Using a variance decomposition approach, we examine the importance of accounting information - in particular the cash flow and accruals components of earnings - in explaining the variation in UK company stock returns. We extend prior research by analysing whether auditor quality moderates the...

We examine whether business groups' influence on cash holdings depends on ownership. Group affiliation can increase firms' agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult external...