{"id":1515,"date":"2017-12-27T17:53:07","date_gmt":"2017-12-27T16:53:07","guid":{"rendered":"https:\/\/frjournal.eu\/journal\/?p=1515"},"modified":"2017-12-27T17:53:07","modified_gmt":"2017-12-27T16:53:07","slug":"analisi-di-sensitivita-al-tasso-di-cambio-uninformazione-utile-per-gli-investitori-informativeness-of-ifrs-7-sensitivity-analysis-disclosure-on-currency-risk","status":"publish","type":"post","link":"https:\/\/frjournal.eu\/journal\/2017\/12\/27\/analisi-di-sensitivita-al-tasso-di-cambio-uninformazione-utile-per-gli-investitori-informativeness-of-ifrs-7-sensitivity-analysis-disclosure-on-currency-risk\/","title":{"rendered":"Analisi di sensitivit\u00e0 al tasso di cambio: un\u2019informazione utile per gli investitori? (Informativeness of IFRS 7 sensitivity analysis disclosure on currency risk)"},"content":{"rendered":"<p>Mattei Marco Maria, Palmucci Fabrizio, Bonetti Pietro\/\u00a0<a href=\"http:\/\/www.sidrea.it\/category\/riviste\/financial-reporting\/\">Financial Reporting<\/a>,\u00a0<a href=\"http:\/\/www.sidrea.it\/category\/riviste\/\">Riviste<\/a>\u00a0\/\u00a0Fascicolo: 2-2011<\/p>\n<hr \/>\n<p>Il lavoro analizza gli effetti dell\u2019entrata in vigore dell\u2019IFRS 7, emanato dallo IASB con lo scopo di aumentare l\u2019informazione sull\u2019esposizione delle imprese ai rischi di mercato. La nostra ricerca indaga l\u2019utilit\u00e0 per gli investitori dell\u2019analisi di sensitivit\u00e0 al rischio di tasso di cambio fornita dalle societ\u00e0 quotate italiane. I risultati mostrano che prima dell\u2019introduzione dell\u2019IFRS 7 il mercato stimava erroneamente l\u2019esposizione al tasso di cambio, mentre successivamente la sensitivit\u00e0 dei rendimenti al tasso di cambio sembra allinearsi con le esposizioni dichiarate. Dall\u2019analisi, inoltre, emerge che l\u2019informazione sull\u2019esposizione riduce la sensitivit\u00e0 dei volumi al tasso di cambio. I nostri risultati integrano la letteratura statunitense fornendo evidenze di come un\u2019analisi di sensitivit\u00e0 anche\u00a0<em>backward-looking<\/em>\u00a0sia utile al mercato.<\/p>\n<p>Using Italian data, we study the usefulness for investors of the sensitivity analysis disclosures on currency risk mandated by IFRS 7. We hypothesize that the new quantitative disclosures affect both stock returns and trading volume sensitivity to exchange rate changes. Our results show that, before the adoption of IFRS 7, investors wrongly assessed firms\u2019 exposures to currency risk, whereas after the release of the new disclosures the market reaction to exchange rate changes seems to align with the quantitative information provided by firms. Moreover, we find that the IFRS 7 disclosures reduce the trading volume sensitivity to exchange rate changes. Overall, our findings integrate the US literature on the informativeness of quantitative disclosures on market risk and suggest that also a backward-looking disclosure is useful for investors.<\/p>\n<p><strong>Keywords: <\/strong>IFRS 7, rischio di tasso di cambio, rischio di mercato, analisi di sensitivit\u00e0, disclosure<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mattei Marco Maria, Palmucci Fabrizio, Bonetti Pietro\/\u00a0Financial Reporting,\u00a0Riviste\u00a0\/\u00a0Fascicolo: 2-2011 Il lavoro analizza gli effetti dell\u2019entrata in vigore dell\u2019IFRS 7, emanato dallo IASB con lo scopo di aumentare l\u2019informazione sull\u2019esposizione delle imprese ai rischi di mercato. La nostra ricerca indaga l\u2019utilit\u00e0 per gli investitori dell\u2019analisi di sensitivit\u00e0 al rischio di tasso di cambio fornita dalle societ\u00e0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"quote","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[30,1],"tags":[312,160,309,311,310],"class_list":["post-1515","post","type-post","status-publish","format-quote","hentry","category-browse-the-journal","category-financial-reporting","tag-analisi-di-sensitivita","tag-disclosure","tag-ifrs-7","tag-rischio-di-mercato","tag-rischio-di-tasso-di-cambio","post_format-post-format-quote"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Analisi di sensitivit\u00e0 al tasso di cambio: un\u2019informazione utile per gli investitori? (Informativeness of IFRS 7 sensitivity analysis disclosure on currency risk) | Financial Reporting Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/frjournal.eu\/journal\/2017\/12\/27\/analisi-di-sensitivita-al-tasso-di-cambio-uninformazione-utile-per-gli-investitori-informativeness-of-ifrs-7-sensitivity-analysis-disclosure-on-currency-risk\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analisi di sensitivit\u00e0 al tasso di cambio: un\u2019informazione utile per gli investitori? (Informativeness of IFRS 7 sensitivity analysis disclosure on currency risk) | Financial Reporting Journal\" \/>\n<meta property=\"og:description\" content=\"Mattei Marco Maria, Palmucci Fabrizio, Bonetti Pietro\/\u00a0Financial Reporting,\u00a0Riviste\u00a0\/\u00a0Fascicolo: 2-2011 Il lavoro analizza gli effetti dell\u2019entrata in vigore dell\u2019IFRS 7, emanato dallo IASB con lo scopo di aumentare l\u2019informazione sull\u2019esposizione delle imprese ai rischi di mercato. 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