CUBE
Relevance of accounting information for corporate debt financing
| Coordinatore | HUMBOLDT-UNIVERSITAT ZU BERLIN
Organization address
address: UNTER DEN LINDEN 6 contact info |
| Nazionalità Coordinatore | Germany [DE] |
| Totale costo | 37˙500 € |
| EC contributo | 37˙500 € |
| Programma | FP7-PEOPLE
Specific programme "People" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013) |
| Code Call | FP7-PEOPLE-2010-RG |
| Funding Scheme | MC-ERG |
| Anno di inizio | 2011 |
| Periodo (anno-mese-giorno) | 2011-04-01 - 2013-09-30 |
Partecipanti
| # | ||||
|---|---|---|---|---|
| 1 |
HUMBOLDT-UNIVERSITAT ZU BERLIN
Organization address
address: UNTER DEN LINDEN 6 contact info |
DE (BERLIN) | coordinator | 37˙500.00 |
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Obiettivo del progetto (Objective)
'From 2005 the EU requires publicly listed companies to prepare financial statements based on IFRS instead of national accounting rules (EC No. 1606/2002). Regulators have suggested that harmonisation of financial reporting should bring benefits to companies and their capital providers which would in turn improve the efficiency of the European financial markets significantly. However, it is possible that these expectations are not borne out. Furthermore, in the aftermath of the recent financial crisis, IFRS regulation experienced significant changes, in particular with respect to fair value accounting. These arguments create a strong rationale for conducting the research outlined in this proposal. The objective of proposed research is to examine the financial statements effects of accounting regulation changes from the debt holders' perspective. While existing research mainly examines the implications of regulation changes for the equity markets, there is little evidence from the debt markets and the project attempts to fill this gap. The research will undertake a comprehensive analysis and develop understanding of the relevance of accounting information for corporate debt financing. It will be investigating how financial reporting as an information device can change the debt market infrastructure. Findings will be valuable in helping policy makers, regulators and practitioners to learn and adapt, and thus support the development of a more efficient EU economy. Since accounting and financial reporting are multi-disciplinary phenomena, accounting regulation is merely one part of a complex equilibrium. As a result, this research proposal will promote empirical financial reporting research by integrating multi-disciplinary theory and empirical methods from accounting and related disciplines including finance, economics and law. The project will give high priority to dissemination of research to and receipt of feedback from academic, policy and practice communities.'
Introduzione (Teaser)
New empirical research for accountancy
Descrizione progetto (Article)
Funded by the EU, the 'Relevance of accounting information for corporate debt financing' (CUBE) project investigated the effects of changes in accounting regulations on financial statements. Research focused on the debt holders' perspective and the links between financial reporting, the legal and institutional environments, and the debt market.
Teaching, research, journal submissions and organisational activities were undertaken to promote the project and its findings. Two papers are being peer-reviewed and another has been accepted for publication in an EU-based journal.
The researchers also organised a summer school for doctoral/PhD students from nine European countries and the United States on the topic of empirical financial accounting research. The summer school included four international faculty members.
Findings were presented to the academic community, practitioners, regulators and policymakers through participation at conferences, seminars and workshops.CUBE has succeeded in generating and transferring knowledge on the economic effects of changes in accounting regulations. Project efforts also led to an extended and enhanced research network and collaborations spanning Europe and the United States.