Economic Consequences Mid-Term Review February 2009, Valencia

1. �Economic Consequences�Mid-Term ReviewFebruary 2009, Valencia Ulf Br�ggemann Theodosia Konstantinidi Ur�ka Kosi Laura Marquez Ramos

2. Economic Consequences Regulation (EC) No 1606/2002 - Article 1: �This Regulation has as its objective the adoption and use of international accounting standards � to ensure a high degree of transparency and comparability of financial statements and hence an efficient functioning of the Community capital market and of the Internal Market.� Capital market effects vs. real economic consequences Intended vs. unintended economic consequences Caveats: Compliance and enforcement Market solution?

3. Background Ulf Br�ggemann Since 04/2007 INTACCT ESR, Lancaster University Since 10/2004 PhD Studies, University of Cologne 07/2003 Diploma in Business Administration, University of M�nster PhD Thesis: �Economic Consequences of mandatory IFRS adoption in Europe� PhD supervisor: Carsten Homburg (University of Cologne) INTACCT supervisors: Peter F. Pope, Steve Young (Lancaster University), Holger Daske (University of Mannheim, Frankfurt University)

4. Experiences Ulf Br�ggemann Lancaster: PhD and Research Seminars Stimulating research environment INTACCT: Workshops / Colloquia International conferences Great community ? current / future collaboration

5. Output Ulf Br�ggemann Research: �Mandatory IFRS adoption, information and market liquidity around earnings announcements� (with Paulo Alves and Peter F. Pope) �How do foreign retail investors react to global IFRS adoption?� (with Holger Daske, Carsten Homburg and Peter F. Pope) Other Activities: Book review (TIJA) Web-based literature database ESR/ER group projects

6. Future Plans Ulf Br�ggemann Research: Finish current projects Review of IFRS literature (with J�rg-Markus Hitz and Thorsten Sellhorn) Project on unintended consequences of IFRS adoption Project on market reactions to earnings announcements After INTACCT (03/2010) ? job market

7. Background Theodosia Konstantinidi Since 10/2007 INTACCT ESR, University of Cyprus Since 10/2007 PhD Studies, Lancaster University 2006-2007 MSc in Accounting and Financial Management, Lancaster University PhD Thesis: �The accrual anomaly under different accounting standards: Risk or mispricing� PhD supervisor: Peter F. Pope (Lancaster University) INTACCT supervisors: Andreas Charitou (University of Cyprus) Irene Karamanou (University of Cyprus) Peter F. Pope (Lancaster University)

8. Experiences

9. Output Theodosia Konstantinidi Research: �The accrual anomaly under different GAAP regimes� �Accrual and cash flow multiple-based valuation. Implications for the accruals anomaly� Other Activities: Web-based literature database

10. Future Plans Theodosia Konstantinidi Research: Continuous education Complete current and start new projects Collaboration with other ESR�s (with Zoltan) After INTACCT (10/2010) ? position at a university

11. Background Ur�ka Kosi 04/2004 MSc in Economics, University of Ljubljana Since 09/2007 INTACCT ESR, University of Macedonia Since 10/2007 PhD Student, Lancaster University PhD Thesis: �Contemporary Issues in Financial Reporting� PhD supervisor: Peter F. Pope (Lancaster University) INTACCT supervisors: Annita Florou (University of Macedonia), Peter F. Pope (Lancaster University), Aljo�a Valentincic (University of Ljubljana)

12. Experiences

13. Output Ur�ka Kosi Research: �Asset Write-Offs in the Absence of Agency Problems� (with Neil Garrod, Aljo�a Valentincic) �Institutional Environment in EU Countries� �IFRS and Debt Contracting?� (with Annita Florou) Other Activities: ESR/ER group projects Coordination of reporting activities Conference and seminar attendance

14. Future Plans Ur�ka Kosi Research: Finish current projects IFRS reconciliations (with Katja Kaker) IFRS consequences in financial sector

15. Background Laura M�rquez-Ramos Business Administration and Management, Universitat Jaume I, Castell�n (1998-2002) Background: International Economics Ph D. International Economics (2007): �New determinants of bilateral trade: An empirical analysis for developed and developing countries� Related publications: �Technological Innovation, Trade and Development�, in Information and Communication Technologies for Economic and Regional Developments, ed. Dr. M. Hakikur Rahman. Idea group inc, 2007 �The Role of Distance in Gravity Regressions: Is There Really a Missing Globalisation Puzzle?�, Topics in Economic Analysis & Policy, 7 (1), 2007 �The Effect of Trade Facilitation on Sectoral Trade�, the B.E. Journal of Economic Analysis & Policy, 8 (1) (Topics), Article 42, 2008

17. Output Laura M�rquez-Ramos (May 2007- February 2008) Research: �The Effect of IFRS Adoption on Trade and Foreign Direct Investments� Workshops, conferences and schools: IV Accounting Research Symposium, Amsterdam Ninth Trento Summer School, Intensive Course in Financial Instability and Crises, Trento VI Workshop de investigaci�n emp�rica en contabilidad financiera, Madrid 18th International conference of international trade and finance association (IFTA), Lisbon VIII doctoral meetings in international trade and international finance, Barcelona

18. Future Plans Laura M�rquez-Ramos Academic profile: Working as a lecturer at University Jaume I (March 2008) Teaching 2008-2009: Economic integration in a Master�s degree, World Economy, Economics, and Quantitative Methodology for Business Research: IFRS effect at a macroeconomic level Experimental interest, voluntariety vs. mandatoriety