Adoption volontaire des IFRS, asymétrie d'information et fourchettes de prix: l'impact du contexte informationnel

Pascal Dumontier and Randa Maghraoui

ACCRA, 2006, vol. 12, issue 2, 27-47

Abstract: The IASB Framework for the Preparation and Presentation of Financial Statement states that the main goal of financial accounting is to provide investors with numbers that can help them in their investment process. In this framework, this study is aimed at determining whether IFRS compliance leads to accounting data that are more informative than those resulting from the use of local GAAP. Using Swiss companies, we show that firms applying IFRS exhibit ceteris paribus lower bidask spreads than those using local GAAP. Since the magnitude of bid-ask spreads is expected to increase with the level of information asymmetry, this suggests that IFRS compliance improves the information content of accounting data. We also show that the impact of IFRS on bid-ask spreads decreases with firm size and with the number of analysts following the firm. Since firm size and analyst following are both proxies of the firm?s informational environment, this result suggests that IFRS compliance is more beneficial to firms with a low level of disclosures.

Keywords: IFRS; accounting figures; information; bid-ask spreads (search for similar items in EconPapers)
Date: 2006
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