The impact of international financial reporting standards on fund performance

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dc.contributor.authorRubanov, Dmitrij
dc.contributor.authorNnadi, Matthias
dc.date.accessioned2018-06-22T14:58:14Z
dc.date.available2018-06-22T14:58:14Z
dc.date.issued2018-01-31
dc.description.abstractPurpose The purpose of this paper is to examine the effect of international financial reporting standards (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 neither do generate abnormal returns, nor is their performance persistent. This paper provides empirical evidence to support 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 this paper have business policy implications for investment trust in the UK.en_UK
dc.identifier.citationDmitrij Rubanov and Matthias Nnadi, (2018) The impact of international financial reporting standards on fund performance. Accounting Research Journal, Vol. 31 Issue: 1, pp.102-120en_UK
dc.identifier.issn1030-9616
dc.identifier.urihttps://doi.org/10.1108/ARJ-01-2017-0020
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/13263
dc.language.isoenen_UK
dc.publisherEmeralden_UK
dc.rightsAttribution-NonCommercial 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/*
dc.subjectIFRSen_UK
dc.subjectPerformanceen_UK
dc.subjectAbnormal returnen_UK
dc.subjectPersistenceen_UK
dc.subjectClosed-enden_UK
dc.subjectInvestment trusten_UK
dc.titleThe impact of international financial reporting standards on fund performanceen_UK
dc.typeArticleen_UK

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