G10; G11; G12, G14
AbstractThe study examines the relationship between stock returns and frequency of annual general meetings in the UK. We find evidence of a significantly negative relationship between returns and frequency (clustering) of annual general meeting both at the firm and market levels. Our finding contradicts evidence of a positive relationship reported by Wang and Hefner (2014) for the US. We caution against interpreting our results as evidence of a “new anomaly” in stock market returns.
Keywords: annual general meeting; stock return; anomaly; market efficiency