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Accounting Review


IFRS; IAS 39; convergence; Europe.


  1. Christopher S. Armstrong
  2. Mary E. Barth
  3. Alan D. Jagolinzer
  4. Edward J. Riedl




    This study examines European stock market reactions to 16 events associated
    with the adoption of International Financial Reporting Standards (IFRS) in Europe.
    European IFRS adoption represented a major milestone toward financial reporting
    convergence yet spurred controversy reaching the highest levels of government. We
    find an incrementally positive reaction for firms with lower quality pre-adoption information,
    which is more pronounced for banks, and with higher pre-adoption information
    asymmetry, consistent with investors expecting net information quality benefits from
    IFRS adoption. We find an incrementally negative reaction for firms domiciled in code
    law countries, consistent with investors’ concerns over enforcement of IFRS in those
    countries. Finally, we find a positive reaction to IFRS adoption events for firms with
    high-quality pre-adoption information, consistent with investors expecting net convergence
    benefits from IFRS adoption.


    Vol 85, Nomor 01, Tahun 2010


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