Does eliminating the Form 20-F reconciliation from IFRS to U.S. GAAP have capital market consequences?

► Capital market consequences of eliminating the 20-F reconciliation. ► No evidence of a negative impact on liquidity or PIN. ► No evidence of a negative impact on other measures of capital market consequences. ► No evidence of a significant change in IFRS firms' disclosure frequency. ► Findings do not support the elimination resulting in greater information asymmetry.