Abstract The aim of this study is to test whether financial risk disclosures required by IFRS 7 and Pillar 3 are value relevant for investors to support them in their investment decisions. The sample in the study consists of banks listed on the London, Paris, Frankfurt, Madrid, and Milan Stock Exchanges over an 8-year period, from 2007 to 2014. Based on the aforementioned standards, we built financial risk disclosure indexes and distinguished different risk categories, qualitative and quantitative, as well as credit, liquidity, and market risk. Our analyses confirm that there is a positive association between bank value and several categories of established risk disclosures. Furthermore, it suggests that disclosure adds value to more traditional risk value measures. Besides, our results suggest that investors pay attention to the strength of the bank authority when using risk disclosures.

中文翻译：

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风险披露的价值相关性：银行业分析

摘要这项研究的目的是检验IFRS 7和Pillar 3要求的金融风险披露是否对投资者具有重要价值，以支持他们进行投资决策。该研究的样本由在2007年至2014年的8年期间在伦敦，巴黎，法兰克福，马德里和米兰证券交易所上市的银行组成。基于上述标准，我们建立了金融风险披露指标并区分了不同的风险类别，定性和定量以及信用，流动性和市场风险。我们的分析证实，银行价值与几类已建立的风险披露之间存在正相关关系。此外，它表明披露可以为更多传统的风险价值衡量方法增加价值。除了，