Informativeness of stock prices after IFRS adoption in Brazil

被引：8

作者：

Henrique Castro, F. ^{[1
]}

Santana, Veronica ^{[1
]}

机构：

[1] Univ Sao Paulo, Av Prof Luciano Gualberto 908,FEA 3 Bldg, BR-05508010 Sao Paulo, SP, Brazil

来源：

JOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT | 2018年 / 47-48卷

基金：

巴西圣保罗研究基金会;

关键词：

Synchronicity; Volatility; IFRS; Brazil; FINANCIAL-REPORTING STANDARDS; TIME-SERIES; EMERGING MARKETS; UNIT-ROOT; ALLOCATION; SYNCHRONICITY; TRANSPARENCY; WORLD; COST;

D O I：

10.1016/j.mulfin.2018.09.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the effects of the adoption of the International Financial Reporting Standards (IFRS) on prices' informativeness in the Brazilian capital market. Consistent with the hypothesis that IFRS increases the amount and quality of firm-specific information available to the market, we found that after the adoption, prices in the Brazilian stock market are less synchronous and that their firm-level volatility increased relative to total volatility. This means that prices move more according to firm-specific shocks than to market-wide events, indicating that prices became more informative and, thus, more useful for investment decision-making. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：46 / 59

页数：14

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