Technical Report IFRS任意適用の公表に対する株式市場の反応 : 企業間の差異を中心に

金, 鐘勲

2016-08 , Graduate School of Commerce and Management Center for Japanese Business Sutdies, Hitotsubashi University
『年報 経営ディスクロージャー研究』第16号に掲載予定のため、論文データ(PDF)を取り下げ。[2017/1/18]
Withdrawn due to publication in 『年報 経営ディスクロージャー研究』 Vol.16. [Jan. 18, 2017]
Using event study method, this paper investigates how stock market reacts to the announcement of voluntary adoption of IFRS and whether there exists cross-sectional heterogeneity in the market’s reaction in Japanese firms. First, I find that on average the reaction of the stock market to the announcement of voluntary adoption of IFRS is statistically insignificant for the Japanese firms. Second, I find heterogeneous stock market reaction according to firm characteristics. Specifically, the stock market reacts negatively for the firms that convert from US GAAP to IFRS, negatively when firms have large goodwill, and positively when firm size is large.

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