Investor Perceptions of Potential IFRS Adoption in the United States
研究美国股市对15个与IFRS采用相关事件的反应，发现投资者对IFRS的反应在预期带来趋同收益时更积极，但对诉讼风险高的公司反应较消极。
ABSTRACT This paper examines the stock market reaction to 15 events relating to IFRS adoption in the United States. The goal is to assess whether investors perceive the switch to IFRS as beneficial or costly. Our findings suggest that investors' reaction to IFRS adoption is more positive in cases where IFRS is expected to lead to convergence benefits. Our results also indicate a less positive market reaction for firms with higher litigation risk, which is consistent with investors' concerns about greater discretion and less implementation guidance under IFRS for these firms. Overall, the findings are relevant to the current debate on IFRS adoption in the U.S. and highlight the importance of convergence to investors. Data Availability: All data are publicly available from the sources indicated in the paper (see Appendices A and B).