This study examines whether IFRS 16 provided incremental capital-market benefits beyond those already available from pre-adoption disclosures, and whether recognised lease amounts under IFRS 16 differ meaningfully from pre-IFRS 16 estimates. We first document that commonly used pre-IFRS 16 estimation methods produce lease liability measures that closely approximate recognised lease liabilities under IFRS 16, with estimation errors that are economically modest for most firms. Second, we find that estimated lease liabilities were value relevant prior to IFRS 16 and that the adoption of IFRS 16 is associated with limited and heterogeneous changes in the value relevance of accounting numbers. These effects are concentrated among firms with high lease intensity, while for the majority of firms the incremental pricing effects of recognised lease amounts are weak. Overall, our findings suggest that the capital-market effects of IFRS 16 are attenuated by the relatively high information content of pre-adoption lease disclosures. The results have implications for the debate on disclosure versus recognition and for the design and evaluation of future accounting standard reforms.