Autore
Palea, VeraTitolo
Are IFRS Value-Relevant for Separate Financial Statements? Evidence from the Italian Stock MarketPeriodico
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper seriesAnno:
2012 - Volume:
6 - Fascicolo:
11 - Pagina iniziale:
1 - Pagina finale:
32Using a sample of Italian firms, I nvestigate
the value-relevance of separate financial
statements as well as the effects of adopting
IFRS.
I find that separate financial statements provide investors with useful information,
regardless of the accounting standard set
used for their preparation.
I also document significant differences
in value‐relevance between Italian GAAP and
IFRS, with IFRS being more informative than
Italian GAAP.
However,while results are robust for book value, they provide mixed evidence on net
income. Overall, this study contradicts those who claim that separate financial
statements serve taxation purposes only
and provides evidence that adopting IFRS has
increased the value ‐relevance of accounting
data.
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