Advocates of mandatory IFRS adoption claim that IFRS increases financial statement comparability and enhances the quality of financial disclosure, which in turn leads to more liquid markets. Using first-time disclosure (IFRS restatements), this study tests empirically this assertion by examining...

In this study, we suggest that the level of information opaqueness determines the propensity of publicly listed firms to have debt financing from only a few debt types (i.e., debt specialization). Using accruals quality as a proxy for information opaqueness, we find that the degree of debt...