Autore:
Palea, Vera Titolo:
Capital Market Effects of the IFRS Adoption 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:
2013 - Volume:
3 - Fascicolo:
9 - Pagina iniziale:
1 - Pagina finale:
30Using 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.
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