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Does mandatory adoption of Internati...

University of Southern California., Business Administration.

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Does mandatory adoption of International Accounting Standards reduce the cost of equity capital?

Record Type:	Electronic resources : Monograph/item
Title/Author:	Does mandatory adoption of International Accounting Standards reduce the cost of equity capital?/
Author:	Li, Siqi.
Description:	60 p.
Notes:	Advisers: Mark DeFond; Mingyi Hung.
Contained By:	Dissertation Abstracts International69-08A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3324946
ISBN:	9780549782230

Does mandatory adoption of International Accounting Standards reduce the cost of equity capital?
Li, Siqi.

Does mandatory adoption of International Accounting Standards reduce the cost of equity capital? - 60 p.

Advisers: Mark DeFond; Mingyi Hung.

Thesis (Ph.D.)--University of Southern California, 2008.

This paper examines whether the mandatory adoption of International Accounting Standards (IAS) in the European Union (EU) in 2005 reduces the cost of equity capital. Using a sample of 6,456 firm-year observations of 1,084 EU firms during the 1995 to 2006 period, I find evidence that, on average, mandatory introduction of IAS significantly reduces the cost of equity for mandatory adopters by 48 basis points. I also find that this reduction is present only in countries with strong legal enforcement, and that both increased disclosure and enhanced information comparability help explain why IAS reduces the cost of equity. Taken together, these findings suggest that while mandatory IAS adoption benefits shareholders, the benefits depend on the strength of the countries' legal enforcement.

ISBN: 9780549782230Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Does mandatory adoption of International Accounting Standards reduce the cost of equity capital?
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020 $a 9780549782230
035 $a (UMI)AAI3324946
035 $a AAI3324946
040 $a UMI $c UMI
100 1 $a Li, Siqi. $3 1057909
245 1 0 $a Does mandatory adoption of International Accounting Standards reduce the cost of equity capital?
300 $a 60 p.
500 $a Advisers: Mark DeFond; Mingyi Hung.
500 $a Source: Dissertation Abstracts International, Volume: 69-08, Section: A, page: 3200.
502 $a Thesis (Ph.D.)--University of Southern California, 2008.
520 $a This paper examines whether the mandatory adoption of International Accounting Standards (IAS) in the European Union (EU) in 2005 reduces the cost of equity capital. Using a sample of 6,456 firm-year observations of 1,084 EU firms during the 1995 to 2006 period, I find evidence that, on average, mandatory introduction of IAS significantly reduces the cost of equity for mandatory adopters by 48 basis points. I also find that this reduction is present only in countries with strong legal enforcement, and that both increased disclosure and enhanced information comparability help explain why IAS reduces the cost of equity. Taken together, these findings suggest that while mandatory IAS adoption benefits shareholders, the benefits depend on the strength of the countries' legal enforcement.
590 $a School code: 0208.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 $a University of Southern California. $b Business Administration. $3 1029757
773 0 $t Dissertation Abstracts International $g 69-08A.
790 $a 0208
790 1 0 $a DeFond, Mark, $e advisor
790 1 0 $a Hsiao, Cheng $e committee member
790 1 0 $a Hung, Mingyi, $e advisor
790 1 0 $a Subramanyam, KR $e committee member
790 1 0 $a Trezevant, Robert $e committee member
791 $a Ph.D.
792 $a 2008
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3324946