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Assessing the Value Relevance of Accounting Data After the Introduction of IFRS in EuropeAlain DevalleUniversity of Turin - Department of Business Administration Riccardo MagariniUniversity of Turin - Department of Business Administration Enrico OnaliUniversity of Wales System - Bangor University, Bangor Business School October 30, 2009 Journal of International Financial Management & Accounting, Forthcoming Abstract: Since 2005 European listed companies have been required to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). We examine whether value relevance increased following the introduction of IFRS, using a sample of 3,721 companies listed on five European stock exchanges: Frankfurt, Madrid, Paris, London and Milan. We find mixed evidence of an increase in value relevance. However, the influence of earnings on share price increased following the introduction of IFRS in Germany, France and the UK, while the influence of book value of equity decreased (except for the UK).
Keywords: value relevance, European stock markets, accounting quality, IFRS JEL Classification: M41, G15 Accepted Paper SeriesDate posted: December 8, 2009 ; Last revised: January 24, 2010Suggested CitationContact Information
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