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The Quality of Eranings, Governance and Future Stock returns in Europe. An Empirical Study

This paper examines the effects of the mandatory introduction of International Financial Reporting Standards (IFRS) in 2005 on the presence and magnitude of the accruals mispricing in seventeen European countries, which are characterized by different institutional, accounting and governance systems. Even if the aim of IFRS was and still is international harmonization and comparability, we find cross country variations.

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VI Abbreviations and Notations AP Accounts Payble t Current period AR Accounts Receivable t-1 Prior period BMK Benchmark E ( ) Expectational (forecasted) value CA Current Assets αi,t Intercept in a regression analysis CEO Chief Executive Officer ßi,t Beta CFA Chartered Financial Analyst ∆ Change CFI Investing Cash Flow ∑ Summation CFO Operating Cash Flow Var Variance CL Current Liabilities εit Error term COGS Cost of Goods Sold Cov Covariance CPA Charter Public Accountant T Time DEP Depreciation N Number in sample DI Discretionary Inventory Þ Correlation DIO Days Inventory Outstanding DSO Days Sales Outstanding EMH Efficient Market Hypothesis EPS Earnings per Share EU European Union GAAP Generally Accepted Accounting Principles HPR Holding Period Return i.e. Id est (that is) IASB International Accounting Standards Board IFRS International Financial Reporting Standards INV Inventory mo month NetNCA Net Non Current Assets NI Net Income NOA Net Operating Assets OCA Other Current Assets OCL Other Current Liabilities OLS Ordinary Least Square p. Page pp. Pages Rev.Acc. Accelariting Revenue RevMis Revenue Mistatement RWH Random Walk Hypothesis S&P Standard & Poor's SEC Securities and Exchange Commision SGA Selling,General, Administrative Expenses TA Total Assets Tot.Rev. Total Revenue U.K. United Kingdom U.S. United States of America Un.Rev. Unearned Revenue

Tesi di Dottorato

Dipartimento: Management/Finance

Autore: Elisabetta Basilico Contatta »

Composta da 161 pagine.

 

Questa tesi ha raggiunto 34 click dal 25/02/2014.

Disponibile in PDF, la consultazione è esclusivamente in formato digitale.