Assessing the usefulness of SEC Form 20-F disclosures using return and volume metrics: The case of U.K. firms

Kingsley Olibe ()

Journal of Economics and Finance, 2001, vol. 25, issue 3, 343-357

Abstract: This study examines the price and volume effects of the release, in the United States, of accounting numbers by U.K. firms. These U.K. firms report accounting numbers to the U.S. Securities and Exchange Commission (SEC) using Form 20-F. The results suggest the existence of unexpected returns but no corresponding U.S. market trading response. This finding is consistent with the notion that investors lack easy access to the disclosure. The lack of a volume response suggests that only a small group of investors find Form 20-F informative. Copyright Academy of Economics and Finance 2001

Date: 2001
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DOI: 10.1007/BF02745894

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