ABSTRACT

Recent accounting and financial researches suggest that the IFRS adoption leads to high-quality financial information characterized by their honesty. The purpose of this paper is to analyse the impact of IAS/IFRS adoption on key aspects of investment decision-making in emerging stock markets. The paper uses a state-space model combined with a standard GARCH specification and a multidimensional panel data model. The results of our empirical investigation show that the IFRS adoption contributed to improving development and performance of emerging markets. It leads to considerable development, reduced volatility, and prompt convergence towards information efficiency.

摘要

最近的会计和财务研究表明，采用IFRS可以带来以诚实为特征的高质量财务信息。本文的目的是分析采用IAS / IFRS对新兴股票市场投资决策关键方面的影响。本文使用结合了标准GARCH规范和多维面板数据模型的状态空间模型。我们的实证研究结果表明，采用IFRS有助于改善新兴市场的发展和绩效。它导致了可观的发展，减少了波动，并迅速趋向于提高信息效率。