Omaima A. G. Hassan

The extent of financial disclosure and its determinants in an emerging capital market: the case of Egypt

This paper uses panel data analysis to investigate the extent and determinants of disclosure levels of non-financial companies quoted on the Egyptian Stock Exchange. It distinguishes between private sector companies and public business sector companies in terms of company characteristics and disclosure practice. Results show gradual increases in disclosure levels, with a high compliance for mandatory disclosure, although the voluntary disclosure level was rather limited. Public business sector companies appear generally to disclose less information than private sector companies. Furthermore, more profitable companies disclose more information than less profitable ones. Results for firm size, gearing and stock activity are mixed.

Voluntary disclosure and risk in an emerging market

Purpose – This paper seeks to examine the association between corporate voluntary disclosure and systematic (market or beta) risk for a sample of Egyptian listed companies.Design/methodology/approach – Using panel data analysis, beta is regressed on the level of voluntary disclosure and the following control variables: dividend payout, asset growth, gearing, firm size and book‐to‐market ratio.Findings – The results generally show a negative relationship between voluntary disclosure level and beta, consistent with predictions of a differential information model and theories about the economic consequences of increased disclosure. The results are dependent on the specification of the model and the market index used to estimate beta, suggesting a need for further research on the link between risk and voluntary disclosure in the context of emerging markets.Practical implications – The main implication of these results is that more voluntary information about listed companies seems preferable to less in order ...

Self- and Peer-Assessment: Evidence from the Accounting and Finance Discipline

Abstract Self- and peer-assessment of student work is an area that is under-researched in the accounting education literature, although the subject area of study seems to influence the results obtained in prior studies. The current study contributes to the literature by examining the accuracy and construct validity of self- and peer-assessment by accounting students. It also investigates students’ views about these exercises. The findings show that whilst the self- and peer-assessment of students appear to be neither accurate nor valid, the students are positive about the impact of these procedures on their learning experience. These findings indicate that, although instructors might not rely on self- and peer-assessment as measures of students’ performance for the purpose of summative assessment, the exercise may prove useful for formative assessment because it can promote a wide range of transferable skills.

The information gap in corporate annual reports: evidence from Egypt

This study explores whether an information gap exists for six types of corporate disclosure in Egypt, where International Accounting Standards (IAS) apply but penalties for non-compliance are limited. It also investigates whether low compliance with mandatory disclosure can be explained by low levels of demand for this type of information among local financial analysts. The results identify a significant gap between actual disclosure practices of companies for various types of disclosure and market perceptions of this practice. Our findings also suggest that low compliance with disclosure requirements in Egypt is not driven by low levels of demand from local financial analysts, because these items of information are perceived as useful for investment decision making.