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| Author: | Auer, K. von |
| Title: | Der Einfluss des Wechsels vom Rechnungslegungsstandard auf die Risikoparameter von schweizerischen Aktien |
| Journal: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1998 : VOL. 50:2, p. 129-155 |
| Index terms: | ACCOUNTING STANDARDS CHANGE SAMPLING STOCK RETURNS EMPIRICAL RESEARCH SWITZERLAND |
| Language: | ger |
| Abstract: | The paper examines the influence of a change in the accounting standard on three risk parametres of a stock: variance of returns, beta-coefficient and variance of abnormal returns. The sample consists of Swiss quoted non-financial companies which have changed the accounting standard used for presenting consolidated financial statements from lower-quality assumed Swiss-GAAP to either IAS or EC-Directives within fiscal years 1988- 1993. The results suggest that the change in the accounting standard had a statistically significant impact on the variance of returns for the majority of companies examined. But there is no clear evidence on the direction of the change. In addition the results also show that the switch to a higher quality assumed accounting standard had no statistically significant impact on the cost of equity. |
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