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 âuserâ and âpreparerâ 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 âaccountantsâ we mean Certified Public Accountants (CPAs) associated with the national Big Eight firms of CPAs engaged
The Journal of Finance – Wiley
Published: Jun 1, 1974
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