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| Author: | Espinosa, M. Gietzmann, M. Raonic, I. |
| Title: | US institutional investors response to the news flow of intangibles intensive European stocks: a study of European BioTech and Pharma stocks |
| Journal: | European Accounting Review
2009 : MAY, VOL. 18:1 p. 63-92 |
| Index terms: | financial reporting accounting pharmaceutical industry stock exchanges accounting standards USA |
| Language: | eng |
| Abstract: | The study tests whether US institutional investors accept enhanced disclosure of key non-financial performance indicators, as a partial substitute for non-adoption of US financial reporting standards. The focus is especially on that if US institutional investors are more or less sensitive to the non-financial disclosures of non-adopters. The econometric analysis provides results supporting that US institutional investors respond more to the non-financial disclosures of non-adopters suggesting that US insitutional investors see enhanced disclosure of non-financial performance indicators in an intangibles intensive industry as a partial substitute for full compliance with US financial reporting standards. |
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