ADAPTION OF INTERNATIONAL ACCOUNTING STANDARD AND EXPERIMENTAL STUDY OF EARNINGS-RETURNS

Hypothesis 1 : The Abnormal Revision around the Time of Filings Form 20-F Increases with the Divergence of US GAAP Earnings and Foreign GAAP Earnings. I expect that There is a Direct Relationship between Analyst Following and the Amount of Information Disclosed by a Firm. Hypothesis 2 : The Abnormal Revision around the Time of Filings Form 20-F Decreases with the Number of Analyst Following the Firm. A High Level of Dispersion in Earnings Forecast Implies Disagreement amoung Forecasts. Thus It is Hypothesissed. Hypothesis 3 : The Abnormal Revision around the Time of Filings Form 20-F Increases with the Amount of Dispersion of Analyst' Expectation. Samples Consist of Non-US Firms(UK, GERMANY, FRANCE, NETHERLAND, ITALY Firms) on the New York Stock Exchanges. The source of data for the period prior to filings Form 20-F is Institutional Brokers Estimate System(I/B/E/S)International Databases.