Comparing the value revelance of R&D reporting in Germany : standard and selection effects / Fred Ramb, Markus Reitzig.
Tipo de material: TextoSeries Discussion paper (Deutsche Bundesbank). Series 1: Economic studies ; no. 36/2005Detalles de publicación: Frankfurt am Main : Deutsche Bundesbank, 2005Descripción: 52 pISBN:- 3865580920
- 23 657.30943
Tipo de ítem | Biblioteca actual | Signatura topográfica | Estado | Fecha de vencimiento | Código de barras | |
---|---|---|---|---|---|---|
Libro | Biblioteca Manuel Belgrano | 657.30943 R 49445 (Navegar estantería(Abre debajo)) | Disponible | 49445 |
Bibliografía: p. 39-41.
On the basis of accounting and market data for firms and groups listed on German stock exchanges between 1997 and 2003, we show that the value relevance of R&D information under German accounting standards can be superior to that provided by US_GAAP and IAS. The results, obteined while dynamically controlling for partial freedom of firms to choose a standard in a modified Q model, show that the risk of IAS/US-GAAP misinforming investors during "bear market" periods is more relevant than their comparative advantage over the prudence principle of the German Commercial Code in "bull market" periods. Using the approach chosen for this study, it is possible not only to draw a clear dividing line between standard and selection effects but also to disentangle them along theoretical lines more clearly than in earlier studies.
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