Security Returns and Volume Responses Around International Financial Reporting Standards (IFRS) Earnings Announcements

Olibe, Kingsley O.

doi:10.1016/j.intacc.2016.04.002

Cited by 8 publications

(5 citation statements)

References 39 publications

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“…Another influence of the information content of earnings is the quality of the financial reporting system. Eiler, Miranda‐Lopez, and Tama‐Sweet (2015) and Olibe (2016) find that financial reporting standards and changes in regulations also affect the market reactions to earnings announcements. Landsman, Maydew, and Thornock (2012) find that the information content of earnings increased after the mandatory adoption of International Financial Reporting Standards (IFRS).…”

Section: Literature Reviewmentioning

confidence: 99%

Earnings informativeness and trading frequency: Evidence from African markets

Jones

Kyiu

2020

Int. J Fin Econ

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We investigate the informativeness of earnings announcements in African stock markets and examine whether, conditional on the level of synchronicity and liquidity of stocks, market reactions are influenced by earnings characteristics. Normalized volatility indicates that earnings announcements are informative across the sample. The results are driven by less frequently traded stocks and informativeness manifests more clearly at announcement and in the post‐announcement window. There is little evidence of leakage. Informativeness is also present for highly traded stocks, notably after announcement. Cross‐sectional tests provide evidence of an effect of both earnings fundamentals and investor behaviour on stock returns around earnings announcements.

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Section: Literature Reviewmentioning

confidence: 99%

Earnings informativeness and trading frequency: Evidence from African markets

Jones

Kyiu

2020

Int. J Fin Econ

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“…In other words, are the earnings disclosures of IFRS firms of greater quality than those of non-IFRS firms? In addition, Olibe (2016) compares the relative informativeness of IFRS-based and U.S. GAAP-based earnings disclosures.…”

Section: Incremental Contribution To the Literaturementioning

confidence: 99%

“…I am pleased to be able to provide commentary on Olibe (2016). In his study of the impact of the effects of IFRS earnings disclosures on price and volume responses in U.S. equity markets, Olibe finds that such disclosures significantly affect price and volume responses on days t = 0 and t = + 1, which suggests that market participants use the incremental information contained in those disclosures in their trading activities.…”

Section: Introductionmentioning

confidence: 99%

Discussion of “Security Returns and Volume Responses around International Financial Reporting Standards (IFRS) Earnings Announcements”

Perkins

2016

The International Journal of Accounting

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Olibe (2016) uses price and trading volume responses around IFRS earnings disclosures for U.K. cross-listed firms trading as American Depository Receipts in U.S. equity markets to investigate whether such disclosures provide information to market participants over and above U.S. GAAP earnings disclosures. He finds evidence of significant price and trading volume responses for IFRS earnings disclosures, leading to the conclusion that market participants find that those disclosures facilitate trading in U.S. equity markets. This discussion focuses on the paper's incremental contribution to the literature and offers suggestions for improvements in the research design and analyses.

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“…In this model stock market returns is regressed on components of earnings or earnings changes components. (Olibe, 2016b) examines and interprets security market response around IFRSbased earnings announcements of UK cross listed firms in the US equity markets so as to know how market operators reacts to IFRS earnings disclosures on a daily basis, the study observed that there exist evidence of significant price and trading of responses on day t = 0 and +1. This implies that IFRS earnings news helps to facilitate the price and trading adjustment process.…”

Section: Introductionmentioning

confidence: 99%

The Impact of International Financial Reporting Standards on Financial Performance

Lawal

Olufemi

Adewuyi

et al. 2018

IJBFA

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Globalization, capital market crash and the Enron’s case led the accounting profession to insist on the need for a single set of high quality reporting standards. International Financial Reporting Standards (IFRS) were first adopted in 2005 by EU countries while Nigeria agreed to adopt in 2012. The question is: How does IFRS adoption improve the monetary relevance of accounting information? Several studies have explored the monetary relevance of IFRS adoption; however, they are based on foreign countries while Nigerian researches do not contain empirical evidence as they are mostly theoretical. This study therefore seeks to investigate the effect of IFRS adoption on financial performance. The study used correlation research design and data on Earnings per Share (EPS), Change in Earnings per Share (CEPS), Book Value per Share (BVPS) and net profit margin

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Security Returns and Volume Responses Around International Financial Reporting Standards (IFRS) Earnings Announcements

Cited by 8 publications

References 39 publications

Earnings informativeness and trading frequency: Evidence from African markets

Earnings informativeness and trading frequency: Evidence from African markets

Discussion of “Security Returns and Volume Responses around International Financial Reporting Standards (IFRS) Earnings Announcements”

The Impact of International Financial Reporting Standards on Financial Performance

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