The value relevance of voluntary disclosure in the annual report

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The value relevance of voluntary disclosure in the annual report

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dc.contributor.author Banghøj, Jesper en_US
dc.contributor.author Plenborg, Thomas en_US
dc.date.accessioned 2009-02-04T10:24:32Z
dc.date.available 2009-02-04T10:24:32Z
dc.date.issued 2007-01-04T00:00:00Z en_US
dc.identifier.uri http://hdl.handle.net/10398/6742
dc.description.abstract This paper examines if the level of voluntary disclosure affects the association between current returns and future earnings. Economic theory suggests that firms might find it advantageous to provide additional pieces of information (i.e., voluntary disclosure) to investors and analysts (Verrecchia 1983). Our results indicate that more voluntary disclosure does not improve the association between current returns and future earnings; i.e. current returns do not reflect more future earnings news. This finding raises the question whether voluntary information in the annual report contains value relevant information about future earnings or if investors are simply not capable of incorporating voluntary information in the firm value estimates. Key words: Disclosure, future earnings, informativeness en_US
dc.format.extent 38 s. en_US
dc.language eng en_US
dc.relation.ispartofseries Working paper;2006-001 en_US
dc.title The value relevance of voluntary disclosure in the annual report en_US
dc.type wp en_US
dc.accessionstatus modt07jan04 mielmo en_US
dc.contributor.corporation Copenhagen Business School. CBS en_US
dc.contributor.department Institut for Regnskab og Revision en_US
dc.contributor.departmentshort RR en_US
dc.contributor.departmentuk Department of Accounting and Auditing en_US
dc.contributor.departmentukshort AA en_US
dc.idnumber x65654586x en_US
dc.publisher.city København en_US
dc.publisher.year 2006 en_US


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