Is the Convergence of Accounting Standards Good for Stock Markets?
This paper examines the impact of the convergence of Hong Kong Accounting Standard 40 (HKAS 40) with the International Financial Reporting Standard (IFRS) on the stock prices of firms in the property industry. Using a sample of 22111 firm-day observations, we show that the new standard has a negative impact on the stock performance of these firms.
Volume (Year): 29 (2009)
Issue (Month): 3 ()
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- Haidan Li & Morton Pincus & Sonja Olhoft Rego, 2008. "Market Reaction to Events Surrounding the Sarbanes-Oxley Act of 2002 and Earnings Management," Journal of Law and Economics, University of Chicago Press, vol. 51(1), pages 111-134, 02.
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