作者：Callen, Jeffrey L.; Khan, Mozaffar; Lu, Hai
作者单位：University of Toronto; University of Minnesota System; University of Minnesota Twin Cities
摘要：In frictionless capital markets with complete information and rational investors, stock prices adjust to new information instantaneously and completely. However, a substantial body of research studies information imperfections such as asymmetric information and incomplete information. Information imperfections potentially hinder timely price discovery and are likely associated with delayed stock price adjustment to information. Our first research question therefore is whether the quality of ac...
作者：Horton, Joanne; Serafeim, George; Serafeim, Ioanna
作者单位：University of Exeter; Harvard University
摘要：More than 120 countries require or permit the use of International Financial Reporting Standards (IFRS) by publicly listed companies on the basis of higher information quality and accounting comparability from IFRS application. However, the empirical evidence about these presumed benefits is often conflicting and fails to distinguish between information quality and comparability. In this paper we examine the effect of mandatory IFRS adoption on firms' information environment. We find that afte...
