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Title: Analyst Coverage, Market Liquidity and Disclosure Quality: A Study of Fair-value Disclosures by European Real Estate Companies Under IAS 40 and IFRS 13
Author: Sundgren, Stephan
Mäki, Juha
Somoza López, Antonio
Keywords: Liquiditat (Economia)
Divulgació científica
Garantia de qualitat
Negocis immobiliaris
Liquidity (Economics)
Science news
Quality assurance
Real estate business
Issue Date: Mar-2018
Publisher: Elsevier
Abstract: Disclosures in notes have been criticized by practitioners for being unwieldy and contributing little to the quality of the financial information. This study presents evidence on the association between disclosure quality, analyst following and liquidity in the real estate sector. More spe- cifically, we study the disclosure of the methods and significant assumptions applied in de- termining fair values of investment properties under IAS 40 and IFRS 13. We find that disclosure quality is significantly higher under IFRS 13. Furthermore, we show that the quality is associated with analyst following and bid-ask spreads. However, the improved disclosures following the adoption of IFRS 13 are not associated with any significant positive economic consequences. This result indicates that the revised disclosure requirements in IFRS 13 did not solve any market imperfections.
Note: Versió postprint del document publicat a:
It is part of: International Journal of Accounting, 2018, vol. 53, num. 1, p. 54-75
Related resource:
ISSN: 0020-7063
Appears in Collections:Articles publicats en revistes (Empresa)

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