The performance of the G-Score Strategy after IFRS: Evidence from Taiwan listed companies

• Main Authors: Le-Chen Shish, 石樂丞
• Other Authors: Yan-Ting Lin
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/03575131236638722103

碩士 === 輔仁大學 === 會計學系碩士班 === 105 === Base on the fundamental investing strategy of G_SCORE portfolio developed by Mohanram(2005), this study compares the differences in the performance of the G_SCORE strategy between pre-IFRS and post-IFRS periods. The sample of this study consists of the Taiwan listed firms on the TSE and OTC. The years of 2010 and 2011 are defined as the pre-IFRS period, and the years of 2013 and 2014 are defined as the post-IFRS period. G_SCORE portfolio is the investing strategy base on financial ratio analysis. This study argues and finds that the investment performance of the G_SCORE strategy could be enhanced after adopting IFRS, because IFRS includes more fair value information in the financial statements, which is more relevant to investors than the information provided by historical costs. However, the performance increased is insignificant, and the lack of long time series data is inferred as the cause of the insignificance. The potential contribution of this study is to provide empirical evidence from the perspective of investment practice to understand the benefit of switching from R.O.C. GAAP to IFRS.