CAPM model for valuing investor risk from accounting information before and after IFRS in Colombian banks
DOI:
https://doi.org/10.18041/1900-3803/entramado.1.7242Keywords:
Investor risk, International Financial Reporting Standards (IFRS), Cost of capital;, Accounting information, ColombiaAbstract
The objective of this paper is to assess the risk of investors based on accounting information before and after the International Financial Reporting Standards (IFRS) in credit institutions in Colombia. For this purpose, the Financial Asset Pricing Model (CAPM) was calculated for 15 banks in Colombia before and after 2015, the year of IFRS implementation in this country. It could be evidenced that the accounting changes have changed the magnitude of the risk of the companies decreasing the cost of capital. Most of the improvement is located in the estimation of financial risk. Finally, the cost of capital showed a wide variability according to bank ownership.
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