Der Einfluß des Wechsels vom Rechnungslegungsstandard auf die Risikoparameter von schweizerischen Aktien

Kurt V. Auer
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Kurt V. Auer: Universität Innsbruck

Schmalenbach Journal of Business Research, 1998, vol. 50, issue 2, 129-155

Abstract: Summary The paper examines the influence of a change in the accounting standard on three risk parameters of a stock: variance of returns, beta-coefficient and variance of abnormal returns. The sample consists of Swiss quoted non-financial companies which have changed the accounting standard used for presenting consolidated financial statements from lower-quality assumed Swiss-GAAP to either IAS or EC-Directives within fiscal years 1988–1993. The results suggest that the change in the accounting standard had a statistically significant impact on the variance of returns for the majority of companies examined. But there is no clear evidence on the direction of the change. In addition the results also show that the switch to a higher quality assumed accounting standard had no statistically significant impact on the cast of equity. Finally the results suggest that if the variance of abnormal returns for an earnings-release-window is used as a proxy for the information content of an accounting standard, the switch from the former Swiss-GAAP to EC-Directives or lAS has improved the information content of financial statements based on EC-Directives as well as based on lAS. But the results also suggest that there is no statistically significant difference in the information content between EC-Directives-based figures and IAS-based figures (except for the year of the change).

Date: 1998
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DOI: 10.1007/BF03371497

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