The main purpose of this study is to analyze the association of financial reporting quality and investors' divergence of opinion. We focus on UK firms listed on the London Stock Exchange. Divergence of opinion is measured by two proxies based on unexpected trading volume and by dispersion in analysts' forecasts made one and two years ahead. Previous literature shows that the amount of firms' disclosure is negatively associated with the dispersion in analysts' forecasts. The results obtained in our study show that the quality of the disclosure is negatively associated with divergence of opinion, whether it is proxied by measures of unexpected trading volume or dispersion in analysts' forecasts. Financial reporting quality affects divergence of opinion not only in the months that immediately follow the disclosure of the reports but in the whole year that follows.

中文翻译：

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财务报告质量与投资者意见分歧*

本研究的主要目的是分析财务报告质量与投资者意见分歧之间的关系。我们专注于在伦敦证券交易所上市的英国公司。观点的分歧是由两个基于意外交易量的代理人以及未来一年和两年前分析师的预测中的分歧所衡量的。以前的文献表明，公司的披露量与分析师预测的离散程度负相关。我们的研究结果表明，披露的质量与意见分歧负相关，无论它是通过意料之外的交易量或分析师预测的分散来衡量的。