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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
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Official URL: https://doi.org/10.1108/ARJ-01-2017-0020
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 |
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| Divisions: | Faculty of Science > 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: |
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| Date of first compliant deposit: | 30 October 2017 | ||||||
| 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 | ||||||
| Related URLs: |
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