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...

Purpose – The purpose of this paper is to assess the effect of financial performance on the textual characteristics of the chairman's statement. In particular, given the increased motives for poorly performing management to engage in impression management, the paper focuses on whether...

Against the background of a continuing SME equity gap, this paper describes the regulatory framework and characteristics of three new secondary equity markets (AIM, OFEX and EASDAQ) which have recently been launched in an attempt to facilitate the raising of external equity finance by SMEs. The...