Financial Statement Effects of Adopting International Accounting Standards: The Case of Greece

Athianos, Stergios; Vazakidis, Athanasios; Dritsakis, Nikolaos

doi:10.2139/ssrn.1829348

Cited by 18 publications

(7 citation statements)

References 43 publications

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“…The BV is 0.549, 0.804 and 0.773 (significant at 5% for the first two testing periods and at1% for the third testing periods. Those results are confirm previous research for Greek market, which are report significant association between BV and Price levels (Athianos et al, 2005). These results for BV indicates that there is downward valuation for the period before mandatory adoption of IFRS.…”

Section: Resultssupporting

confidence: 92%

“…The price levels design is appropriate when the research question is the determination of what accounting numbers are reflected in firm value (Barth et al, 2001;Beaver, 2002;Athianos et al, 2005). It also provides the added benefits of not needing the precise release date of the annual report and does not require that assumption be made about the market expectation model.…”

Section: Research and Hypotheses Development: According Tomentioning

confidence: 99%

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The Effect of the International Accounting Standards on the Related Party Transactions Disclosure

Antonios¹

2011

American Journal of Applied Sciences

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Problem statement: Several recent North American corporate scandals have brought attention to the potential for accounting manipulations associated with Related Party Transactions (RPTs), which have lead to a decline in perceived earnings quality. We examine the value relevance of disclosed RPTs in Greek corporations. Approach: We focus on two types of RPTs: sales of goods and sales of assets, using a value relevance approach. Results: From 2002-2007, we find that the reported earnings of firms selling goods or assets to related parties exhibit a lower valuation coefficient than those of firms in Greece without such transactions. This result is not observed during 2005-2007 after a new fair value measurement rule for RPTs came into effect. Conclusion: Our evidence suggests that the new RPT regulation in Greece is perceived to be effective at reducing the potential misuse of RPTs for earnings management purposes. Since RPTs have been the subject of numerous scandals in North America, our evidence from the Greek stock markets suggests that new RPT accounting standards could prove an efficient solution to this issue.

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Section: Resultssupporting

confidence: 92%

Section: Research and Hypotheses Development: According Tomentioning

confidence: 99%

The Effect of the International Accounting Standards on the Related Party Transactions Disclosure

Antonios¹

2011

American Journal of Applied Sciences

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“…Boonlert U-Thai et al place Greece in their third cluster as a codified (as opposed to common) law system of French origin, alongside countries more typically seen as still developing/emerging, as opposed to mainstream European markets. Empirical work by Athianos et al (2005) concerning the implementation of IFRS in Greece has confirmed the impact of IFRS implementation in shifting the balance of financial reporting from very conservatively reported earnings towards more of a \fair-value" balance sheet perspective with all the earnings volatility that implies. The authors find their results are:…”

Section: Post-earnings Announcement Drift In Greecementioning

confidence: 97%

Post-Earnings Announcement Drift in Greece

Forbes

Giannopoulos²

2015

Rev. Pac. Basin Finan. Mark. Pol.

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This paper presents evidence regarding the post-earnings announcement drift (PEAD) anomaly for the Greek market in the years 2000-2006 (covering earnings announcements in the years [2001][2002][2003][2004][2005][2006][2007]. The impact of the introduction of International Financial Reporting Standards on the size and prevalence of the PEAD anomaly is examined. Unlike recent evidence for the US market we find PEAD to be alive and well, and of growing importance in our Greek sample. It may be the adoption of international financial reporting standards (IFRS) has served to reduce earnings predictability in Greece and thus enhance PEAD in the Athens stock exchange (ASE) market. This contrasts strongly with US evidence that the postearnings-announcement drift anomaly is now waning as more efficient markets and smarter, fundamentals-based, traders arbitrage its impact on stock prices.

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“…In the foretime, value relevance issues have been examined by researchers through the use of levels (prices) or changes (returns) reports (Athianos et al, 2005;Athianos and Vasakidis, 2006;Vasakidis and Athianos, 2010). Kothari and Zimmerman (1995) mentioned that the return specification is less convenient than the price specification.…”

Section: Literature Review: Value Relevance Of Accounting Measuresmentioning

confidence: 99%

The Accuracy of Multiples

Antonios¹,

Samaras²,

Panagiotis³

2011

American Journal of Applied Sciences

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Problem statement: Equity valuation with the use of multiples is widely used by academics and practitioners concerning its functionality. This study aims to explore the sensitivity of three multiples in terms of accuracy. Approach: Price-to-Sales (P/S) multiple, the price-to-book value of equity (P/B) multiple and the Price-to-Earnings (P/E) multiple are three multiples under consideration, using both current and one-year-ahead earnings forecasts. Results: Evidence of empirical results show that, the multiples P/mdfy1 and P/mnfy1 are effective in terms of accuracy, with their means being negatively biased and their medians being positively biased. Finally, current earnings are identified as more appropriate value driver for the calculation of the P/E ratio by terms of accuracy. The results can be considered as reliable owing to the large sample and the procedure followed for its selection. Conclusion: This study offers a better understanding of the valuation approach through the use of multiples, in order analysts assumption to be more carefully and properly chosen and their results to be more accurately produced.

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Financial Statement Effects of Adopting International Accounting Standards: The Case of Greece

Cited by 18 publications

References 43 publications

The Effect of the International Accounting Standards on the Related Party Transactions Disclosure

The Effect of the International Accounting Standards on the Related Party Transactions Disclosure

Post-Earnings Announcement Drift in Greece

The Accuracy of Multiples

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