Template-type: ReDIF-Paper 1.0
Author-Name: Palea Vera 
Author-Email: vera.palea@unito.it
Author-Workplace-Name: University of Turin
Author-Workplace-Homepage: http://www.est.unito.it/
Title:Capital Market Effects of the IFRS Adoption for Separate Financial Statements: Evidence from the Italian Stock Market
Abstract: 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.
Length: 30 pages
Creation-Date: 2013-03
File-URL: http://www.est.unito.it/do/home.pl/Download?doc=/allegati/wp2013dip/wp_9_2013.pdf
File-Format: Application/PDF
Handle: RePEc:uto:dipeco:201309