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dc.contributor.authorCasta, Jean-François
dc.contributor.authorRamond, Olivier
dc.contributor.authorEscaffre, Lionel
dc.date.accessioned2009-12-09T13:49:47Z
dc.date.available2009-12-09T13:49:47Z
dc.date.issued2007
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/2641
dc.descriptionCe document est également paru dans la série des Working Papers de la Chaire Finance d'entreprise Dauphine - FBF, n° 2009-8
dc.language.isoenen
dc.subjectR&Den
dc.subjectIntangible investmentsen
dc.subjectaccounting numbersen
dc.subjectinformativenessen
dc.subjectusefulnessen
dc.subjectvalue-relevanceen
dc.subject.ddc657en
dc.subject.classificationjelG31en
dc.subject.classificationjelM21en
dc.subject.classificationjelM41en
dc.titleIntangible investments & accounting numbers : usefulness, informativeness, and relevance on the European stock marketsen
dc.typeCommunication / Conférence
dc.description.abstractenThis study investigates whether European domestic GAAPs used for intangibles recognition prior to the IFRS adoption exhibit major differences while examining the relationship between a firm's economic (financial, operating and competitive) performance and its recognized intangible investment (RII). Using a five-European-country sample over the pre-IFRS compliance period 1993-2004, we first provide evidence that, independently of the intangibles accounting recognition practices, investors adopt a short-term perspective or "myopic view" while constructing their portfolios by penalizing firms with high RII. Secondly, contrary to the resource-based view, our results suggest that RII do not underpin under any accounting treatment better competitive position inside a specific industry. Finally, our findings clearly support the idea that EU continental accounting standards, while opposed to Anglo-Saxon settings, ease the relationship existing between RII and firm operating performance. This last result would suggest that IFRS adoption could lead to disconnect operating margins from RII and subsequently challenge the widespread claim that IFRS help produce higher-quality reporting about a firm's operating activities.en
dc.contributor.countryeditoruniversityotherLARGO, université d'Angers; France
dc.description.sponsorshipprivateouien
dc.subject.ddclabelContrôle de gestion Comptabilitéen
dc.relation.conftitle30th EAA Annual Congressen
dc.relation.confdate2007-04
dc.relation.confcityLisbonneen
dc.relation.confcountryPortugalen


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