Is the Convergence of Accounting Standards Good for Stock Markets?

Terence Tai Leung Chong, Winnie S. C. Leung (), Rita W. Y. Yip () and Howard Z. Huang ()
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Winnie S. C. Leung: School of Accountancy, The Chinese University of Hong Kong
Rita W. Y. Yip: School of Accountancy, The Chinese University of Hong Kong
Howard Z. Huang: School of Accountancy, The Chinese University of Hong Kong

Economics Bulletin, 2009, vol. 29, issue 3, 2079-2085

Abstract: 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.

Keywords: Hong Kong Accounting Standard 40; Event Window; Stock Return. (search for similar items in EconPapers)
JEL-codes: M4 N2 (search for similar items in EconPapers)
Date: 2009-08-24
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