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The impact of international financial reporting standards on fund performance

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Rubanov, Dmitrij, Nnadi, Matthias and Oledinma, Akunna (2018) The impact of international financial reporting standards on fund performance. Accounting Research Journal, 31 (1). pp. 102-120. doi:10.1108/ARJ-01-2017-0020 ISSN 1030-9616.

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Official URL: https://doi.org/10.1108/ARJ-01-2017-0020

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Abstract

Purpose:
This paper examines the effect of IFRS on the performance of UK investment closed-end trust funds with domestic equity focus using Carhart’s Four-Factor model.

Design/methodology/approach:
The paper is based on the Efficient Market Hypothesis, which argues that all available information is already included in the price of assets and therefore, investors cannot beat the market or generate abnormal returns.

Findings:
The results show that on average UK investment trusts do not generate abnormal returns, nor is their performance persistent. Our study provides empirical evidence to supports the efficient market hypotheses, and provides proof that the adoption of IFRS has on average, a decreasing impact on the excess returns generated by UK investment trusts.

Originality/Value:
The findings of the paper have business policy implications for investment trust in the UK.

Item Type: Journal Article
Subjects: H Social Sciences > HA Statistics
H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
H Social Sciences > HJ Public Finance
Divisions: Faculty of Science, Engineering and Medicine > Engineering > WMG (Formerly the Warwick Manufacturing Group)
Journal or Publication Title: Accounting Research Journal
Publisher: Emerald Publishing Limited
ISSN: 1030-9616
Official Date: 8 May 2018
Dates:
DateEvent
8 May 2018Published
27 September 2017Accepted
Volume: 31
Number: 1
Page Range: pp. 102-120
DOI: 10.1108/ARJ-01-2017-0020
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 30 October 2017
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