• The coverage of Hail and Leuz (2007) and Daske et al (2008) ends in 2005, the first year of IFRS adoption, and, as Hail and Leuz (2007) point out, there may be transitional factors – eg, ‘it may initially be harder for analysts to forecast firms’ net earnings under IFRS’ – that would lead to less favourable results for the first year of adoption. Li (2010)’s sample continues into 2006. However, so does that of Lee et al (2008).