Informationsasymmetri och redovisning till verkligt värde - en studie av nordiska fastighetsföretag

Sammanfattning: This thesis aims to investigate the information effects of fair value accounting in Nordic real estate companies. As a consequence of the mandatory IFRS adoption in the European Union in 2005, listed Nordic companies are allowed to recognize investment property at fair value in accordance with IAS 40. Theory suggests that fair value accounting should lower information asymmetry. Therefore, this study aims to examine correlation between fair value accounting of investment property and information asymmetry on the stock market. To investigate this, we use bid-ask spread as a proxy for information asymmetry and examine Nordic real estate companies before and after the implementation of IFRS. The statistical model used is multiple linear regression. Findings suggest that recognition of investment property at fair value correlates with lower information asymmetry, as reflected in lower bid-ask spreads.