Stock market synchronicity - an alternative approach to assessing the information impact of Australian IFRS

Accounting and Finance

Volumn 52, Issue 1, 2012, Pages 187-212

  Bissessur, Sanjay ^a   Hodgson, Allan ^b  

^a UNIVERSITY OF AMSTERDAM   (Netherlands)

^b UNIVERSITY OF QUEENSLAND   (Australia)

Author keywords

Comparable accounting information; G12; G14; IFRS information flow; M41; Market synchronicity

Indexed keywords

EID: 84855958702     PISSN: 08105391     EISSN: 1467629X     Source Type: Journal    
DOI: 10.1111/j.1467-629X.2010.00388.x     Document Type: Article

References (45)

1. Ashbaugh, H., and M. Pincus, 2001, Domestic accounting standards, international accounting standards, and the predictability of earnings, Journal of Accounting Research 39, 417-434.
2. Barth, M. E., 2006, Including estimates of the future in today's financial statements, Accounting Horizons 20, 271-285.
3. Barth, M. E., W. R. Landsman, and M. H. Lang, 2008, International accounting standards and accounting quality, Journal of Accounting Research 46, 467-498.
4. Beuselinck, C., P. Joos, I. K. Khurana, and S. Van der Meulen, 2009, Mandatory IFRS reporting and stock price informativeness, Available at SSRN:.
5. Bushman, R. M., and J. D. Piotroski, 2006, Financial reporting incentives for conservative accounting: the influence of legal and political institutions, Journal of Accounting and Economics 42, 107-148.
6. Christensen, H. B., E. Lee, and M. Walker, 2007, Cross-sectional variation in the economic consequences of international accounting harmonization: the case of mandatory IFRS adoption in the UK, The International Journal of Accounting 42, 341-379.
7. Clarkson, P. J., G. D. Douglas Hanna, G. D. Richardson, and R. W. Thompson, 2010, The impact of IFRS adoption on the value relevance of book value and earnings, Available at SSRN:.
8. Collett, P. H., J. M. Godfrey, and S. L. Hrasky, 2001, International harmonization: cautions from the Australian experience, Accounting Horizons 15, 171-182.
9. Commonwealth of Australia, 2002, Corporate Law and Economic Reform Program: Proposals for Reform, Paper No. 9, Corporate Disclosure-Strengthening the Financial Reporting Framework, AGPA, September 2002.
10. Dasgupta S., J. Gan, and N. Gao, 2010, Transparency, stock return synchronicity, and the informativeness of stock prices: Theory and evidence, Journal of Financial and Quantitative Analysis FirstView article, doi:. Published online by Cambridge University Press 20 Aug 2010.
11. 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 33, 329-373.
12. Daske, H., and G. Gebhardt, 2006, International financial reporting standards and experts' perceptions of disclosure quality, Abacus 42, 461-498.
13. 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 46, 1085-1142.
14. Ding, Y., T. Jeanjean, and H. Stolowy, 2009, Observations on measuring the differences between domestic accounting standards and IAS: a reply, Journal of Accounting and Public Policy 28, 154-161.
15. Durnev, A., R. Morck, B. Yeung, and P. Zarowin, 2003, Does greater firm-specific return variation mean more or less informed stock pricing?, Journal of Accounting Research 41, 797-836.
16. Dye, R. A., and S. S. Sridhar, 2004, Reliability-relevance trade-offs and the efficiency of aggregation, Journal of Accounting Research 42, 51-88.
17. Financial Accounting Standards Board (FASB), 1978, Objectives of Financial Reporting by Business Enterprises, Statement of Financial Accounting Concepts No. 1, FASB, Norwalk, CT.
18. Financial Accounting Standards Board (FASB), 2000, Using Cash Flow Information and Present Value in Accounting Measurements, Statement of Financial Accounting Concepts No. 7, FASB, Norwalk, CT.
19. Francis, J., and K. Schipper, 1999, Have financial statements lost their relevance?, Journal of Accounting Research 37, 319-352.
20. Gleason, C. A., and C. M. Lee, 2003, Analyst forecast revisions and market price discovery, The Accounting Review 78, 193-225.
21. Hitz, J. M., 2007, The decision usefulness of fair value accounting - a theoretical perspective, European Accounting Review 16, 323-362.
22. Hodgdon, C., R. H. Tondkarb, D. Harless, and A. Adhikaric, 2008, Compliance with IFRS disclosure requirements and individual analysts' forecast errors, Journal of International Accounting, Auditing and Taxation 17, 1-13.
23. Horton, J., G. Serafeim, and I. Serafeim, 2008, Does mandatory IFRS adoption improve the information environment?, Available at SSRN :.
24. Hung, M., and K. R. Subramanyam, 2007, Financial statement effects of adopting international accounting standards: the case of Germany, Review of Accounting Studies 12, 623-657.
25. 2, and crash risk, Journal of Financial Economics 94, 67-86.
26. International Accounting Standards Committee Board (IASCB), 1989, Framework for the Preparation and Presentation of Financial Statements, IASCB, London, UK.
27. Jeanjean, T., and H. Stolowy, 2008, Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption. Journal of Accounting and Public Policy 27, 480-494.
28. 2 around the world: new theory and new tests, Journal of Financial Economics 79, 257-292.
29. Jones, S., and P. Wolnizer, 2003, Harmonization and the conceptual framework: an international perspective, Abacus 39, 375-387.
30. Kent, P., and J. Stewart, 2008, Corporate governance and disclosures on the transition to international financial reporting standards, Accounting and Finance 48, 649-671.
31. Lang, M., and R. J. Lundholm, 1996, Corporate disclosure policy and analyst behavior, The Accounting Review 71, 467-492.
32. Laux, C., and C. Leuz, 2009, The crisis of fair-value accounting: making sense of the recent debate, Accounting Organizations and Society 34, 826-834.
33. Leuz, C., 2003, IAS versus US GAAP: Information asymmetry-based evidence from Germany's new market, Journal of Accounting Research 41, 445-472.
34. Leuz, C., and R. E. Verrecchia, 2000, The economic consequences of increased disclosure, Journal of Accounting Research 38, 91-124.
35. Matolcsy, Z., and A. Wyatt, 2006, Capitalized intangibles and financial analysts, Accounting and Finance 46, 457-479.
36. Morck, R., B. Yeung, and W. Yu, 2000, The information content of stock markets: why do emerging markets have synchronous stock price movements?, Journal of Financial Economics 58, 215-260.
37. Piotroski, J., and D. Roulstone, 2004, The influence of analysts, institutional investors, and insiders on the incorporation of market, industry, and firm-specific information into stock prices, The Accounting Review 79, 1119-1151.
38. Plantin, G., H. Sapra, and H. S. Shin, 2008, Marking-to-market: Panacea or Pandora's box? Journal of Accounting Research 46, 435-460.
39. Ritter, A., and P. Wells, 2006, Identifiable intangible asset disclosures, stock prices and future earnings, Accounting and Finance 46, 843-863.
40. 2, Journal of Finance 43, 541-566.
41. Schipper, K., 2005, The introduction of IAS in Europe: implications for international convergence, European Accounting Review 14, 101-126.
42. Soderstrom, N. S., and K. J. Sun, 2007, IFRS adoption and accounting quality: a review, European Accounting Review 16, 675-702.
43. Van der Meulen, S., A. Gaeremynck, and M. Willekens, 2007, Attribute differences between U.S. GAAP and IFRS earnings: an exploratory study, The International Journal of Accounting 42, 123-142.
44. Whittington, G., 2008, Fair value and the IASB/FASB conceptual framework project: an alternative view, Abacus 44, 139-168.
45. Wilson, M. 2010, Australian analyst earnings forecasts: Issues for empirical researchers. Working paper (Research School of Business, Australian National University).