capital, Strategic Disclosures and Accounting Choice Journal of Business Finance & Accounting, Vol. 32, Nos. 3 & 4 (April-May), pp. 599 634.
    • (2005) Journal of Business Finance & Accounting , vol.32 , Issue.3-4 APRIL-MAY , pp. 599-634
    • Gietzmann, M.1    Ireland, J.2
  • 35
    • 84984117827 scopus 로고
    • Towards a theory of cultural influence on the development of accounting systems internationally
    • Gray, S. J. (1988 Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally Abacus, Vol. 24, No. 1, pp. 1 15.
    • (1988) Abacus , vol.24 , Issue.1 , pp. 1-15
    • Gray, S.J.1
  • 36
    • 33646356712 scopus 로고    scopus 로고
    • Mandated disclosure, stock returns and the 1964 securities acts amendments
    • Greenstone, M., P. Oyer and A. Vissing-Jorgensen (2006 Mandated Disclosure, Stock Returns and the 1964 Securities Acts Amendments The Quarterly Journal of Economics, No. 2 (May), pp. 399 460.
    • (2006) The Quarterly Journal of Economics , Issue.2 MAY , pp. 399-460
    • Greenstone, M.1    Oyer, P.2    Vissing-Jorgensen, A.3
  • 38
    • 33745302208 scopus 로고    scopus 로고
    • International differences in the cost of equity capital: Do legal institutions and securities regulation matter?
    • Hail, L. and C. Leuz (2006 International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter? Journal of Accounting Research, Vol. 44, No. 3 (June), pp. 485 531.
    • (2006) Journal of Accounting Research , vol.44 , Issue.3 JUNE , pp. 485-531
    • Hail, L.1    Leuz, C.2
  • 39
    • 0000388461 scopus 로고    scopus 로고
    • A stock performance and intermediation changes surrounding sustained increases in disclosure
    • Healy, P. M., A. P. Hutton and K. G. Palepu (1999 A Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure Contemporary Accounting Research, Vol. 16, No. 3 (Fall), pp. 485 520.
    • (1999) Contemporary Accounting Research , vol.16 , Issue.3 FALL , pp. 485-520
    • Healy, P.M.1    Hutton, A.P.2    Palepu, K.G.3
  • 40
    • 0037725009 scopus 로고    scopus 로고
    • Disclosure practices, enforcement of accounting standards, and analysts' forecast accuracy: An international study
    • Hope, O. K. (2003 Disclosure Practices, Enforcement of Accounting Standards, and Analysts' Forecast Accuracy: An International Study Journal of Accounting Research, Vol. 41, No. 2 (May), pp. 235 272.
    • (2003) Journal of Accounting Research , vol.41 , Issue.2 MAY , pp. 235-272
    • Hope, O.K.1
  • 41
    • 0001244527 scopus 로고    scopus 로고
    • Disclosure requirements and stock exchange listing choice in an international context
    • Huddart, S. H., J. S. Hughes and M. Brunnermeier (1999 Disclosure Requirements and Stock Exchange Listing Choice in an International Context Journal of Accounting and Economics, Vol. 26, Nos. 1-3 (January), pp. 237 269.
    • (1999) Journal of Accounting and Economics , vol.26 , Issue.1-3 JANUARY , pp. 237-269
    • Huddart, S.H.1    Hughes, J.S.2    Brunnermeier, M.3
  • 43
    • 0002413201 scopus 로고
    • Truthful disclosure of information
    • Jovanovic, B. (1982 Truthful Disclosure of Information Bell Journal of Economics, Vol. 13, No. 1 (Spring), pp. 36 44.
    • (1982) Bell Journal of Economics , vol.13 , Issue.1 SPRING , pp. 36-44
    • Jovanovic, B.1
  • 44
    • 2442556820 scopus 로고    scopus 로고
    • Disclosure practices of foreign companies interacting with us markets
    • Khanna, T., K. Palepu and S. Srinivasan (2004 Disclosure Practices of Foreign Companies Interacting with US Markets Journal of Accounting Research, Vol. 42, No. 2 (May), pp. 475 508.
    • (2004) Journal of Accounting Research , vol.42 , Issue.2 MAY , pp. 475-508
    • Khanna, T.1    Palepu, K.2    Srinivasan, S.3
  • 45
    • 0031097376 scopus 로고    scopus 로고
    • Measuring long horizon security price performance
    • Kothari, S. P. and J. B. Warner (1997 Measuring Long Horizon Security Price Performance Journal of Financial Economics, Vol. 43, No.3 (March), pp. 301 339.
    • (1997) Journal of Financial Economics , vol.43 , Issue.3 MARCH , pp. 301-339
    • Kothari, S.P.1    Warner, J.B.2
  • 47
    • 0030305317 scopus 로고    scopus 로고
    • Corporate disclosure policy and analyst behavior
    • Lang, M. H. and R. Lundholm (1996 Corporate Disclosure Policy and Analyst Behavior The Accounting Review, Vol. 71, No. 4 (October), pp. 467 492.
    • (1996) The Accounting Review , vol.71 , Issue.4 OCTOBER , pp. 467-492
    • Lang, M.H.1    Lundholm, R.2
  • 48
    • 0038062629 scopus 로고    scopus 로고
    • ADRs, analysts, and accuracy: Does cross-listing in the united states improve a firm's information environment and increase market value?
    • Lang, M. H., K. V. Lins and D. P. Miller (2003 ADRs, Analysts, and Accuracy: Does Cross-listing in the United States Improve a Firm's Information Environment and Increase Market Value? Journal of Accounting Research, Vol. 41, No. 2 (May), pp. 317 345.
    • (2003) Journal of Accounting Research , vol.41 , Issue.2 MAY , pp. 317-345
    • Lang, M.H.1    Lins, K.V.2    Miller, D.P.3
  • 49
    • 0037505903 scopus 로고    scopus 로고
    • IAS versus U.S. GAAP: Information asymmetry-based evidence from Germany's new market
    • Leuz, C. (2003 IAS Versus U.S. GAAP: Information Asymmetry-Based Evidence from Germany's New Market Journal of Accounting Research, Vol.41, No. 3 (June), pp. 445 472.
    • (2003) Journal of Accounting Research , vol.41 , Issue.3 JUNE , pp. 445-472
    • Leuz, C.1
  • 50
    • 0242534354 scopus 로고    scopus 로고
    • The economic consequences of increased disclosure
    • Leuz, C. and Verrecchia (2000 The Economic Consequences of Increased Disclosure Journal of Accounting Research, Vol. 38, No. 3 (Supplement), pp. 91 124.
    • (2000) Journal of Accounting Research , vol.38 , Issue.3 SUPPLMENT , pp. 91-124
    • Leuz, C.1
  • 51
    • 84977707554 scopus 로고
    • A simple model of capital market equilibrium with incomplete information
    • Merton, R. C. (1987 A Simple Model of Capital Market Equilibrium with Incomplete Information Journal of Finance, Vol. 42, No. 3 (July), pp. 483 510.
    • (1987) Journal of Finance , vol.42 , Issue.3 JULY , pp. 483-510
    • Merton, R.C.1
  • 52
    • 0042042166 scopus 로고    scopus 로고
    • The market reaction to international cross-listings: Evidence from depository receipts
    • Miller, D. P. (1999 The Market Reaction to International Cross-listings: Evidence from Depository Receipts Journal of Financial Economics, Vol. 51, No. 1 (January), pp. 103 123.
    • (1999) Journal of Financial Economics , vol.51 , Issue.1 JANUARY , pp. 103-123
    • Miller, D.P.1
  • 54
    • 0031539124 scopus 로고    scopus 로고
    • Conditional methods in event studies and an equilibrium justification for standard event-study procedures
    • Prabhala, N. R. (1997 Conditional Methods in Event Studies and an Equilibrium Justification for Standard Event-Study Procedures The Review of Financial Studies, Vol. 10, No. 1, pp. 1 38.
    • (1997) The Review of Financial Studies , vol.10 , Issue.1 , pp. 1-38
    • Prabhala, N.R.1
  • 55
    • 0036788673 scopus 로고    scopus 로고
    • Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings
    • Reese, W. A. J. and M. S. Weisbach (2002 Protection of Minority Shareholder Interests, Cross-listings in the United States, and Subsequent Equity Offerings Journal of Financial Economics, Vol. 66, No. 1 (October), pp. 65 104.
    • (2002) Journal of Financial Economics , vol.66 , Issue.1 OCTOBER , pp. 65-104
    • Reese, W.A.J.1    Weisbach, M.S.2
  • 56
    • 67049099597 scopus 로고    scopus 로고
    • Are there valuation gains to overseas listings?
    • Sarkissian, S. and M. J. Schill (2009 Are there Valuation Gains to Overseas Listings? The Review of Financial Studies, Vol. 22, No. 1, pp. 371 412.
    • (2009) The Review of Financial Studies , vol.22 , Issue.1 , pp. 371-412
    • Sarkissian, S.1    Schill, M.J.2
  • 57
    • 0001906819 scopus 로고    scopus 로고
    • Globalization, corporate finance, and the cost of capital
    • Stulz, R. M. (1999 Globalization, Corporate Finance, and the Cost of Capital Journal of Applied Corporate Finance, Vol. 12, No. 3, pp. 8 25.
    • (1999) Journal of Applied Corporate Finance , vol.12 , Issue.3 , pp. 8-25
    • Stulz, R.M.1
  • 59
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White, H. (1980 A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity Econometrica, pp. 817 838.
    • (1980) Econometrica , pp. 817-838
    • White, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.