The age and size of trees was sampled and measured on eight sample plots (0.2 ha each) within a Pinus sylvestris -dominated boreal forest landscape in Vienansalo wilderness, Russian Karelia. The fi re history of these plots was obtained from a previous dendrochronological study. All the studied sample plots showed a wide and uneven distribution of tree ages, but the shape of the age distributions of trees as well as tree species composition varied substantially. Trees over 250 years of age occurred in every studied plot, despite its small size. This suggests that old Pinus were common and rather evenly distributed in the landscape matrix. The oldest Pinus tree was 525 years of age. The correlations between tree age and size were often weak or even nil. In Pinus the correlation between age and diameter was stronger than that between age and height. In the dominant tree species Pinus and Picea, the largest trees were not the oldest trees. The tree age distributions together with the fi re history data indicated that the past fi res have not been stand replacing, as many of the older Pinus had survived even several fi res. Tree age classes that had regenerated after the last fi re were most abundant and dominated by Picea and/or deciduous trees, while the trees established before the last fi re were almost exclusively Pinus. The results suggest that periodic occurrence of fi re is important for the maintenance of the Pinus-dominated landscape. This is because fi re kills most Picea and deciduous trees and at the same time enhances conditions for Pinus regeneration, facilitated by available seed from the continuous presence of old fi re-tolerant Pinus trees.

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 specifically, we study the disclosure of the methods and significant assumptions applied in determining 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.

No 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 specifically, we study the disclosure of the methods and significant assumptions applied in determining 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.

Document de Treball núm.13/7La sèrie Documents de treball d'economia de l'empresa presenta els avanços i resultats d'investigacions en curs que han estat presentades i discutides en aquest departament; això no obstant, les opinions són responsabilitat dels autors. El document no pot ser reproduït total ni parcialment sense el consentiment de l'autor/a o autors/res. Dirigir els comentaris i suggerències directament a l'autor/a o autors/res, a la direcció que apareix a la pàgina següent.A Working Paper in the Documents de treball d'economia de l'empresa series is intended as a mean whereby a faculty researcher's thoughts and findings may be communicated to interested readers for their comments. Nevertheless, the ideas put forwards are responsibility of the author. Accordingly a Working Paper should not be quoted nor the data referred to without the written consent of the author. Please, direct your comments and suggestions to the author, which address shows up in the next page. Cross-Country Differences in Cross-Country Differences in Disclosure Quality: a Study of Fair Value Disclosures by European Real Estate Companies AbstractCompanies are under IAS 40 required to report fair values of investment properties on the balance sheet or to disclose them in the notes. The standard requires also that companies have to disclose the methods and significant assumptions applied in determining fair values of investment properties. However, IAS 40 does not include any illustrative examples or other guidance on how to apply the disclosure requirements. We use a sample with publicly traded companies from the real estate sector in the EU. We find that a majority of the companies use income based methods for the measurement of fair values but there are considerable cross-country variations in the level of disclosures about the assumptions used in determining fair values. More specifically, we find that Scandinavian and German origin companies disclose more than French and English origin companies. We also test whether disclosure quality is associated with enforcement quality measured with the "Rule of Law" index according to Kaufmann et al. (2010), and associated with a secrecyversus transparency-measure based on Gray (1988). We find a positive association between disclosure and earnings quality and a negative association with secrecy.2