Autore
Palea, Vera

Titolo
Capital Market Effects of the IFRS Adoption for Separate Financial Statements: Evidence from the Italian Stock Market
Periodico
Università degli studi di Torino. Dip. Di Economia e Statistica Cognetti de Martiis. Working paper series
Anno: 2013 - Volume: 3 - Fascicolo: 9 - Pagina iniziale: 1 - Pagina finale: 30

Using a sample of Italian firms, I investigate whet her separate financial statements are useful to capital market investors and IFRS are more value-relevant than domestic GAAP. I find 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. I also investigate the value-relevance of separate financial statements under IFRS relative to consolidate financial statements and I find that the former are more value-relevant than the latter. Overall, this study provides evidence supporting the choice of adopting IFRS for separate financial statements.



Testo completo: http://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2013dip/wp_9_2013.pdf

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