Are 20-F reconciliations between IAS and US-GAAP value-relevant? A discussion

Harris and Muller (1998) present some interesting evidence on the market va luation of accounting numbers under IAS and US-GAAP. I view this evidence a s a first step in contributing to the debate on whether foreign firms follo wing IAS should be allowed to list in the US without providing 20-F reconci liations. In my discussion, I evaluate the contribution and limitations of the study and suggest some extensions. (C) 1999 Published by Elsevier Scien ce B.V. All rights reserved. JEL classification: M41; G15.