A stock market liberalization is a decision by a country's government to allow foreigners to buy securities in that country's capital market. This study examines how the liberalization of the Korean stock market affected stock price behavior and changed the role accounting information for...

We examine whether cross-country differences in earnings-to-price multiples have changed between 1987-1992 versus 1994-1999. Our results suggest that earnings multiples became more similar over this time period for the jurisdictions we analyze, although systematic differences remain. Economic...

This study documents a subtle and counter-intuitive interaction between operating cash flow (CFO) and accruals, and their association with future stock returns. While the two strategies should by construction capture similar anomalies, we find evidence in two large stock markets that they appear...

We examine the relation between international diversification and three measures of performance - share price, operating accounting income, and operating cash flows. As predicted, we find that foreign assets of U.S. firms are positively associated with price, implying that investors recognize...

This paper investigates whether there is market reaction to and value-relevance of information contained in the mandatory transitional documents required by IFRS 1 (2005). These documents detail the reconciliation adjustments necessary to a firm's previously reported UK GAAP accounts to achieve...

This study examines whether application of IFRS by non-US firms results in accounting amounts comparable to those resulting from application of US GAAP by US firms. IFRS firms have greater accounting system and value relevance comparability with US firms when IFRS firms apply IFRS than when they...

The adoption of international accounting standards, namely the IFRS, at the country level has sparked two contrasting, but not mutually exclusive, viewpoints. One view is that IFRS engenders better reporting standards and uniform adoption allows for greater comparability. The upshot is that IFRS...

We analyze the disclosure practices of companies as a function of their interaction with the U.S. markets for a group of 794 firms from 24 countries in Asia-Pacific and Europe. Our analysis uses the Transparency and Disclosure scores developed recently by Standard amp; Poor's. These scores rate...

We investigate the comparability of accounting earnings for 14 EU countries in the period 1990-2005. Although prior studies have documented international differences in financial reporting properties, there is hardly any large-scale international evidence on the underlying fundamentals driving...

This study investigates whether IFRS (International Financial Reporting Standards) improves the usefulness of accounting information in a chosen code-law country (i.e. Finland) that has a strong system of legal enforcement and high quality domestic accounting standards. Empirical analyses based...