Information content of earnings in an unregulated market: the co-operative cotton mills of Lancashire, 1880–1900
J. Toms
Accounting and Business Research, 2001, vol. 31, issue 3, 175-190
Abstract:
This paper analyses the relationship between earnings and dividend announcements and contemporaneous stock returns. Many previous studies have examined this association, although few address its social and historical context. In late 19th century Lancashire, there was an unusual coincidence of co-operative ownership and the trading of ownership rights on a liquid stock market. Using stock market numbers extracted from the local financial press in conjunction with other relevant archives, this paper examines the usefulness of accounting information provided in circumstances without regulatory duress and where its disclosure was subject to the scrutiny of a well-informed, and socially diverse, shareholding class. Results suggest that employee involvement via ownership rights is likely to improve the information content of accounting reports.
Date: 2001
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)
Downloads: (external link)
http://hdl.handle.net/10.1080/00014788.2001.9729613 (text/html)
Access to full text is restricted to subscribers.
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:taf:acctbr:v:31:y:2001:i:3:p:175-190
Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RABR20
DOI: 10.1080/00014788.2001.9729613
Access Statistics for this article
Accounting and Business Research is currently edited by Vivien Beattie
More articles in Accounting and Business Research from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().