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Analyst Coverage, Market Liquidity and Disclosure Quality: A Study of Fair-value Disclosures by European Real Estate Companies Under IAS 40 and IFRS 13
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.ORCID iD: 0000-0002-2496-108X
University of Vaasa.
Barcelona University.
2018 (English)In: International Journal of Accounting, ISSN 0020-7063, E-ISSN 1879-2251, Vol. 53, no 1, p. 54-75Article in journal (Refereed) Published
Abstract [en]

Disclosures in notes have been criticized by practitioners for being unwieldy and contributing little to the quality of the financial information. This study presents evidence on the association between disclosure quality, analyst following and liquidity in the real estate sector. More specifically, we study the disclosure of the methods and significant assumptions applied in determining fair values of investment properties under IAS 40 and IFRS 13. We find that disclosure quality is significantly higher under IFRS 13. Furthermore, we show that the quality is associated with analyst following and bid-ask spreads. However, the improved disclosures following the adoption of IFRS 13 are not associated with any significant positive economic consequences. This result indicates that the revised disclosure requirements in IFRS 13 did not solve any market imperfections.

Place, publisher, year, edition, pages
Elsevier, 2018. Vol. 53, no 1, p. 54-75
Keywords [en]
Disclosure quality, IAS 40, Analyst following, Market liquidity
National Category
Business Administration
Research subject
Business Studies
Identifiers
URN: urn:nbn:se:umu:diva-145758DOI: 10.1016/j.intacc.2018.02.003ISI: 000429775400004OAI: oai:DiVA.org:umu-145758DiVA, id: diva2:1191338
Available from: 2018-03-18 Created: 2018-03-18 Last updated: 2018-06-09Bibliographically approved

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Sundgren, Stefan

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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
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Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf