O presente trabalho possui o objetivo de investigar se a adoção das IFRS mudou a relação da variação do valor justo dos derivativos no valor de mercado em instituições financeiras do mundo e em particular no Brasil entre os anos de 2005 e 2015. A abordagem desta pesquisa é empírico-analítica e para a análise dos modelos propostos foi utilizada a técnica de dados em painel e realizados testes de adequação para melhor estimação. A hipótese investigada é que a variação do valor justo dos derivativos, associada à adoção das IFRS, podem influenciar o valor de mercado da empresa. Adicionalmente, foi realizada análise complementar segregando o valor justo dos derivativos entre os que foram designados para hedge e os não de hedge. Nos modelos completos foram considerados controles como o Tamanho do banco, Índice de Basileia, a ocorrência da Crise em 2008, o número de analistas que seguem a instituição e o sistema jurídico para a amostra mundial. Após os testes empíricos, não foram encontradas relações estatisticamente relevantes entre a variação do valor justo dos derivativos após a adoção das IFRS e o valor de mercado das companhias investigadas tanto no Brasil como no mundo, de uma forma geral. A pouca liquidez do mercado de capitais do Brasil, o tratamento dos derivativos pelas normas locais do Banco Central antecedente ao IFRS e a utilização de bases de dados secundárias com grande presença de dados faltantes para a amostra mundial podem explicar esse resultado. / The objective of this study is to investigate whether the adoption of IFRS has changed the relationship of the derivatives fair value on the market value of financial institutions in the world and in particular in Brazil between 2005 and 2015. The approach of this research is empirical-analytical and for the analysis of the proposed models, the panel data technique was used and adequacy tests were performed for better estimation. The investigated hypothesis is that the variation of the derivatives fair value, associated with the adoption of IFRS, can influence the market value of the company. In addition, a complementary analysis was performed segregating the derivatives fair value between those that were designated for hedge and the non hedge. In the full models, controls such as Bank Size, Basle Index, the occurrence of the Crisis in 2008, the number of analysts who followed the institution and the legal system for the world sample were considered. After the empirical tests, there were no statistically significant relationship between the variation of the derivatives fair value after the adoption of the IFRS and the market value of the companies investigated in Brazil as in the world, in general. The low liquidity of the Brazilian capital market, the treatment of derivatives by the local standards of the Central Bank of Brazil prior to IFRS and the use of secondary databases with a large presence of missing data for the world sample may explain this result.

Submitted by Maykon Nascimento (maykon.albani@hotmail.com) on 2015-02-24T19:43:31Z No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Felipe Maya Lirio.pdf: 693849 bytes, checksum: 1d045322c3399cc2264c508c2b286f80 (MD5) / Approved for entry into archive by Elizabete Silva (elizabete.silva@ufes.br) on 2015-02-26T18:30:35Z (GMT) No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Felipe Maya Lirio.pdf: 693849 bytes, checksum: 1d045322c3399cc2264c508c2b286f80 (MD5) / Made available in DSpace on 2015-02-26T18:30:35Z (GMT). No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Felipe Maya Lirio.pdf: 693849 bytes, checksum: 1d045322c3399cc2264c508c2b286f80 (MD5) Previous issue date: 2015-02-24 / O trabalho teve por objetivo verificar a influência da presença dos acordos de acionistas na qualidade das informações contábeis divulgadas pelas empresas listadas na BM&FBOVESPA, do ano de 2001 a 2011. Para inferir a respeito da qualidade das informações contábeis foram utilizadas as métricas de informatividade e value relevance. Foram analisados em separado: os acordos de comando (utilizados para garantir o controle) dos acordos de defesa (utilizados para garantir o acesso a determinados direitos através do alcance de um percentual mínimo de capital votante). A amostra teve como critério de corte o mínimo de 0,001 de liquidez na BM&FBOVESPA. Foi utilizada regressão linear múltipla com dados em painel desequilibrado, tendo como variáveis de controle: concentração de votos, tamanho, endividamento, market-to-book e perdas. Com base nos efeitos cumprimento e monitoramento, com a utilização da metodologia proposta, o trabalho aponta que empresas com qualquer um dos tipos de acordo entre acionistas possuem maior qualidade das informações contábeis divulgadas. / The goal of the thesis is to assess the influence of shareholders’ agreement in the quality of bookkeeping information released by the companies listed on BM&FBOVESPA, from 2001 to 2011. In order to infer about the quality of the bookkeeping information, informativeness metrics and value relevance were used. The command agreement (used to guarantee the control) of the defense agreements (used to guarantee the access to certain rights by reaching a minimal percentage of voting capital). The sample had as cutting criterion the minimum of 0.001 liquidity in BM&FBOVESPA. The multiple linear regression with unbalanced panel data was used, having as control variables: concentration of votes, size, debt incurring, market-to-book and losses. Based on achievement and monitoring effects, using the methodology proposed, the study shows that companies with any kind of agreements among shareholders have more quality of the released bookkeeping profits.

O setor bancário é um dos mais importantes na sociedade, pois suas atividades relacionadas ao processo de pagamentos e sua atuação como intermediário financeiro são essenciais no desenvolvimento da economia. No entanto, em razão da natureza de suas operações e dos riscos envolvidos nas mesmas, o setor bancário também é um dos que apresentam regulação mais rígida. Bancos que atuam globalmente recebem influência de regulação em esfera internacional, como por exemplo, o Acordo de Basileia, que versa sobre requerimentos mínimos de capital. A regulação bancária e, por conseguinte, o Acordo de Basileia, podem impactar as atividades dos bancos, sua captação no mercado, suas estratégias e competição. Tal impacto deve ser avaliado tanto pelos próprios bancos, como pelos reguladores, pelo mercado e pela academia. A presente pesquisa avalia o impacto da regulação bancária, em especial o Acordo de Basileia, no mercado de capitais por meio de um estudo de value relevance. Utilizando o modelo de regressão do preço (Price Regression Model - PRM) com dados de bancos dos 27 países membros do Comitê de Basileia, foi avaliado se o índice de Basileia afeta o preço das ações dos bancos. Conclui-se que o índice de Basileia é value relevant para a amostra completa. No entanto, com a retirada dos Estados Unidos da amostra, devido ao alto percentual de participação (51%) na mesma, o índice de Basileia deixou de ser value relevant. Além disso, os resultados mostraram que o índice de Basileia não é value relevant para países considerados code law (amostra completa) e nem para países adotantes do IFRS (amostra completa). / The banking sector is one of the most important in society, because its activities related to the payment process and its role as financial intermediary are essential in the development of the economy. However, because of the nature of its operations and the risks involved in them, the banking sector is also one of the most rigid. And banks that operate globally receive regulatory influence in the international arena, such as the Basle Accord, which deals with minimum capital requirements. Banking regulation, and therefore the Basle Accord, can impact the activities of banks, their capture in the market, their strategies and competition. Such an impact must be assessed by the banks themselves, regulators, the market and academy. The present research evaluates the impact of banking regulation, especially the Basel Accord, on the capital market through a value relevance study. Using the Price Regression Model (PRM) with data from banks of the 27 member countries of the Basel Committee, it was assessed whether the Basel index affects the stock price of banks. We conclude that the Basel index is value relevant for the whole sample. However, with the withdrawal of the United States from the sample, due to the high percentage of participation (51%) in the sample, the Basel index is no longer value relevant. In addition, the results showed that the Basel index is not value relevant for countries considered code law and for adopters of the IFRS (full sample).

The purpose of this study was to examine the value relevance of goodwill impairments in regard to market value. A quantitative methodological approach was used to determine if the relation between goodwill impairments was influenced by different institutional settings, which was the first research question. The second research question was to see if there was a learning effect associated with the use of goodwill impairments that has appeared in the post- implementation period of the mandatory IFRS standards, that were enforced in the European Union in 2005. This was done by statistically comparing data from Swedish firms with data from British firms. The findings show that there are indeed institutional differences, but the evidence also suggests a learning effect to some extent. These findings add to the literature that there are important institutional differences and learning effects associated with the implementation of accounting standards, as well as offering some insight to standard setters on the value relevance of goodwill impairments.

Background: The purpose of accounting and financial reporting is to provide useful information for its users in their decision-making. The importance of intangible assets for companies in the modern digital economy has led to debates concerning how it should be presented in accounting. As of today, the relevance and reliability of intangible assets can be questioned since large values of intangibles are left out of accounting and financial reports. Purpose: The aim of the study is to investigate the association between reliability and value relevance of intangible assets.  Method: Using the Feltham and Ohlson (1995) model, we test the association between intangible assets and market valuation of firms. We divide the sample into reliable and unreliable and test whether there is any difference in value relevance of intangible assets between the groups. Conclusion: The result indicates, without statistical significance, that reliability seems to matter more for goodwill than for total intangibles and other identifiable intangibles. Moreover, we suggest that investors seem to focus more on accounting standards and uncertainty than management discretion when assessing reliability of intangible assets. However, we are not satisfied with how reliability has been operationalized earlier and this study reinforces our doubts. Thus, among other suggestions we propose further research directed towards investors to find out whether reliability is important and what they consider as reliable.

The new standard IFRS 16 regarding leases was implemented 1st of January 2019 with the aim to improve accounting for leases and to provide more faithful information on the financial statements. We are conducting a value relevance study to observe to contribution of IFRS 16 to more value relevant information for investors and analysts. We are adopting an adjusted version of the valuation framework developed by Ohlson (1995) to be more coherent with the expected changes due to the new standard. We measure changes in value relevance pre and post the implementation of IFRS 16 using 8 quarterly interim reports representing the fiscal years 2018 and 2019. Furthermore, we are adopting an industry adjusted model to measure if value relevance has changed more in lease prevalent industries since industries such as retail, airline and service industries are expected to experience larger changes due to the new standard. We are considering 262 companies listed on the Swedish stock market, NASDAQ Stockholm. Our results suggest that the value relevance has increased in the post period of the implementation, especially in lease heavy industries.

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第21291号 / 経博第579号 / 新制||経||286(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 徳賀 芳弘, 准教授 草野 真樹, 教授 藤井 秀樹 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DFAM

Die StuFo-Expo gibt mir die Möglichkeit meine Forschung im Rahmen meines Promotionsprojektes zugänglich für eine breite, fachübergreifende Öffentlichkeit zu machen. Zudem erhalte ich die Chance, Forschungsthemen, -ergebnisse und -methoden fachübergreifend kennenzulernen. Es ist ein einzigartiges Projekt, welches Studierende miteinander vernetzt und wichtige Fähigkeiten der Studierenden fördert. Das Thema meiner Forschung ist die Wertrelevanz latenter Steuern. Ich untersuche die Fragestellung ob latente Steuern bei der Vorhersage der zukünftigen Unternehmensentwicklung zusätzliche Informationen für verschiedene Stakeholder liefern. Dafür analysiere ich die knapp 1.800 verfügbaren Jahresabschlüsse aller im DAX Prime Standard gelisteten Firmen zwischen 2007 und 2018. Das von mir eingereichte Poster zeigt, dass latente Steuern dabei helfen, die Entwicklung des Marktwertes des Eigenkapitals bis zu zwei Jahren im Voraus zu prognostizieren. Dabei tragen aktive latente Steuern als wahrscheinliche zukünftige Steuerrückzahlungen positiv zum Unternehmenswert und deshalb zum Marktwert bei und passive latente Steuern als wahrscheinliche zukünftige Steuerzahlungen negativ zum Unternehmenswert und deshalb zum Marktwert bei. Ferner kann ich nachweisen, dass die ergänzende Berichterstattung über latente Steuern eher negativ von Marktteilnehmern bewertet wird. Mögliche Gründe hierfür sind die hohe Komplexität der Informationen und die fehlende Überleitbarkeit dieser Informationen auf Bilanz- und Gewinn- und Verlustrechnungszahlen. Auch zeigen Interviewstudien, dass das Vertrauen in latente Steuern und die dazugehörige Berichterstattung gering ist, da Stakeholder vermuten, dass latente Steuern zumindest teilweise für Bilanzpolitik genutzt werden. / The StuFo-Expo gives me the opportunity to make my research accessible to a broad, interdisciplinary public as part of my doctoral project. I also get the chance to get to know research topics, results and methods across disciplines. It is a unique project that connects students with one another and promotes important student skills. The topic of my research is the value relevance of deferred taxes. I am investigating the question of whether deferred taxes provide additional information for various stakeholders when predicting future corporate development. To do this, I analyze the almost 1,800 available annual financial statements of all companies listed in the DAX Prime Standard between 2007 and 2018. The poster I submitted shows that deferred taxes help forecast the development of the market value of equity up to two years in advance. Deferred tax assets as probable future tax repayments contribute positively to the company value and therefore to the market value, and deferred tax liabilities as probable future tax payments contribute negatively to the company value and therefore to the market value. I can also prove that the supplementary reporting on deferred taxes is rated negatively by market participants. Possible reasons for this are the high complexity of the information and the lack of transferability of this information to balance sheet and income statement figures. Interview studies also show that trust in deferred taxes and the associated reporting is low, as stakeholders suspect that deferred taxes are at least partially used for accounting policy.

The Public Company Accounting Oversight Board (PCAOB) has recently begun inspecting foreign audit firms. An important policy concern is that several foreign jurisdictions have refused to allow the PCAOB to conduct inspections of their audit firms. In this dissertation, I investigate (1) whether audit quality is higher for client firms (henceforth "complying" clients) whose foreign auditors have been inspected by the PCAOB, compared to client firms (henceforth "blacklisted" clients) of foreign auditors whose governments have refused inspections by the PCAOB, and (2) whether audit quality improves in the post inspection period for clients of inspected foreign auditors. I use abnormal accruals, total accruals, value relevance, and the likelihood of receiving a going concern opinion as proxies for audit quality. I conduct empirical tests on two samples, a cross-sectional sample consisting of blacklisted and complying clients, and a longitudinal sample of clients of inspected foreign auditors before and after PCAOB inspections. For the going-concern models, the samples are confined to financially distressed firms, which are either clients with negative net income or negative operating cash flows or clients in the top quartile in the bankruptcy probability distribution. The cross-sectional models indicate that blacklisted clients have significantly higher abnormal and total accruals, lower value relevance and a lower likelihood of receiving a going concern opinion, than complying clients, suggesting that clients of PCAOB-inspected auditors seem to have higher audit quality. Moreover, longitudinal analyses of clients of inspected foreign auditors show that abnormal accruals and total accruals are lower after PCAOB inspections than before inspections, and value relevance is greater after inspections than before. The likelihood of receiving a going concern opinion is higher after PCAOB inspections than before inspections for one of the two distressed-firm samples. Overall, the results are generally consistent with the PCAOB's claim that the clients of foreign audit firms that have undergone PCAOB inspections have benefited from the inspections. Further analyses indicate that the benefits are concentrated in jurisdictions where the PCAOB has conducted joint inspections with local authorities, in countries where legal traditions follow common law, and for clients of Big 4 auditors. / Business Administration/Accounting

No / Without making any distinction of the applicable accounting standards, this paper investigates, firstly, the value relevance of accounting information from 1999 to 2012 in different segments of the Chinese stock market. This investigation includes A-shares, prepared under Chinese Accounting Standards (CAS) for domestic firms; B-shares, prepared under either the International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS) for both domestic and overseas firms; and H-shares prepared under either the IAS or Hong Kong GAAP for Hong Kong and overseas firms. Then, the paper examines whether or not the converged IFRS with CAS, applicable from 2007 onwards, is more value relevant when compared with prior to the 2007's standards (CAS, IAS, Hong Kong GAAP for A-share, B-share, and H-share markets, respectively). Based on 34,020 firm-year observations and after controlling for industry- and year-fixed effects, the findings suggest that accounting information is value relevant with A- and B-share markets, while it is partially relevant with the H-share market. The paper finds that the converged IFRS with CAS is more value relevant in A-shares and B-shares and it is partially more value relevant with the H-share market. These findings have implications for both policymakers and investors since they provide further empirical evidence for the current policy procedure which harmonizes local GAAP with IFRS.