财务与会计学术论坛第七十期

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题目: International Financial Reporting Standards, Analyst Following, Institutional Infrastructure, and Stock Price Synchronicity around the World 演讲者:Jeong-Bon Kim, Professor, School of Accounting and Finance, The Hong Kong Polytechnic University 时间: 2008年4月25日(星期五)3:00—4:30 PM 地点: 嘉庚二513 参加者: 对财务研究有兴趣的广大师生 主持人: 孙谦老师 论文摘要: In this paper, we investigate whether the voluntary adoption of International Financial Reporting Standards (IFRS) improves information environment, measured by stock price synchronicity or the extent to which firm-specific information is impounded into stock prices. We also study the role of analyst following and institutional infrastructure in determining the relation between IFRS adoption and stock price synchronicity. Our results reveal the following: IFRS adoption encourages the incorporation of firm-specific information into stock prices, which in turn leads to a decrease in stock price synchronicity. This synchronicity-reducing effect of IFRS adoption is attenuated for firms with high analyst following. Moreover, IFRS adoption encourages the incorporation of firm-specific information into stock prices to a greater (lesser) extent in countries with poor (good) institutional infrastructures where publicly available, firm-specific information such as accounting disclosures is of low (high) quality. 论文作者简介: Prof. Kim Jeong-Bon got his BBA and MBA from Seoul National University and his PhD. in Business Admin. from Temple University. He is Associate Dean (Postgraduate Programmes & Research) of Faculty of Business in the Hong Kong Polytechnic University. His research interests include Accounting Disclosures and Corporate Governance, Earnings Management and External Monitoring, Auditor Choice, Audit Opinions, Audit Effectiveness, Disclosure Quality, Information Asymmetry and Ownership Structure.