The impact of International Financial Reporting Standards adoption on the integration of capital markets
研究采用国际财务报告准则（统一会计准则）是否通过减少财务信息摩擦来影响全球资本市场一体化，基于价格指标（Beta和Sigma收敛）分析，发现没有显著影响。
Abstract Integrated capital markets provide better risk sharing and market efficiency, but presence of different barriers such as information asymmetry across borders hinders these benefits. This study investigates whether the adoption of International Financial Reporting Standards (IFRS) (uniform accounting standards) impacts the integration of worldwide capital markets by decreasing financial information frictions. Staggered adoption dates with price‐based measures (Beta and Sigma Convergence) of integration are used to measure the incremental impact of IFRS adoption on integration. The sample includes all the countries with capital markets that have benchmark indices and price data available. Overall statistical results suggest no significant impact of IFRS adoption on capital market integration.