580 California St., Suite 400
San Francisco, CA, 94104
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Table 1 Variables: Pit is the stock price of company i, three months after the end of year t; (BV-IA)j: is the book value of equity minus the amount of recognised intangible assets per share of company i at the end of year t; E is the earnings per share of company i at the end of year t; IIAjr is the identifiable intangible assets per share recognised in the balance sheet of company i at the end of year t; Gi is the per share goodwill recognised in the balance sheet of company i at the end of year t; IP; is the per share intellectual property and other rights recognised in the balance sheet of company i at the end of year t; RDj; is the per share research and development expenditures recognised in the balance sheet of company i at the end of year t; and OIA; other intangible assets per share (excluding IP, RD and G) recognised in the balance sheet of company i at the end of year t; and AS is a dummy variable equal to 0 if the accounting system is characterised by POC and 1 if it is characterised by IAS and IFRS. Descriptive statistics and correlations (pooled sample n = 354). Table 1
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