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

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  • Kingsley Olibe

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

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  • Kingsley Olibe, 2001. "Assessing the usefulness of SEC Form 20-F disclosures using return and volume metrics: The case of U.K. firms," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 25(3), pages 343-357, September.
    • Handle: RePEc:spr:jecfin:v:25:y:2001:i:3:p:343-357
    DOI: 10.1007/BF02745894
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    References listed on IDEAS

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    1. Olibe, Kingsley O. & Strawser, Robert H. & Strawser, William R., 2022. "The information content of earnings for UK firms disclosing under UK GAAP and IFRS," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 46(C).

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