Mandatory IFRS Adoption and Institutional Investment Decisions

Annita Florou, P. Pope
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引用次数: 267

Abstract

ABSTRACT: We examine whether the mandatory introduction of International Financial Reporting Standards leads to an increase in institutional investor demand for equities. Using a large ownership database covering all types of institutional investors from around the world, we find that institutional holdings increase for mandatory IFRS adopters. Changes in holdings are concentrated around first-time annual reporting events. Second, we document that the positive IFRS effects on institutional holdings are concentrated among investors whose orientation and styles suggest they are most likely to benefit from higher quality financial statements, including active, value, and growth investors. These results are consistent with holdings changes being associated with the financial reporting regime change. Finally, we show that increased institutional holdings are concentrated in countries in which enforcement and reporting incentives are strongest, and where the differences between local GAAP and IFRS are relativel...
强制性采用国际财务报告准则和机构投资决策
摘要:本文研究强制性引入国际财务报告准则是否会导致机构投资者对股票的需求增加。通过使用覆盖全球所有类型机构投资者的大型所有权数据库,我们发现强制性采用国际财务报告准则的机构持有量增加。持股的变化主要集中在首次发布年度报告的事件上。其次,我们证明,国际财务报告准则对机构持股的积极影响集中在那些方向和风格表明他们最有可能从更高质量的财务报表中受益的投资者身上,包括积极投资者、价值投资者和成长型投资者。这些结果与与财务报告制度变更相关的持股变化是一致的。最后,我们表明,增加的机构持股集中在执法和报告激励最强烈的国家,以及当地GAAP和IFRS之间差异相对较大的国家……
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