Please use this identifier to cite or link to this item:
https://hdl.handle.net/2440/58968
Type: | Conference paper |
Title: | Financial analysts' forecast accuracy before and after AIFRS |
Author: | Cheong, C. Masum, M. Zurbrugg, R.Y. |
Citation: | Proceedings of AFAANZ, 2009: pp.1-27 |
Publisher: | AFAANZ |
Publisher Place: | online |
Issue Date: | 2009 |
Conference Name: | AFAANZ Conference (2009 : Adelaide, Australia) |
Statement of Responsibility: | Chee Seng Cheong, Mahmud Masum and Ralf Zurbruegg |
Abstract: | We examine whether financial analysts‟ forecast accuracy differs between the pre- and post- adoption of Australian Equivalents to International Financial Reporting Standards (AIFRS). We find that forecast accuracy has improved after Australia adopted AIFRS implying that it has aided analysts in their market valuation of firms. As a secondary objective, this paper also investigates the role of financial analysts in reducing information asymmetry in the Australian capital market. We find evidence that the information effect of more analysts following a stock helps to improve forecast accuracy by bringing more firm-specific information to the market. |
Keywords: | Analysts’ Forecasts AIFRS Information Asymmetry |
Rights: | Copyright ©2002-2008 Zakon Group LLC |
Published version: | http://www.afaanz.org/openconf/2009/modules/request.php?module=oc_proceedings&action=proceedings.php&a=Accept+as+Paper |
Appears in Collections: | Aurora harvest Business School publications |
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