The incremental information content of the final annual report in Australia : an event study

Mulholland, Patrick. (2004). The incremental information content of the final annual report in Australia : an event study Honours Thesis, School of Business, The University of Queensland.

       
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Author Mulholland, Patrick.
Thesis Title The incremental information content of the final annual report in Australia : an event study
School, Centre or Institute School of Business
Institution The University of Queensland
Publication date 2004
Thesis type Honours Thesis
Total pages 125
Language eng
Subjects 1503 Business and Management
Formatted abstract This thesis reports the results of an investigation into the response of investors to the release of the Final Annual Report (FAR) in Australia. If there is information content within the FAR then the market will respond through return and volume variances. Both of these measures are indicators of the information content and hence relevance of the FAR. The results of the study are divided into two parts based on firm size, and each is consistent with previous literature in this area. Small firms exhibit a price response, which supports the results of Rippington and Taftler (1995), whilst they also lead to little or no trading volume response (Olibe and Cready, 2003). The larger firm's investors respond to the FAR through an increase in a number of transactions measure (as in Cready and Mynatt, 1991), although demonstrate no price changes (as in Foster, Jenknis and Vickrey, 1986; Cready and Mynatt, 1991; Rippington and Taftler, 1995). Despite the recent changes to the disclosure legislation, which mandates increased continuous disclosure (Chapter 3 of the ASX listing rules) and increased disclosures within the Preliminary Annual Report (PAR), the FAR appears to remain an important source of information for investors. Furthermore, it appears that the size of the firm and type of investor affects the level of market response to the FAR event.

 
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Created: Fri, 12 Nov 2010, 13:02:39 EST by Muhammad Noman Ali on behalf of The University of Queensland Library