Proponents of International Financial Reporting Standards (IFRS) claimed that the adoption of IFRS would lead to more efficient capital allocation through greater cross-border investment. This study examines whether the adoption of IFRS is associated with an increase in the level of investment...

This study draws on the investor protection literature to examine differences in a country's information environment that are likely to explain cross country variation in the extent to which macroeconomic forecasters take account of current earnings when forecasting future growth in GDP. Using a...

We investigate stock returns, earnings growth, interest rates and the relative valuation of US equities following the 22 major bear market bottoms from 1881-2011. We find that large, sustainable bull market returns are associated with market bottoms where stocks' earnings yield expands...