Accounting Standards Harmonization and Financial Integration
实证检验了采用统一会计准则（IFRS）能否减少金融市场信息摩擦并促进市场一体化，发现强制采用IFRS后本地股票回报包含了更多全球信息且速度更快，效果在会计可比性提升更大的国家和外资持股增加更多的企业中更显著。
ABSTRACT We empirically examine whether adopting a uniform set of accounting standards mitigates information frictions in financial markets and facilitates market integration. Using a difference‐in‐difference design, we find that after the mandatory adoption of IFRS local stock returns incorporate more global information and at a faster speed. The effect of IFRS adoption is stronger in countries where there are larger improvements in accounting comparability and for firms with a larger increase in foreign ownership. Overall, our results suggest that accounting standards harmonization facilitates financial market integration.