Template-type: ReDIF-Paper 1.0
Author-Name: Vera Palea
Author-Email: palea.vera@unito.it
Author-Workplace-Name: University of Turin
Author-Workplace-Homepage: http://www.est.unito.it/
Title: Are IFRS Value-Relevant for Separate Financial Statements? Evidence from the Italian Stock Market
Abstract: Using 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.
Length: 32 pages
Creation-Date: 2012-06
File-URL: http://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2012dip/11_wp_palea.pdf
File-Format: Application/PDF
Handle: RePEc:uto:dipeco:201211