Abstract This study aims to analyse, within the scope of publicly listed Spanish companies, whether the mandatory implementation of International Financial Reporting Standards (IFRS) has had an effect on financial analysts’ earnings forecasts and investments in non-cross-listed Spanish companies (those only listed on the Spanish capital market). A sample of 369 observations for companies listed on the Spanish securities market for the period 2004–2007, of which 84 are cross-listed, was used to perform the analysis. The results show that the transition from domestic to international accounting standards has had positive effects for non-cross-listed Spanish companies, leading to the improved accuracy of financial analysts’ earnings forecasts and an increase in investments.

中文翻译：

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IFRS对西班牙非交叉上市公司的影响：财务分析师和交易量

摘要本研究旨在在西班牙上市公司的范围内分析强制执行国际财务报告准则（IFRS）是否对财务分析师的收益预测和对非交叉上市西班牙公司的投资产生了影响（仅在西班牙资本市场上上市）。样本分析了2004年至2007年在西班牙证券市场上市的公司的369项观察结果，其中84项交叉列出。结果表明，从国内会计准则向国际会计准则的转变对非交叉上市的西班牙公司产生了积极影响，从而导致财务分析师的盈利预测准确性提高，投资增加。