International accounting harmonization and global equity markets 1 We thank workshop participants at the 1998 Journal of Accounting and Economics Conference, especially Robert Verrecchia, the discussant, 1997 Stanford Graduate School of Business Summer Camp, University of California at Berkeley, University of Chicago, Duke University, Massey University, and the University of New South Wales, and an anonymous reviewer for helpful comments. Mary Barth appreciates funding from the Financial Research Initiative
作者: Mary E. BarthGreg ClinchToshi Shibano
作者单位: 1Graduate School of Business, Stanford University, Stanford, CA 94305-5015, USA
2Australian Graduate School of Management, University of New South Wales, Sydney, NSW 2052, Australia
3Graduate School of Business, University of Chicago, Chicago, IL 60637-1561, USA
刊名: Journal of Accounting and Economics, 1999, Vol.26 (1), pp.201-235
来源数据库: Elsevier Journal
DOI: 10.1016/S0165-4101(98)00038-X
关键词: Accounting harmonizationInternational financial marketsFinancial reportingSecurities market performance
原始语种摘要: Abstract(#br)We show harmonizing domestic GAAP with foreign GAAP can have deleterious effects on security market performance, specifically price informativeness and trading volume. Harmonization effects result from interaction between two forces. Direct informational effects depend on whether harmonization increases or decreases GAAP precision. Expertise acquisition effects depend on benefits and costs to foreign investors of becoming domestic GAAP experts. These countervailing forces can result in harmonization to more (less) precise GAAP increasing (decreasing) or, unexpectedly, decreasing (increasing) price informativeness and trading volume. We also observe this for a cost of capital metric. Thus, harmonization is not necessarily a desirable singular goal.
全文获取路径: Elsevier  (合作)
影响因子:3.912 (2012)

  • harmonization 协调
  • accounting 会计
  • equity 衡平法
  • trading 贸易
  • especially 特别地
  • GAAP 公认会计原则
  • market 市场
  • global 球状的
  • reporting 申报
  • capital 首都