The association between stock returns and foreign GAAP earnings versus earnings adjusted to U.S. GAAP

Journal of Accounting and Economics - Tập 21 - Trang 139-158 - 1996
Kam C. Chan1, Gim S. Seow1
1Department of Accounting, University of Connecticut, Storrs, CT 06269, USA

Tài liệu tham khảo

Alford, 1993, The relative informativeness of accounting disclosures in different countries, Journal of Accounting Research, 31, 183, 10.2307/2491170 Ali, 1992, The role of earnings levels in annual earnings-returns studies, Journal of Accounting Research, 30, 286, 10.2307/2491128 Amir, 1993, A comparison of the value-relevance of U.S. versus non-U.S. GAAP accounting measures using Form 20-F reconciliations, Journal of Accounting Research, 31, 230, 10.2307/2491172 Aron, 1990, Japanese P/E multiples in an era of increasing uncertainty Baumol, 1993, Redundant regulation of foreign security trading and U.S. competitiveness, Journal of Applied Corporate Finance, 5, 19, 10.1111/j.1745-6622.1993.tb00358.x Beckers, 1992, The relative importance of common factors across the European equity markets, Journal of Banking and Finance, 16, 75, 10.1016/0378-4266(92)90079-F Belsley, 1980 Biddle, 1989, The effects of financial disclosure levels on firms' choices among alternative foreign stock exchange listings, Journal of International Financial Management and Accounting, 1, 55, 10.1111/j.1467-646X.1989.tb00004.x Biddle, 1991, Foreign stock listings: Benefits, costs, and the accounting policy dilemma, Accounting Horizons, 5, 69 Biddle, 1995, Relative versus incremental information content, Contemporary Accounting Research, 10.1111/j.1911-3846.1995.tb00478.x Cairns, 1984 Choi, 1991, Behavioral effects of international accounting diversity, Accounting Horizons, 5, 1 Clarkson, 1990, Empirical estimates of beta when investors face estimation risk, Journal of Finance, 45, 431, 10.2307/2328664 Cumby, 1990, Evaluating the performance of international mutual funds, Journal of Finance, 45, 497, 10.2307/2328667 Davidson, 1981, Several tests for model specification in the presence of alternative hypotheses, Econometrica, 49, 781, 10.2307/1911522 Davidson, 1993 Dechow, 1994, Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals, Journal of Accounting and Economics, 18, 3, 10.1016/0165-4101(94)90016-7 Diamond, 1991, Disclosure, liquidity, and the cost of capital, Journal of Finance, 46, 1325, 10.2307/2328861 Drummen, 1992, The structure of European stock returns, Financial Analysts Journal, 48, 15, 10.2469/faj.v48.n4.15 Easton, 1991, Earnings as an explanatory variable for returns, Journal of Accounting Research, 29, 19, 10.2307/2491026 Edwards, 1993, Listing of foreign securities on U.S. exchanges, Journal of Applied Corporate Finance, 5, 28, 10.1111/j.1745-6622.1993.tb00359.x Falk, 1994, International accounting: A quest for research, Contemporary Accounting Research, 11, 595, 10.1111/j.1911-3846.1994.tb00457.x Fisher, 1981, Alternative procedures and associated tests of significance for non-nested hypotheses, Journal of Econometrics, 16, 103, 10.1016/0304-4076(81)90078-6 Freund, 1993, That trade obstacle, the SEC, Wall Street Journal Godfrey, 1983, Testing non-nested models after estimation by instrumental variables or least squares, Econometrica, 51, 355, 10.2307/1911994 Gray, 1980, International accounting differences from a security analysis perspective: Some European evidence, Journal of Accounting Research, 18, 64, 10.2307/2490392 Grinold, 1989, Global factors: Fact or fiction?, Journal of Portfolio Management, 16, 79, 10.3905/jpm.1989.409232 Gumbel, 1995, German firms shift to more-open accounting, Wall Street Journal Harrison, 1983, The use of control groups in capital markets research, Journal of Accounting Research, 21, 65, 10.2307/2490936 Hawawini, 1984, European equity markets: A review of the evidence on price behavior and efficiency, 3 Hellman, 1993, A comparative analysis of the impact of accounting differences on profits and return on equity: Differences between Swedish practice and US GAAP, European Accounting Review, 3, 495, 10.1080/09638189300000049 Heston, 1994, Does industrial structure explain the benefits of international diversification?, Journal of Financial Economics, 36, 3, 10.1016/0304-405X(94)90028-0 Jacobson, 1993, Myopic management behavior with efficient, but imperfect, financial markets: A comparison of information asymmetries in the U.S. and Japan, Journal of Accounting and Economics, 16, 383, 10.1016/0165-4101(93)90033-C Lessard, 1990, The implications of market efficiency for U.S. disclosure by non-U.S. world class issuers MacKinnon, 1992, Model specification tests and artificial regressions, Journal of Economic Literature, 30, 102 Meek, 1983, U.S. securities market responses to alternative earnings disclosures of non-U.S. multinational corporations, The Accounting Review, 58, 394 Meek, 1990, A survey of research on financial reporting in a transnational context, Journal of Accounting Literature, 9, 394 Mueller, 1991 Murray, 1983, The effect of certain design choices on the assessment of the market's reaction to LIFO changes: A methodological study, Journal of Accounting Research, 21, 128, 10.2307/2490940 Murray, 1993 Nobes, 1983, A judgmental international classification of financial reporting practices, Journal of Business Finance and Accounting, 10, 1, 10.1111/j.1468-5957.1983.tb00409.x Nobes, 1988, The causes of financial reporting differences Siconolfi, 1992, Big Board, SEC fight over foreign stocks, Wall Street Journal U.S. Department of Commerce, 1992 Wall Street Journal, 1994, Big Board chairman seeks to boost overseas listing, Wall Street Journal Wall Street Journal, 1995, Japan's ADRs show investment promise, Wall Street Journal Weetman, 1991, A comparative international analysis of the impact of accounting principles on profits: The USA versus the UK, Sweden and the Netherlands, Accounting and Business Research, 21, 363, 10.1080/00014788.1991.9729851