An empirical study of the impact of financial reporting disclosures on UK investment trusts.

Ian Fraser, Heather Tarbert, Kai Hong Tee

Research output: Contribution to journalArticlepeer-review

Abstract

While an extensive literature exists on the market impact of accounting disclosures, there is little prior work on the market impact of accounting disclosures on investment trusts within the UK. The prior literature that exists suggests an absence of information content. This paper investigates whether financial statements for investment trusts contain information content over the period of the annual reporting cycle. The results indicate that the preliminary earning report (PER) and annual general meeting (AGM) contain information content in this setting. In addition, the results demonstrate a clear size effect with stronger market reaction in the case of smaller investment trusts.
Original languageEnglish
Pages (from-to)803-807
Number of pages5
JournalApplied Financial Economics
Volume15
Issue number11
DOIs
Publication statusPublished - 1 Jul 2005
Externally publishedYes

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