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1、外文文献翻译原文：MandatoryIFRSReportingaroundtheWorld:EarlyEvidenceontheEconomicConsequencesHolgerDaske,LuziHail,ChristianLeuz,RodrigoVerdiABSTRACTThispaperexaminestheeconomicconsequencesofmandatoryInternationalFinancialReportingStandards(IFRS)reportingaroundthewor
2、ld.Weanalyzetheeffectsonmarketliquidity,costofcapital,andTobin’sqin26countriesusingalargesampleoffirmsthataremandatedtoadoptIFRS.Wefindthat,onaverage,marketliquidityincreasesaroundthetimeoftheintroductionofIFRS.Wealsodocumentadecreaseinfirms’costofcapitalan
3、danincreaseinequityvaluations,butonlyifweaccountforthepossibilitythattheeffectsoccurpriortotheofficialadoptiondate.Partitioningoursample,wefindthatthecapital-marketbenefitsoccuronlyincountrieswherefirmshaveincentivestobetransparentandwherelegalenforcementis
4、strong,underscoringthecentralimportanceoffirms’reportingincentivesandcountries’enforcementregimesforthequalityoffinancialreporting.Comparingmandatoryandvoluntaryadopters,wefindthatthecapitalmarketeffectsaremostpronouncedforfirmsthatvoluntarilyswitchtoIFRS,b
5、othintheyearwhentheyswitchandagainlater,whenIFRSbecomemandatory.Whiletheformerresultislikelyduetoself-selection,thelatterresultcautionsustoattributethecapital-marketeffectsformandatoryadopterssolelyorevenprimarilytotheIFRSmandate.Manyadoptingcountriesmakeco
6、ncurrenteffortstoimproveenforcementandgovernanceregimes,whichlikelyplayintoourfindings.Consistentwiththisinterpretation,theestimatedliquidityimprovementsaresmallerinmagnitudewhenweanalyzethemonamonthlybasis,whichismorelikelytoisolateIFRSreportingeffects.1.I
7、ntroductionTheintroductionofInternationalFinancialReportingStandards(IFRS)forlistedcompaniesinmanycountriesaroundtheworldisoneofthemostsignificantregulatorychangesinaccountinghistory.Over100countrieshaverecentlymovedtoIFRSreportingordecidedtorequiretheuseof
8、thesestandardsinthenearfutureandeventheU.S.SecuritiesandExchangeCommission(SEC)isconsideringallowingU.S.firmstopreparetheirfinancialstatementsinaccordancewithIFRS(SEC[2007]).Regulatorsexpectthattheuseo
