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UK Accounting Disclosure Practices and Information Asymmetry During the First Quarter of the Twentieth Century: The Effects on Book Returns and Dividend Cover

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  • A.J. Arnold

Abstract

During the first quarter of the twentieth century there was marked information asymmetry as between senior managers and shareholders. The differences in information provision can be dichotomised into ‘volume’ and ‘distortion’ effects. This paper measures the (matched pair) differences between two standard measures of corporate performance, returns on equity capital and equity dividend cover, based on internal and then published data, in each case derived from a broadly‐based set of quoted companies in UK industrial sectors. The results suggest that levels of information distortion were low until 1914, and material and much higher, after rather than during the First World War.

Suggested Citation

  • A.J. Arnold, 1998. "UK Accounting Disclosure Practices and Information Asymmetry During the First Quarter of the Twentieth Century: The Effects on Book Returns and Dividend Cover," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 25(7‐8), pages 775-794, September.
    • Handle: RePEc:bla:jbfnac:v:25:y:1998:i:7-8:p:775-794
    DOI: 10.1111/1468-5957.00212
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    Cited by:

    1. Braggion, Fabio & Moore, Lyndon, 2013. "The Economic Benefits of Political Connections in Late Victorian Britain," The Journal of Economic History, Cambridge University Press, vol. 73(1), pages 142-176, March.
    2. Fabio Braggion & Lyndon Moore, 2011. "Dividend Policies in an Unregulated Market: The London Stock Exchange, 1895--1905," The Review of Financial Studies, Society for Financial Studies, vol. 24(9), pages 2935-2973.
    3. Billings, Mark & Capie, Forrest, 2009. "Transparency and financial reporting in mid-20th century British banking," Accounting forum, Elsevier, vol. 33(1), pages 38-53.
    4. Malcolm Anderson, 1999. "Accounting History Publications 1998," Accounting History Review, Taylor & Francis Journals, vol. 9(3), pages 375-384.

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