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Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Disclosure quality and stock returns in the UK
Author(s): Hussainey, Khaled
Mouselli, Sulaiman
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Keywords: Narrative disclosure
Future oriented information
Value relevance
Fama-French factors
Stock return
United Kingdom
Issue Date: 2010
Citation: Hussainey K & Mouselli S (2010) Disclosure quality and stock returns in the UK, Journal of Applied Accounting Research, 11 (2), pp. 154-174.
Abstract: The purpose of this paper is to update and re-examine the role of corporate narrative reporting in improving investors’ ability to better forecast future earnings change. We also construct a risk factor for disclosure quality (DQ) and test whether such a factor is useful in explaining the time-series variation of UK stock returns. Our paper contributes to the market based accounting research in three crucial ways. Firstly, it offers updated evidence on the usefulness of corporate narrative reporting to investors. Secondly, it offers evidence that the DQ factor is a significant risk factor in the UK. Thirdly, and finally, it finds that the Fama-French factors might contain DQ related information.
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Rights: Publisher policy allows this work to be made available in this repository. Published in Journal of Applied Accounting Research, Vol. 11 Iss: 2, pp.154 - 174 by Emerald Group Publishing. The original publication is available at

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