Investigation the quality of Financial Information Disclosure Effect on Current and Future Stock Return

This article investigated the effect of disclosure quality on current and future stock return of listed firms at Tehran Stock Exchange (TSE). disclosure quality measured، based on the points accrued to each firms by TSE have been utilized throughout “Disclosure quality and proper information “announcement. The sample consists 114 listed firms at TSE during 2003 to 2010. Finding demonstrates that disclosure quality has significant positive effect on current and future stock returns. Moreover، in all hypotheses relation among control variables such as firm size، book value to market price ratio، income to firm price ratio and stock returns were significant.