Many have argued that financial statements created under an accounting model that measures financial instruments at fair value would not fairly represent a bank's business model. In this study we examine whether financial statements using fair values for financial instruments better describe...

We examine changes in cross-country financial statement comparability around mandatory IFRS adoption and the effects of these changes on firms' information environments, as captured by analyst properties and bid-ask spreads. First, we show that cross-country earnings comovement is negatively...