TY - JOUR
AU - Hines, R. D.
AB - 296 ACCOUNTING AND BUSINESS RESEARCH The Usefulness of Annual Reports: the Anomaly between the Efficient Markets Hypothesis and Shareholder Surveys ++ R. D. Hines An implication of this equation is that, since all Introduction publicly available information is used by the mar- Recent literature has cast doubt on the usefulness ket in assessing expected future returns and of annual reports to shareholders. Two areas of prices. an investor cannot use publicly available research relate directly to the question of whether information as the basis of a trading system with shareholders use annual reports. Firstly, the Effi- expected returns in excess of equilibrium expected cient Markets Hypothesis (EMH) implies that returns. Simply stated by Williams and Findlay: annual reports are issued too late to be of use to ‘By the time one reads some new information, it is shareholders. Secondly, investor surveys indicate too late to profit from it’.2 that shareholders do use annual reports. This Extensive testing of the Efficient Markets Hy- paper investigates the apparent conflict between pothesis in recent years has produced results these two research areas in an effort to resolve the which are generally consistent with the hypoth- anomaly. esk3 The implication of this evidence 
TI - The Usefulness of Annual Reports: the Anomaly between the Efficient Markets Hypothesis and Shareholder Surveys
JF - Accounting and Business Research
DO - 10.1080/00014788.1982.9728822
DA - 1982-09-01
UR - https://www.deepdyve.com/lp/taylor-francis/the-usefulness-of-annual-reports-the-anomaly-between-the-efficient-8Jz5REEEOp
SP - 296
EP - 309
VL - 12
IS - 48
DP - DeepDyve
ER -