Does Mandatory IFRS Adoption Affect Crash Risk?
成果类型：
Article
署名作者：
DeFond, Mark L.; Hung, Mingyi; Li, Siqi; Li, Yinghua
署名单位：
University of Southern California; Hong Kong University of Science & Technology; Santa Clara University; Arizona State University; Arizona State University-Tempe
刊物名称：
ACCOUNTING REVIEW
ISSN/ISSBN：
0001-4826
DOI：
10.2308/accr-50859
发表日期：
2015
页码：
265-299
关键词：
摘要：
We test whether mandatory IFRS adoption affects firm-level crash risk, defined as the frequency of extreme negative stock returns. We separately analyze nonfinancial firms and financial firms because IFRS is likely to affect their crash risk differently. We find that IFRS adoption decreases crash risk among nonfinancial firms, especially among firms in poor information environments and in countries where IFRS adoption results in larger and more credible changes to local GAAP. In contrast, IFRS adoption has no effect on crash risk for financial firms, on average, but decreases crash risk among firms less affected by IFRS's fair value provisions, and increases crash risk among banks in countries with weak banking regulations. Overall, our results are consistent with the increased transparency from IFRS adoption broadly reducing crash risk among nonfinancial firms, but more selectively among financial firms, and with financial regulations playing a complementary role in implementing IFRS among financial firms.
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