We exploit a unique setting of accounting regulation change to examine how accounting information quality affects the well-documented accrual anomaly. We show a significant reduction in the negative return predictability of accruals among UK companies with poorer accounting information quality...

Using a sample of UK firms, we find that institutional block-holding is negatively associated with directors' ownership and is positively associated with board composition, suggesting that institutional block-holders regard directors' ownership and board composition as substitute and...