One of the accounting information goals is helping users in predicting investment return on investment. Some variables affecting firms ’ stock returns in market result from financial information provided by management. Extent of effect of this information is complicated and somehow unknown. Investors, invest on an economic unit when they have enough information (including financial information). Thus using policies and plans of information disclosure may deliver top information and knowledge of managers to the capital market and be effective in communication between managers and investors. In this paper it is attempted to investigate Voluntary disclosure of information and evaluate its relevance to stock returns. In other words, the aim of this study is investigating market response to voluntary disclosure of information Keywords: Voluntary disclosure of information, stockholder, rate of return Decision making requires information and managers always confront with this problem that which information investors need for decision making. Every decision maker has a framework for his decision making based on hi
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