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Capital Market Reactions To Ifrs In The United States: Evidence From Foreign Private Issuers, Jennifer Yardley
Capital Market Reactions To Ifrs In The United States: Evidence From Foreign Private Issuers, Jennifer Yardley
Accounting Dissertations
The rise of International Financial Reporting Standards (IFRS) as a contender to be the single globally-accepted set of accounting standards has been accompanied by a wealth of research studying the consequences of IFRS adoption. However, prior research does little to address the potential effects of and market sentiment toward the use of IFRS rather than U.S. GAAP in the United States. This study fills this gap by examining the accounting standard choices of foreign private issuers in the United States. In addition to identifying the factors that are associated with a firm's accounting standard choice in the U.S., this study …
Analyst Coverage And Stock Price Crash Risk, I-Fang Lee Yvonne
Analyst Coverage And Stock Price Crash Risk, I-Fang Lee Yvonne
Accounting Dissertations
In this study, I investigate the impact of analyst coverage changes on firms’ subsequent firm-specific crash risk. Using a sample of 24,228 firm-year observations from 2000 to 2013, I show that changes in analyst coverage are negatively associated with changes in one-year-ahead crash risk. This result is consistent with analysts’ information gathering activities and analyses limiting bad news hoarding behavior, and is generally inconsistent with analyst pressure leading to more bad news hoarding by managers. Moreover, I find the negative association between coverage changes and changes in subsequent crash risk to be more pronounced when the coverage change is attributable …