Home Bias, Foreign Mutual Fund Holdings, and the Voluntary Adoption of International Accounting Standards
检验了自愿采用国际会计准则能否吸引外国资本，发现采用该准则的公司外国共同基金持股显著更高，尤其在信息环境较差、可见度较低的公司中效果更明显，表明此举有助于减少外国投资者的本土偏好、提升资本配置效率。
ABSTRACT We test the assertion that a consequence of voluntarily adopting International Accounting Standards (IAS) is the enhanced ability to attract foreign capital. Using a unique database that reports firm‐level holdings of over 25,000 mutual funds from around the world, our multivariate tests find that average foreign mutual fund ownership is significantly higher among IAS adopters. We also find that IAS adopters in poorer information environments and with lower visibility have higher levels of foreign investment, consistent with firms using IAS adoption to provide more information and/or information in a more familiar form to foreign investors. Taken together, our findings are consistent with voluntary IAS adoption reducing home bias among foreign investors and thereby improving capital allocation efficiency.