This study compares the pricing of credit risk information conveyed by accounting numbers under IFRS relative to local … GAAP. We measure the price of credit risk by CDS spreads and focus on three fundamental accounting metrics that inform … about credit risk: earnings, leverage and book value equity. Using a difference in differences methodology, we find that …

This study tests whether IFRS adoption increased accounting transparency based on model-driven hypotheses. Duffie and … Lando (2001) show that changes to accounting transparency affect the spread/maturity relation of CDS instruments in very …. Overall, this study provides strong evidence that IFRS adoption increased accounting transparency …

This study tests whether IFRS adoption increased accounting transparency based on model-driven hypotheses. Duffie and … Lando (2001) show that changes to accounting transparency affect the spread/maturity relation of CDS instruments in very …. Overall, this study provides strong evidence that IFRS adoption increased accounting transparency …

quality of accounting information (or “accounting quality”) is one such information imperfection that is associated with cross …-sectional variation in stock price delay. We define accounting quality as the precision with which financial reports convey information to … equity investors about the firm's expected cash flows. Poor accounting quality is likely associated with higher expected …

We test the hypotheses that (i) poor accounting quality is associated with delayed stock price adjustment to … information, and (ii) the accounting quality component of price delay predicts stock returns. We define accounting quality as the … results suggest poor accounting quality is associated with less timely price adjustment and higher future stock returns …

This paper provides a selective survey of Ohlson and Vuolteenaho-type accounting valuation models. The focus is on the …

This study extends the accounting-based valuation framework of Ohlson (1995) and Feltham and Ohlson (1999) to … also generates costs of capital that are solely a linear function of accounting variables and other firm fundamentals … (expected return) computations by the accounting and finance literatures and obviates the need to estimate costs of capital from …

This study extends the accounting-based valuation framework of Ohlson (1995) and Feltham and Ohlson (1999) to … also generates costs of capital that are solely a linear function of accounting variables and other firm fundamentals … (expected return) computations by the accounting and finance literatures and obviates the need to estimate costs of capital from …