TY - UNPD A1 - Leuz, Christian T1 - IAS versus US GAAP: a "New Market" based comparison T2 - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 48 N2 - This paper investigates whether firms employing IAS or US GAAP exhibit measurable differences in proxies for information asymmetry and market liquidity. Sample firms are drawn from the "New Market" at the Frankfurt Stock Exchange. All firms listed in this market segment are required to provide financial statements in accordance with either IAS or US GAAP as part of the listing agreement. The sample choice provides a market-based comparison of the two standards holding disclosure requirements and standard enforcement constant. I find that differences in the bid-ask spread and trading volume are relatively small and more likely to be driven by firm characteristics than the choice of accounting standards. In contrast, New Market firms have lower spreads and higher turnover when compared with size-matched firms in other market segments following German GAAP. The results suggests that rigid disclosure regulation of the New Market matters in terms of information asymmetry and liquidity, but that the choice between IAS and US GAAP is of second order importance. JEL Classification: D82, G30, M41 T3 - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 48 KW - Disclosure KW - IAS KW - US GAAP KW - Neuer Markt KW - Liquidity Y1 - 2000 UR - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/55346 UR - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-553460 UR - https://www.econbiz.de/archiv/f/uf/finanzierung/ias_vs_usgaap.pdf IS - Revised: 17. November 1999 CY - Frankfurt am Main ER -