DISCLOSURE: A STUDY OF THE CONSENSUS AMONG PUBLIC ACCOUNTANTS AND SECURITY ANALYSTS *

DISCLOSURE: A STUDY OF THE CONSENSUS AMONG PUBLIC ACCOUNTANTS AND SECURITY ANALYSTS * THEOBJECTIVE of the study was to provide a piece of empirical evidence bearing on the question of adequacy of disclosure in published corporate annual reports. More specifically it examined whether the “user” and “preparer” groups have consensus on the value of disclosed information in published corporate annual reports. The author tested the following hypotheses: HI : There is no significant difference between the accountants and the security analysts on the value of information items for equity investment decisions. H,: There is no significant difference between the value of information items to security analysts and the value of information items to security analysts as perceived by accountants for equity investment decisions. H,: There is no significant difference between the value of information items to accountants and the value of information items to security analysts as perceived by accountants for equity investment decisions. The security analysts engaged in analyzing and interpreting published corporate annual reports and in counseling equity investors for remuneration were assumed to represent the users of corporate reports in the study. More specifically this group included Chartered Financial Analysts. By “accountants” we mean Certified Public Accountants (CPAs) associated with the national Big Eight firms of CPAs engaged http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Finance Wiley

DISCLOSURE: A STUDY OF THE CONSENSUS AMONG PUBLIC ACCOUNTANTS AND SECURITY ANALYSTS *

The Journal of Finance, Volume 29 (3) – Jun 1, 1974

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Publisher
Wiley
Copyright
1974 The American Finance Association
ISSN
0022-1082
eISSN
1540-6261
DOI
10.1111/j.1540-6261.1974.tb01503.x
Publisher site
See Article on Publisher Site

Abstract

THEOBJECTIVE of the study was to provide a piece of empirical evidence bearing on the question of adequacy of disclosure in published corporate annual reports. More specifically it examined whether the “user” and “preparer” groups have consensus on the value of disclosed information in published corporate annual reports. The author tested the following hypotheses: HI : There is no significant difference between the accountants and the security analysts on the value of information items for equity investment decisions. H,: There is no significant difference between the value of information items to security analysts and the value of information items to security analysts as perceived by accountants for equity investment decisions. H,: There is no significant difference between the value of information items to accountants and the value of information items to security analysts as perceived by accountants for equity investment decisions. The security analysts engaged in analyzing and interpreting published corporate annual reports and in counseling equity investors for remuneration were assumed to represent the users of corporate reports in the study. More specifically this group included Chartered Financial Analysts. By “accountants” we mean Certified Public Accountants (CPAs) associated with the national Big Eight firms of CPAs engaged

Journal

The Journal of FinanceWiley

Published: Jun 1, 1974

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