Ciencia Y Sociedad 01/2008;
Source: DOAJ


Teniendo como marco de referencia los trabajos que se han realizado a partir de las década de los 90 sobre la valoración que el mercado realiza tanto de las reconciliaciones contables de las empresas que cotizan en los mercados norteamericanos, como de la diversidad entre sistemas de información contables anglosajones y continentales, hemos querido arrojar luz en ese mismo sentido sobre la reacción del mercado español ante la introducción de las nuevas Normas Internacionales de Información Financiera (NIIF) en la normativa contable española. Utilizando como metodología modelos de asociación, concluimos que el cambio normativo no afecta significativamente a la valoración que realiza el mercado bursátil de la información contable.

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    ABSTRACT: The relationship between accounting information and capital markets has been the subject of numerous studies, especially in the US. The purpose of this article is to examine the corresponding evidence in Europe. This review classifies the European literature into three groups: studies of the market reaction to newly released accounting information; studies of the long-term association between stock returns and accounting numbers; studies devoted to the use of accounting data by investors and to the impact of market pressure on accounting choices. The paper reviews and summarizes the main results related to each of these topics. It also addresses some methodological issues and provides suggestions for future research.
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    ABSTRACT: This paper examines the value relevance of Local Accounting Standards (LAS) earnings and their voluntarily disclosed reconciliations to the International Accounting Standards (IAS). The empirical evidence is from Finland where, as discussed in our paper, restricted shares (available only to domestic investors) and unrestricted shares (available to both foreign and domestic investors) were listed separately during 1984–1992. The findings suggest that LAS earnings have significant value relevance to both domestic and foreign investors. After controlling for LAS earnings, the aggregate reconciliation of LAS to IAS earnings does not provide significant value relevance to either investor group. Tests of the individual reconciling items suggest that adjustments relating to untaxed reserves and consolidation differences have significant value relevance to both domestic and foreign investors. Overall, our findings indicate little difference between these investor groups with respect to the value relevance of LAS earnings and their reconciliations to IAS.
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    ABSTRACT: This paper investigates the effects of adopting International Accounting Standards (IAS) on financial statements and their value relevance for a sample of Greek firms during 2003-2004. By implementing an innovative research design, we make a comparison between accounting results reported under Greek accounting rules (Greek GAAP) with those under IAS for the same set of years and document how IAS adoption changes key financial measures and the value relevance of financial statement information. Greek accounting system is stakeholder-oriented and usually viewed as a historical cost accounting model that gives emphasis in income smoothing while IAS is shareholder-oriented and generally viewed as fair value accounting model that gives emphasis in balance sheet valuation. According to these realizations, we find that total assets and book value of equity as well as variability of book value and net income are significantly higher under IAS than Greek GAAP. In addition, we find that book value (net income) plays a greater (lesser) valuation role under IAS than under Greek GAAP. Finally, we find that while the IAS adjustments to book value are generally value relevant, the adjustments to net income are generally value irrelevant.
    SSRN Electronic Journal 12/2005; DOI:10.2139/ssrn.1829348
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