The Effect of Voluntary Disclosures on Stock Returns

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This paper examines the stock returns’ reaction to the voluntary disclosures made by non financial firms listed on the Istanbul Stock Exchange Market 100 Index. An event study methodology was conducted to examine the effect of voluntary disclosures on stock returns. The results show that voluntary disclosures effect the stock returns. We also found that stock returns reaction is stronger espacially for the firms those 1) have less distributed capital 2) supply products with the low level technology changing.

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Voluntary Disclosures , Stock Returns , Event Study

Journal Of Management an‎d Economics

104

Journal Of Management an‎d Economics