One of the most active research fronts exists in the area of voluntary disclosure. Core
(2001, p. 442) rightly argues that ‘the voluntary disclosure literature appears to offer the
greatest opportunity for large increases in our understanding of the role of accounting
information in firm valuation and corporate finance’. It is likely that future research will
increasingly seek to address endogeneity and measurement problems. In particular, there
is a critical need to develop disclosure metrics, and UK researchers are making a
significant contribution in this regard. The development of a grounded theory relating to
disclosure is another specific areas where a distinctive UK contribution is apparent.