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espanolEl mercado de capitales chileno se caracteriza por alta concentracion de la propiedad y por la participacion de inversionistas institucionales como las Administradoras de fondos de Pensiones (AFP). En Chile, las IFRS se adoptan a partir del ano 2009. Desde la emision de la IFRS 13, en 2011, su aplicacion ha sido voluntaria, y solo obligatoria a partir del 2013. El proposito de este estudio es medir los efectos de la adopcion anticipada del uso del valor razonable en la transparencia del mercado de capitales chileno y en la disminucion de asimetria de informacion. Como proxy de la asimetria de informacion se trabajara con el spread (bid-ask) con datos de acciones intra-diarios de la Bolsa de Comercio de Santiago para el periodo 2007-2012. El estudio muestra que la aplicacion anticipada de la IFRS 13 no ha producido efecto significativo en la asimetria de informacion, se aprecia ademas que la aplicacion de la norma no ha producido el efecto esperado, es decir, a menor nivel de jerarquia del valor razonable menor es la asimetria de informacion. EnglishThe Chilean capital market is characterized by high concentration of ownership and the participation of institutional investors such as Pension Funds (AFP). In Chile, the IFRS are adopted from the year 2009. Since the issuance of IFRS 13, in 2011, its application has been voluntary, and only mandatory from 2013. The purpose of this study is to measure the impact of the early adoption of the use of fair value in the transparency of the Chilean capital market and the reduction of information asymmetry. As a proxy of information asymmetry will be used the spread (bid-ask) with intra-day data of the Santiago Stock Exchange for the period 2007-2012. The study shows that the early adoption of IFRS 13 has not produced significant effect on the asymmetry of information, it is further appreciated that the application of the standard has not produced the expected effect, that is, at lower level of fair value hierarchy less asymmetry of information

Valor razonable y la calidad de información revelada: efectos de la aplicación anticipada de la NIIF 13 en Chile