Thesis (M.Sc.) - Cairo University - Faculty of Commerce - Department of Accounting

The current study examines the information content of forward-looking disclosure and dividends, specifically whether forward-looking disclosure and dividends provide information to the market about firm{u2018}s future earnings affecting share price anticipation of earnings. This issue is investigated by testing the association between current stock returns and future earnings. In addition, the study examines whether the impact of forward-looking disclosure and dividends on share price anticipation of earnings will vary based on firm{u2018}s level of proprietary cost. To measure the level of forward-looking disclosure in companies{u2018} annual reports, a customized checklist is developed. The current study employs return-future earnings model of Collins et al. (1994) to measure the ability of stock price movements to anticipate future earnings. The research model depends on multiple regression analysis and assumes interaction between earnings variables (current and future) and forward-looking disclosure, dividends and proprietary cost variables

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