We investigate how investors perceive the adoption of the expected-loss model (ELM) for impairment incorporated in IFRS 9. Using a sample of European listed banks covering the period of the standard-setting process of IFRS 9, we examine whether the market perceives the new regulation to increase shareholder wealth. First, we document a positive market reaction to the ELM adoption events. Second, we find that investors perceive that the potential benefits of ELM are more pronounced for larger banks, banks with lower profitability and higher systemic risk, and for those that received a public bailout and with more positively skewed returns. Overall, these results support a “monitoring” channel suggesting that ELM may lead to greater bank transparency and more effective market discipline, fundamental for improving financial stability.

我们调查了投资者如何看待采用国际财务报告准则第9号（IFRS 9）的减值预期损失模型（ELM）。使用涵盖国际财务报告准则第9号制定过程期间的欧洲上市银行的样本，我们研究了市场是否看待国际财务报告准则第9号。新法规增加了股东财富。首先，我们记录了市场对ELM采用事件的积极反应。其次，我们发现，投资者认为ELM的潜在收益对于大型银行，盈利能力较低和系统风险较高的银行，以及获得公共救助且收益偏正的银行更为显着。总体而言，这些结果支持“监测”渠道，表明ELM可能会提高银行的透明度和更有效的市场纪律，这是改善金融稳定性的基础。